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Lundin petroleum drills first well in Avaldsnes, North sea, shares slop
Monday, 16 January 2012
Swedish oil company, Lundin Petroleum has completed the drilling of the first well in a program to evaluate the deposit Avaldsnes off the coast of Norway.

The drilling shows that the upper portion of the reservoir is deeper than expected and the evaluation of the results "are likely to reduce the current resource estimates" for the area, the company said in a statement.
A revised resource estimate will be published after the next drill.

The poor results of test drilling had seen the company’s shares fall in the Stockholm stock exchange on Monday morning. By nine o'clock Lundin Petroleum shares had fallen about 12 percent.

By Scancomark.se Team

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