Lundin Petroleum began drilling the 16/1-24 exploration well at the Gemini prospect, just southwest of the Edvard Grieg field.
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The Island Innovator, from Island Drilling. |
The well is located in Block 16/1, in the Lundin-operated license PL338C, in the central North Sea.
Being drilled by the Island Innovator semisubmersible, at 135m water depth, Lundin’s planned total depth for the well is 2192m below mean sea level. Drilling operations are expected to take approximately 40 days.
Lundin says that the main objective of well 16/1-24 is to test the reservoir properties and hydrocarbon potential of Lower Paleocene aged sandstones of the Ty Formation. The company estimates the Gemini prospect to have the potential to contain unrisked, gross prospective resources of 93 MMboe.
Lundin Petroleum is the operator of PL338C with 80% interest, with partner OMV Norge AS (20%).
Lundin received consent from the Petroleum Safety Authority Norway (PSA) for exploration drilling at Gemini in January. The PSA said that in the event of a discovery, a sidetrack well will also be drilled and production tested.
Lundin’s exploration spending is decreasing by 27% in 2015 to approximately US$320 million. Its 2015 development, appraisal and exploraiton budget represents a decrease of 31% from its 2014 spending forecast.
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