Lundin Filicudi discovery has upside

February 13, 2017

Swedish oil explorer Lundin Petroleum says its 35-100 MMboe gross resource oil and gas discovery in its Filicudi exploration well in the Barents Sea has "significant upside potential." 

The well, 7219/12-1, is in PL533, which could contain up to 700 MMboe unrisked prospective resource, on trend with the 500 MMboe Johan Castberg find, about 40km southwest.

Specifically, Lundin says success on Filicudi has reduced the risk by 25% on two high-graded prospects within PL533: Hufsa, containing 286 MMboe gross unrisked prospective resource and Hurri, with 218 gross unrisked prospective resource.

Filicudi was drilled using the Leiv Eiriksson semisubmersible drilling rig, 30km northwest of Lundin's Alta and Gohta discoveries on the Loppa High in the southern Barents Sea.

Filicudi was initially estimated to contain 258 MMboe gross unrisked prospective resources. Lundin says it is considering two appraisal wells on the find this year. 

Success on Filicudi follows Lundin's Neiden well, on the Loppa High, in the Norwegian Barents Sea. Lundin found 25-60 MMboe in Neiden, 20km east of Johan Castberg in PL609. 

The main objective of the Filicudi well was to prove oil in Jurassic and Triassic sandstone reservoirs. The well found a 129m gross hydrocarbon column of high quality sandstone reservoir characteristics, with 63m of oil and 66m gas in the Jurassic and Triassic targets. 

The sidetrack well has also reached total depth and has confirmed the reservoir and hydrocarbon column.  

Lundin says the well results indicate "significant upside potential" that require further appraisal drilling. The firm says the find is on trend with the 500 MMboe Johan Castberg discovery, in similar reservoir intervals.

Following completion of the Filicudi sidetrack, the Leiv Eiriksson will move to the Gohta discovery in PL492 to drill a second delineation well.

Lundin Norway is the operator of both PL533 and PL492 and holds 35% and 40% interest in these respective licenses. 



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