abce certificate
Sunday, 20 July, 2008, 22:50 GMT | more prices >>

Lundin readies Morskaya drill bit



By Upstream staff 

Lundin Petroleum has started mobilisation and installation of the drilling complex that will drill the Morskaya-1 exploration well in the northern Caspian Sea.

The well is located in the Lagansky block where Lundin has a 70% stake.

A drilling permit was granted in February allowing drilling operations to start after the 15 May.

The Morskaya prospect is estimated to hold around 640 million of barrels of oil equivalent.

Gazprom has an option to acquire a 50% plus one share in the Lagansky block, while Lundin has an option to acquire an additional 30% from minority shareholders.

If both options are exercised Lundin will retain 50% minus one share stake.


Monday, 07 April, 2008, 08:51 GMT  | last updated: Monday, 07 April, 2008, 09:00 GMT

Ready for action: Lundin prepares for drilling in the Caspian Sea
 

e-mail this article to a colleague


to email:  from:
comments: