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Tuesday, 02 December, 2008, 22:10 GMT | more >>

Lundin kicks off Morskaya



By Upstream staff 

Lundin has started drilling the Morskaya-1 exploration well in the Lagansky Block in the northern Caspian Sea off Russia, as part of a four-well programme planned for this year and next.

The well has a planned depth of 2000 metres targeting the Triassic and Jurassic sandstone reservoirs.

Gross unrisked resources for the Morskaya prospect within the Lagansky Block are estimated at 640 million of barrels of oil equivalent.

Lundin currently has a 70% stake in Lagansky.

However, Gazprom has an option to take a 50% plus one share in the block while Lundin has an option to buy another 30% from minority shareholders.

If both options are exercised Lundin will retain 50% minus one share in Lagansky, while Gazprom holds a 50% plus one share.


Thursday, 22 May, 2008, 08:07 GMT  | last updated: Thursday, 22 May, 2008, 10:03 GMT

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