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Sunday, 12 October, 2008, 12:50 GMT | more prices >>

Lagansky joy for Lundin



By Upstream staff 

Swedish Lundin Petroleum has hit “major” oil at the Morskaya-1 exploration well in the Lagansky block in the Caspian Sea.

The company has reported a major oil accumulation in the Aptian and Neocomian sandstone reservoirs with a minor amount of gas in the overlying Albian reservoir.

The Morskaya structure straddles the licence boundary of the Lagansky block and the adjoining acreage controlled by the Caspian Oil Consortium, and is on trend with several major oil and gas discoveries made by Lukoil in the Russian sector of the Caspian Sea.

"This is a world class oil discovery which has confirmed the excellent prospectivity of the Lagansky block,” said chief executive of Lundin Ashley Heppenstall.

“But based upon the data acquired it appears that the size of the discovery will be below pre-drill estimates. Further appraisal drilling will be needed to assess the full extent of the hydrocarbon reservoirs across such a large structure.”


Thursday, 03 July, 2008, 07:51 GMT  | last updated: Thursday, 03 July, 2008, 07:56 GMT

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