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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Razorbak who wrote (1111)6/2/1999 10:47:00 AM
From: Tomas  Read Replies (1) of 2742
 
Lundin sits on Sudan Jackpot - Upstream, May 28

SWEDEN's Lundin oil has made a significant oil discovery with its first exploration well on block 5A in the Sudan, although testing has been postponed until late in the year because of the impending rain season. The Swedish operator said that the well, targeting a prospect called Thar Jath, was drilled to a total depth of 1820 meters and fully logged.

It did not give a precise indication of how much net pay there was but said analysis of the primary Bentiu and Aradieba sandstone indicated it was "substantial". For wells in this area, several hundred feet of pay would not be a surprise.
There is obvious caution before testing is carried out but a Lundin offical said nothing had been found yet to dampen predrill expectation of a structure that could contain 250 million barrels of oil. The company said oil and gas shows were "excellent". It added that information on reservoir quality from electric logs and sample analysis was simply encouraging.

The delay in testing has occured because starting a programme now would have risked having expensive equipment stranded on location for six months until the end of the wet season, a Lundin official said. However, he said the partners should be ready to go back in the fourth quarter to set sail on the programme.
The possibility of an appraisal well being put down back-to-back is also likely to be considered "all else being equal" the official added.
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