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Gold/Mining/Energy : Lundin Petroleum LUPE Sweden -- Ignore unavailable to you. Want to Upgrade?

To: Greywolf who wrote (555)	6/24/2004 10:08:03 PM
From: Tomas	Read Replies (2) \| Respond to of 646

Iran spurs Munir oil find hopes Upstream, Friday June 25 By Vahe Petrossian A consortium led by Italy's Edison Gas is about to finish testing its first exploration well at Iran's Munir onshore block, amid speculation about an oil find. Results of the test will be known by next week. Drilling of the 2877-metre deep Seqanat deep-1 well was completed in late May. Another well at a second prospect, Shakestan, will be drilled back-to-back, probably in August. Results from geological and seismic surveys show that Munir, which is within the prolific petroleum system of the Zagros foldbelt, has the potential for big discoveries. Pre-drill estimates for Seqanat deep-1, which targeted seven reservoirs including Sarvak, Dariyan, Fahliyan and Surmeh pegged potential recoverable reserves at up to 2 billion barrels. The Shakestan prospect is thought to have potential for another 500 million to 1 billion barrels. Reports in the local press that the Oil Ministry plans to announce a big oil discovery in Khuzestan next week have led to speculation the find may be related to the finalisation of the Munir testing programme. Edison and its partners Sweden's Lundin Petroleum (30%) and Malaysia's Petronas (30%) will not comment on the test results so far, but confirm the drilling and testing schedule. Munir, which covers 50 square kilometres in a 2690 square-kilometre block awarded to Edison in a $40 million buyback contract in 2001, is next to the giant Gachsaran and Bibi Hakimeh fields with combined proven reserves of about 20 billion barrels. Oil Minister Bijan Zanganeh said over the weekend that Iran had "explored a new oilfield" and would make "its specifications public soon". Speaking separately, National Iranian Oil Company exploration director Mahmoud Mohadess said an announcement would be made next week. The Oil Ministry also said two big gas finds had been made near the Persian Gulf island of Lavan and the offshore Balal oilfield.