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Lundin Petroleum shares rise as company spuds exploration well in southern North Sea

Published: 14:51 05 Apr 2013 EDT

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Lundin Petroleum (TSE:LUP)(OMX:LUPE) advanced in Toronto on Friday as the company said it spudded an exploration well on the Carlsberg prospect, which is located some 24 km north of the Lundin-operated Brynhild field in the North Sea, offshore Norway. 

The main objective of well 7/4-3 in PL495 is to prove the presence of hydrocarbons in Upper Triassic and Upper Cretaceous reservoirs, the Stockholm, Sweden-based company said in its statement Friday. 

Lundin estimates the Carlsberg prospect contains unrisked, gross, prospective resources of 67 million barrels of oil equivalent (MMboe).

The planned total depth of the well is 3,092 metres below mean sea level, the company said in the release, with drilling expected to take approximately 65 days.

Lundin Petroleum, through its subsidiary Lundin Norway, is the operator and has a 60 percent working interest in PL495, with partner Tullow Oil Norge holding the remaining stake.

The Swedish oil and gas exploration and production company has a portfolio of assets primarily located in Europe and South East Asia. Shares of Lundin picked up by 2.9 percent to $22.14 in Toronto on Friday afternoon. 

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