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Image courtesy of Ludin Petroleum.

Sweden-based Lundin Petroleum said it found “significant’ oil and gas discoveries at its Norway offshore wildcat well 7220/11-1.

The well encountered a 147 foot oil column with an overlying 32.8-foot gas column in carbonate rocks in the Gipsdalen group with “good reservoir properties.”

Preliminary estimates place reserves at the well between 14 and 50 million standard cubic meters of recoverable oil and between 5 and 17 billion standard cubic meters of recoverable gas.

Further delineation of the discovery is planned for 2015.

Two successful formation tests were carried out in the oil zone and both indicated “good flow” properties.

The maximum production rate was 518 standard cubic meters of oil and 48,700 standard cubic meters of associated gas per flow day through a 36/64-inch nozzle.

7220/11-1 is the first exploration well in the Lundin operated production licence 609.

Lundin holds a 40 percent stake. Norway-based companies Idemitsu Petroleum and Rwe Dea Norge each hold 30 percent stakes.

The well was drilled by the Island Innovator drilling facility to a vertical depth of 7,286 feet below the sea surface at a water depth of 1,272 feet.

The well will now be permanently plugged and abandoned.

Island Innovator drilling facility, will move to the Lundin operated production licence 625 in the North Sea to drill wildcat well 25/10-12 S.