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Image courtesy of Lundin Petroleum/Flickr.

Sweden-based Lundin Petroleum said on Monday that it has made a new oil and gas discovery in the Barents Sea.

The company said that Lundin Norway, its wholly owned subsidiary, made an oil and gas discovery in the main well 7219/12-1 in the southern Barents Sea.

The company added that it’s presently drilling a sidetrack 7219/12-1A on the Filicudi prospect.

The wells are located in PL533 about 25 miles southwest of Johan Castberg and 18 miles northwest of the Alta and Gohta discoveries on the Loppa High.

The main objective of well 7219/12-1 was to prove oil in Jurassic and Triassic sandstone reservoirs.

The well encountered a gross 423 foot hydrocarbon column of high quality sandstone reservoir characteristics, with about 206 feet of oil and about 216 feet of gas in the Jurassic and Triassic targets.

Extensive data acquisition and sampling was carried out including coring, logging and oil and gas sampled from the wireline tools.

Lundin said the sidetrack well has reached total depth and has confirmed the reservoir and hydrocarbon column.

The gross resource estimate for the Filicudi discovery is between 35 and 100 million barrels of oil equivalents (MMboe).

Lundin said that the well results “indicate significant upside potential that require further appraisal drilling.”

The company added that “Filicudi is on trend with the Johan Castberg discovery, with resources of 500 MMboe, in similar reservoir intervals.”

Lundin said it has identified multiple additional prospects on the Filicudi trend located in PL533.

The company has placed total gross unrisked prospective resource potential for the trend at up to 700 MMboe.

Lundin said that the partnership is considering the drilling of up to two additional prospects in 2017.

Lundin added that there are two independent high graded prospects within PL533 known as Hufsa and Hurri.

Hufsa contains gross unrisked prospective resources of 285 MMboe and Hurri holds gross unrisked prospective resources of 218 MMboe.

“The success at Filicudi has reduced the risk and both prospects carry a 25 percent chance of success.

Lundin Norway is the operator of both PL533 and PL492.

The company holds a 35 percent working interested in PL533 and a 40 percent working interest in PL492.