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Lundin Petroleum Falls After Drilling Dry Well: Stockholm Mover

Lundin Petroleum AB, a Swedish gas and oil exploration company, fell to its lowest level in two months after the company said a wildcat well in the North Sea was abandoned as a dry hole.

The shares declined as much as 3 percent to 139.30 kronor, the lowest level since March 27. Lundin Petroleum had declined 2.5 percent as of 12:44 p.m. in Stockholm.

The 7/4-3 well is the first exploration well in licenses PL495 and PL495B, Lundin Petroleum said today in a statement. The Stockholm-based company had expected to find proof of petroleum in the upper triassic reservoir rocks and in the upper cretaceous chalk reservoir. The costs of drilling 7/4-3 will probably be booked in the second quarter, the company said.

The rig will now be moved to the Lundin Petroleum-operated Brynhild field, located 24 kilometers (15 miles) from the dry well, to start drilling of development wells, the company said.

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