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.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE