Lundin mobilize for drilling Morskaya in Caspian Sea
Drilling will commence on the Morskaya-1 exploration well after final approval offshore of the installed and commissioned installation by the relevant inspection authorities. A drilling permit was granted in February 2008, allowing commencement of drilling operations after the 15th of May. The gross unrisked prospective resources for Morskaya prospect within the Lagansky block are estimated at 640 million of barrels of oil equivalents (MMboe).
Gazprom has a call option to acquire a 50 percent plus one share in the Lagansky block. Lundin Petroleum has a call option to acquire an additional 30 percent from minority shareholders. If both options are exercised Lundin Petroleum will retain 50 percent minus one share in the Lagansky block and Gazprom will hold a 50 percent plus one share in the Lagansky block.
