Pending partner and government approval, Lundin has agreed a licence swap with Edison whereby the former will take 10% in PL 850 and the latter will gain 10% in PL 952. The two licences lie adjacent to each other in the Barents Sea, and surround the Nucula oil and gas discovery (in separate PL 393).   PL 952 contains well 7125/4-3 which was drilled by Statoil in 2014 when the area was held under PL 393 B. The well targeted the Ensis prospect. 35 m of poor quality sandstone was present in the Lower Cretaceous intra-Knurr Formation and 7125/4-3 was abandoned as a dry hole. According to partner Cairn, Ensis had potential recoverable reserves of 291 MMboe. The stratigraphic prospect stretched the length of the licence and had a 1 in 3 chance of success.  Nucula was discovered in 2007 by Norsk Hydroâs 7125/4-1. Oil and gas was proven in the Triassic Realgrunnen Group and the Kobbe Formation with estimated reserves put at 210-420 MMboe. However, following an appraisal well in 2008, which proved just a small oil column in thin sands, reserves were downgraded to the lower part of the range. As of 31 December 2017 the NPD lists the find as âproduction is unlikelyâ and does not give any associated volumes.  Following completion of the deal, interest in PL 850 will be divided between Edison Norge AS (30% + operator), KUFPEC Norway AS (20%), Lime Petroleum AS (20%), PGNiG Upstream Norway AS (20%) and Lundin Norway AS 910%) and interest in PL 952 will be held by Lundin Norway AS (50% + operator), Suncor Energy Norge AS (40%) and Edison Norge AS (10%).
Lundin has agreed a licence swap with Edison whereby the former will take 10% in PL 850 and the latter will gain 10% in PL 952.