Lundin Petroleum to delay Caspian drilling

By OGJ editors
HOUSTON, Oct. 18 -- Lundin Petroleum AB delayed drilling the Morskoye prospect on the Lagansky block off Russia in the Caspian Sea until next year.

A two-well drilling program is scheduled to start during second quarter 2007, targeting three main Cretaceous and Jurassic reservoirs at 800-1,600 m.

Earlier this year, Lundin of Stockholm bought Valkyries Petroleum Corp., a company with exploration and producing interests in Russia and a 70% stake in Lagansky block.

Valkyries planned to spud the Morskoye well in the third quarter, but drilling was delayed pending conversion of shallow draft barges to drill in 2 m of water.

That conversion is done, but the impending onset of winter prompted the drilling delay until next year.