Lundin reports on Sudan Thar Jath Field reserves

Feb 15, 2002 01:00 AM

Lundin Petroleum reports that reserves have been estimated for its Thar Jath Field in Sudan's Block 5A. The company commissioned an independent reserve study by Resource Investment Strategy Consultants of Perth, Australia to determine the reserves. Although Lundin has suspended operations in Sudan temporarily as a result of deteriorating security conditions, it is encouraged by the results of the study, which show the field to have proven and probable recoverable reserves of 149.1 mm barrel of oil.
Lundin considers the potential of its operations on Blocks 5A and 5 bn excellent, but says operations in Sudan have proven very challenging. Nevertheless, it says, it intends to persevere until it can realize the fully value of its holdings.

Ian H. Lundin, president of Lundin, said, "In addition to logistical difficulties, our engagement in Sudan has raised ethical issues as a result of the ongoing conflict in that country. The question being raised is whether oil fuels the war or sets the conditions for peace by providing the country with the necessary means to lift itself out of poverty. We believe in the latter. Peace and stability are basic necessities for any investor. Long-term investors, such as us, require long-term solutions."
"This is a message that we have delivered and will continue to deliver to all parties to the conflict, including the Government of Sudan. Ultimately we are confident that both Blocks 5A and 5 bn in which our company has a 40.375 % and 24.5 % interest respectively, will yield large quantities of oil for the benefit of Sudan. The report allows us to book net recoverable reserves of 60.2 mm barrel in Sudan."

Source: Development & Production Site Navigation OGI
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