Exploration well 7121/1-2 S is drilled in PL767 with Lundin Norway as the operator (50%) and partners INPEX (40%) and DNO (10%). The Pointer/Setter prospect is located southeast of the Alta/Gohta discovery in the Hammerfest Basin just off the Loppa High.
Pointer/Setter consists of two distinct Lower Cretaceous sandstone targets. Presumably Lundin is chasing a stratigraphic trap of Knurr or Kolje Formation sandstone wedges sourced from the Loppa High. The Lower Cretaceous play in the Hammerfest Basin is not new but up to date only small non-commercial discoveries were made, Skalle (7120/2-3S) for instance.
Is Lundin “sniffing” more oil in Pointer/Setter? Volume-wise it is looking promising and in case of discovery Pointer/Setter can break the Barents Sea creaming curve (read also recovery is underway). Lundin estimates the total gross unrisked prospective resources at 312 MMboe.
Operations will take approximately 60 days for the main well and 120 days including side-track and formation tests.