Lundin said appraisal well 16/3-8S encountered an oil layer measuring about 42 feet thick and tested at 4,900 barrels of oil per day. Well 16/3-8 S T2 was drilled to examine the properties of the reservoir and data were being analyzed.
Ashley Heppenstall, president and chief executive officer of the company, said the results proved the area was "as good as anything previously encountered on the Norwegian Continental Shelf."
Johan Sverdrup should be able to produce for the next 50 years. Peak production is expected to be as high as 650,000 barrels of oil equivalent per day.
Last month, Norwegian energy company Statoil and its partners at Johan Sverdrup, Maersk Oil and Lundin Petroleum, outlined a development plan for the field based on multiple phases.
Full development plans for Phase 1 should be submitted to the Norwegian government for its approval in early 2015.
2014: The Year in Music [PHOTOS]