Lundin holding steady at Edvard Grieg oil, gas field

STOCKHOLM, Sweden, May 12 (UPI) -- Swedish energy company Lundin Petroleum said Monday it doesn't expect much more oil or gas from its Edvard Grieg field despite more testing.

The company said it finished testing well 16/1-18 at the field in the Norwegian waters of the North Sea. It found mostly oil through a combined 200 feet thick reservoir, which tested at a preliminary rate of 800 barrels of oil per day.

Lundin President Ashley Heppenstall said he was optimistic in that the area tested was assumed to have a low yield, but was generally disappointed with the overall results.

"At this stage I expect the impact on Edvard Grieg resources to be neutral with upside remaining from the conglomeratic reservoir," he said in a statement Monday.

Edvard Grieg was discovered in 2007.

Lundin says first production from the field is expected in late 2015. Peak production is anticipated at 90,000 barrels of oil and 53 million cubic feet of natural gas per day.