Swedish oil company Lundin Petroleum AB (LUPE.SK) said Friday its Laganskaya-1 exploration well in the Lagansky block in Russia's Caspian Sea had hit oil.
The company's Chief Executive Ashley Heppenstall said: "Overall we are pleased with the results of our 2008 drilling campaign in the Lagansky block."
Earlier in 2008, Lundin said an exploration well on the Morskaya structure in the Lagansky block encountered a large oil accumulation and some gas.
Two more wells are planned there for 2009, at the Petrovskaya prospect, which is estimated to contain unrisked potential resources of 300 million barrels, and an appraisal well of the Morskaya-1 discovery.
Lundin holds a 70% stake in Lagansky, but Russian company Gazprom OAO (GAZP.RS) has a call option to acquire a 50% plus one share holding in the block.
In turn, the Swedish company has a call option to acquire an additional 30% from minority shareholders, and if both companies' options are exercised it would have a 50% less one share stake, with Gazprom holding the remainder.
At 1006 GMT, Lundin Petroleum traded down SEK0.20, or 0.5%, at SEK37.20.