Sweden's Lundin Petroleum said Wednesday that it has received a five-year extension on its Lagansky exploration license in the Russian sector of the North Caspian Sea.The license contains the Morskaya discovery drilled in 2008, which has estimated gross recoverable resources of 110 million-450 million bbl of oil. Following the award of the extension, Lundin has decided to postpone drilling of the Morskaya-2 exploration well until 2010. The well will appraise the western end of the discovery. Instead, the company will drill the Petrovskaya-1 exploration well later this year.
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