Lundin Begins Exploration Well 33/2-1 Drilling in PL555, Norway

Lundin Petroleum AB (Lundin Petroleum) has started drilling of exploration well 33/2-1 in PL555. The well will investigate the hydrocarbon potential of the Storm Prospect in PL555, which is located 200 km west northwest of Florø on the Norwegian west coast and approximately 65 km northwest of the Snorre Field.

The main objective of well 33/2-1 is to test the reservoir properties and hydrocarbon potential of the Upper Jurassic Sandstones equivalent to the reservoir in the Magnus field on the UKCS approximately 35 km to the south. Lundin

Petroleum estimates the Storm prospect to have the potential to contain unrisked, gross prospective resources of 89 million barrels of oil equivalent (MMboe).

The planned total depth is 4,500 metres below mean sea level and the well will be drilled using the semisubmersible drilling unit Transocean Arctic. Drilling is expected to take approximately 80 days.

Lundin Norway is the operator and has a 60 percent working interest in PL555. Bayerngas Norge is a partner with 40 percent working interest.

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Press Release, October 08, 2014