Lundin Completes Appraisal Drilling on Johan Sverdrup

Lundin Petroleum AB announces that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed the drilling of the appraisal well 16/2-13S, in PL501, on the north eastern part of the Johan Sverdrup discovery.

The well is located 2.5 km north east of the Johan Sverdrup discovery well 16/2-6 and 6,5 km south-east of well 16/2-10 in PL265. The main objective of well 16/2-13S was to determine depth to top reservoir, reservoir quality and thickness, and oil water contact in the north eastern part of the field.

Well 16/2-13S encountered a 25 meter gross oil column in Upper and Middle Jurassic sandstone reservoir in an oil-down-to situation. A comprehensive logging and coring program has been successfully completed and confirms excellent reservoir properties.

The well was drilled to 2060 metres below sea level into pre Permian rocks. The well was drilled with the semi submersible drilling rig Transocean Arctic.

The well will now be side-tracked 1250 metres towards the north to investigate the depth to top reservoir, lateral thickness and property variations of the Jurassic reservoir as well as to establish an oil water contact. The side-track will take approximately 30 days.

Ashley Heppenstall, President and CEO commented; ”We are pleased with the results of the latest Johan Sverdrup appraisal well, particularly the fact that it confirms the structural model and the extent of the field in this area. We again encountered excellent quality Volgian reservoir at this location. We will now sidetrack the well to acquire additional data as well as investigating the possibility of a deeper oil water contact in this area.”

Lundin Petroleum is the operator of PL501 with 40 percent interest. Partners are Statoil Petroleum AS with 40 percent and Mærsk Oil Norway with 20 percent interest.

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Press Release, August 27, 2012