Lundin Completes Drilling at PL490 (Norway)

Lundin Petroleum AB is in the process of completing the drilling of exploration well 7120/6-3 S in PL490 in Barents Sea, offshore northern Norway. .

The well targeted two levels in the Snurrevad-Juksa prospect situated 10 km north west of the Snøhvit field. The main objective of the well was to prove the presence of hydrocarbons in Lower Cretaceous/Upper Jurassic reservoirs.

Oil has been proven in thin sandstone layers in an 8-9 meter thick zone in the prospective level called Juksa. Further analysis and interpretations are needed to evaluate possible reservoir volumes. In the prospective level called Snurrevad, the targeted sandstones were not encountered.

The semi-submersible drilling rig Transocean Arctic drilled the well to a total depth of approximately 2,993 metres below mean sea level, in a water depth of 330 metres.

Lundin Norway is the operator of PL490 with 50 percent interest. Partners are Spring Energy Norway AS with 30 percent interest and Norwegian Energy Company ASA and with 20 percent interest.

[mappress]
November 19, 2012