Lundin Norway AS Allowed to Drill Well 16/1-14 in PL 338

July 30, 2010

Lundin Norway AS (Lundin Petroleum) has received consent to conduct exploration drilling of well 16/1-14 in PL 338. The well will be drilled with the mobile drilling facility Transocean Winner

The purpose of drilling is to investigate the production characteristics of the formation. The drilling location is approximately 175 km from the coast of SW Karmøy in Rogaland. Well’s coordinates are:

* N 58 ° 53 ‘09.32 ”

* E 02 ° 12 ‘11.49 ”

Water depth at the site is 112 meters.

Drilling will commence in late July and has a planned duration of 40 days. Depending on the results, activities together can take up to 65 days.

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Source: Ptil, July 30, 2010: