Lundin Petroleum Completes Johan Sverdrup Appraisal Well 16/3-7

Lundin Petroleum Completes Johan Sverdrup Appraisal Well 163-7

Lundin Petroleum AB (Lundin Petroleum), through its wholly owned subsidiary Lundin Norway AS (Lundin Norway), announces that the Johan Sverdrup appraisal well 16/3-7, located in the south-eastern part of PL501, is completed.

Appraisal well 16/3-7 is located at the south-eastern flank of the Johan Sverdrup discovery. It was drilled approximately 3 km south-east of well 16/3-5 and 4 km south-west of exploration well 16/3-2. The purpose of the well was to determine depth to the top of the reservoir, reservoir thickness and the oil water contact.

The well encountered a gross reservoir thickness of 50 metres, slightly deeper to what was expected. The reservoir consists of 14 metres of excellent quality sandstone of late Jurassic age and 36 metres of dolomitic carbonates of Permian age with good reservoir properties. The well showed a good common water gradient in both the sandstone and carbonates demonstrating good communication between the two reservoirs. The oil water contact was not proven in the well. However, oil and water was sampled in the uppermost part of the reservoir, at 1,925 metres below mean sea level (MSL), which indicates an oil water contact close to this level and that the well was positioned near the edge of the field.

The well was drilled to a total depth of 2,075 meters below mean sea level into sediments of Permian age. A comprehensive coring and logging program has been successfully completed.

The well was drilled using the semi-submersible drilling rig Bredford Dolphin. The rig will now drill appraisal well 16/5-5 in PL410, also operated by Lundin Norway.

Lundin Norway is the operator in PL501 with 40 percent interest. The partners are Statoil Petroleum AS with 40 percent interest and Maersk Oil Norway AS with 20 percent interest.

Press Release, November 07, 2013