Lundin Petroleum AB  announces that drilling of appraisal well 16/2-10 on the Espevær/Aldous Major South structure has commenced. The well is located in licence PL265 in the Norwegian North Sea.

The Espevær well will test the northern continuation of the Aldous Major South discovery and the western extension of the Avaldsnes discovery in PL501. The main objective is the sandstone reservoir of Upper Jurassic age.

The planned total depth is 2,132 metres below mean sea level. The well will be drilled with the drilling rig Transocean Leader and is expected to take 50 days.

Lundin Petroleum holds a 10 percent interest in PL265. Partners are Statoil Petroleum AS (operator) with a 40 percent interest, Petoro (30 percent) and Det norske oljeselskap ASA (20 percent).

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, South East Asia, Russia and Africa. The Company is listed at the NASDAQ OMX, Stockholm (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (ticker “LUP”). Lundin Petroleum has proven and probable reserves of 187 million barrels of oil equivalent (MMboe).

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Source:Lundin Petroleum ,September 26, 2011