Lundin Petroleum Spuds Well in Gohta Prospect, Norway

Lundin Petroleum AB announces that drilling of exploration well 7120/1-3 in PL492 has commenced. The well will target the Gohta prospect, which is located some 150 km northwest of the Norwegian coast (185 km northwest of Hammerfest) and 65 km south of the Johan Castberg discovery.

The main objective of well 7120/1-3 is to prove the presence of hydrocarbons in Permian and Triassic reservoirs. Lundin Petroleum estimates the Gohta prospect to have the potential to contain unrisked, gross prospective resources of 108 million barrels of oil equivalent (MMboe) in the Gohta Snadd prospect and 118 MMboe in the Gohta Karst prospect.

The planned total depth is 2,429 metres below mean sea level and the well will be drilled using the drilling rig Transocean Arctic. Drilling is expected to take approximately 65 days.

Lundin Petroleum, through its wholly owned subsidiary Lundin Norway, is the operator and has a 40 percent working interest in PL492. The partners are Det norske oljeselskap ASA with 40 percent and Noreco Norway AS a 20 percent working interest.

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Press Release, July 16, 2013