Lundin: Poor Reservoir Quality at Torvastad Sidetrack Well

Lundin Petroleum AB  announces that the side-track well 16/2-20A on the Torvastad prospect on PL501 in the North Sea sector of the Norwegian Continental Shelf (NCS), is in the process of being completed.

The well 16/2-20A has been drilled as a side-track 770 metres west of the main Torvastad exploration well 16/2-20S, to investigate the potential of an up-flank continuous Jurassic reservoir.

The reservoir section has been cored with oil shows, but demonstrates poor reservoir quality. Wireline logging is ongoing and preliminary results confirm the core observations. Further wire-line logging is required to confirm the initial results.

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

Once the logging of the well has been completed, the Island Innovator rig will move to PL338 to drill the Edvard Grieg South East appraisal well 16/1-18.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. 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 194 million barrels of oil equivalent (MMboe).