Lundin Spuds Another Johan Sverdrup Well (Norway)

Lundin Petroleum AB (Lundin Petroleum), through its wholly owned subsidiary Lundin Norway AS (Lundin Norway), announces that drilling of appraisal well 16/5-4 on the Johan Sverdrup discovery located in the North Sea sector of the Norwegian Continental Shelf (NCS), has commenced.

The well is located in the south-western part of the discovery with the objective to establish the depth, quality and thickness of Jurassic reservoir sequences approximately 4 kilometres south-west of the dry appraisal well 16/5-2S and approximately 3 kilometres south east of the successful 16/5-3 appraisal well drilled in PL502.

The well 16/5-4 will investigate an area in the south-western part of Johan Sverdrup discovery where uncertainties are attached to reservoir level, thickness and quality. The well is expected to prove the existence of a producible oil zone and provide information for the planning of oil production from the south-western part of Johan Sverdrup.

The planned total depth of the well is approximately 2,075 metres below mean sea level and the well will be drilled using the semi-submersible drilling rig Bredford Dolphin. The drilling operation is expected to take approximately 45 days.

Well 16/5-4 is the first of a two well appraisal drilling programme in PL501 at Johan Sverdrup this autumn in addition to the exploration well on the Torvastad prospect.

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

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Press Release, August 26, 2013