Lundin Spuds Torvastad Well Offshore Norway

Lundin Petroleum AB has started drilling of exploration well 16/2-20S on PL501 immediately north of the Johan Sverdrup discovery located in the North Sea sector of the Norwegian Continental Shelf (NCS).

The well is exploring the area north of the well-established Johan Sverdrup discovery. Well 16/2-20S is located approximately 7 kilometres north-west of the successful well 16/2-12 confirming oil-filled Jurassic reservoir in the northern part of the Johan Sverdrup discovery (Geitungen) and 3.3 kilometres downdip and north of well 16/2-9S which found a thin reservoir sequence of lesser quality compared to well 16/2-12. Well 16/2-9S is located close to a basement high. Well 16/2-20S investigates the presence, quality and depth of potential Jurassic reservoir sequences north of the Johan Sverdrup discovery. The well is also expected to provide information of any hydrocarbon-system in this area and possible communication with the Johan Sverdrup discovery.

The main uncertainty in this area relates to the depth of potential reservoir level, reservoir thickness, as well as the oil water contact.

The planned total depth is approximately 2,075 metres below mean sea level and the well will be drilled using the semi-submersible drilling rig Island Innovator. The drilling operation is expected to take approximately 55 days.

Lundin Petroleum 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.

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Press Release, September 30, 2013