Norway: Lundin Petroleum Starts Skalle Exporation Well Drilling in Barents Sea

Lundin Petroleum AB (Lundin Petroleum) announces that drilling of exploration well 7120/2-3 in PL438 has commenced. The well will target the Skalle prospect, which is situated to the north of the Snøhvit field in the Barents Sea, offshore Norway.

The main objective of well 7120/2-3 is to test Cretaceous and Jurassic/Triassic age sandstones of a multiple target structure. Lundin Petroleum estimates the Skalle prospect contains unrisked, gross, prospective resources of 250 million barrels of oil equivalent (MMboe).

The planned total depth is 2,650 meters below mean seal level and the well will be drilled using the semi-submersible drilling rig Transocean Leader. Drilling is expected to take approximately 60 days.

Lundin Petroleum is the operator of PL438 with 25 percent interest. Partners are RWE Dea Norge AS with 20 percent interest, Petoro AS with 20 percent, Spring Energy with 17.5 percent and Talisman Energy Norge with 17.5 percent interest.

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 , May 16, 2011; Image:ptil