Lundin Spuds Exploration Well On Albert Prospect In Northern Sea

Lundin Petroleum said that drilling of exploration well 6201/11-3 in PL519 has commenced. The well will target the Albert prospect, which is situated 65 km northwest of the Snorre Field in the northern North Sea, offshore Norway.

The main objective of well 6201/11-3 is to test Cretaceous and Triassic age sandstones of a multiple target structure. Lundin Petroleum estimates the Albert prospect to contain unrisked, gross, prospective resources of 177 million barrels of oil equivalent (MMboe).

The planned total depth is 3,150 meters below mean sea level and the well will be drilled using the semi-submersible drilling rig Bredford Dolphin. Drilling is expected to take approximately 55 days.

Lundin Petroleum is the operator of PL519 with 40 percent interest. Partners are Bayerngas Norge AS, Norwegian Energy Company ASA and Spring Energy Norway AS with 20 percent interest each.

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 211 million barrels of oil equivalent (MMboe).