Lundin Spuds Biotitt Well

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Sweden's Lundin Petroleum announced Tuesday that drilling of exploration well 16/4-7 on production license 544, offshore Norway, has begun. The well will target the Biotitt prospect, which is located some 22 miles south of the Edvard Grieg field and 29 miles southwest of the Johan Sverdrup field.

The main objective of well 16/4-7 is to prove the presence of hydrocarbons in Jurassic sandstone reservoirs. Lundin estimates the Biotitt prospect to have the potential to contain un-risked, gross, prospective resources of 124 million barrels of oil equivalent.

The planned total depth is 9,050 feet below mean sea level and the well will be drilled using the drilling rig Bredford Dolphin(mid-water semisub). Drilling is expected to take approximately 35 days.

Lundin Petroleum, through its wholly owned subsidiary Lundin Norway, is the operator and has a 40-percent working interest in PL544. Partners are Bayerngas Norge AS and Explora Petroleum AS, both of which have a 30-percent working interest.



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