Lundin Spuds 16/4-9 S Exploration Well in North Sea

Lundin Petroleum announced Wednesday that its wholly owned subsidiary, Lundin Norway, has spud the 16/4-9 S exploration well on the Luno II North prospect, located in the North Sea.

The planned total depth of the well, found in the PL359 license, is approximately 8,169 feet and drilling will be undertaken by the Bredford Dolphin (MW semisub). Lundin estimates the Luno II North prospect to contain gross unrisked prospective resources of 24 million barrels of oil equivalent. Luno II North is adjacent to the Luno II discovery, which has an estimated contingent resource range of 27 to 71 MMboe, according to Lundin.

Drilling operations at 16/4-9 S are expected to take approximately 50 days. Lundin Norway is the operator of PL359 with a 50 percent working interest. OMV (Norge) AS holds a 20 percent interest and Wintershall Norge AS and Statoil Petroleum AS both hold a 15 percent interest.



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