Lundin Spuds Well on Rolvsnes Prospect

Lundin Petroleum AB announced Friday that its wholly owned subsidiary Lundin Norway AS has spud exploration well 16/1-25 S on the Rolvsnes prospect, in PL338C, offshore Norway.

The main objective of the well, which is situated approximately four miles south of the Edvard Grieg field in the North Sea sector of the Norwegian Continental Shelf, is to test the hydrocarbon potential in thin Jurassic/Cretaceous sandstone reservoir. Lundin Petroleum estimates the Rolvsnes prospect to contain gross unrisked prospective resources of 107 million barrels of oil equivalents.

The planned total depth of well 16/1-25 S is approximately 7,460 feet below mean sea level. Drilling operations, which will be carried out by the Bredford Dolphin (mid-water semisub), are expected to take approximately 45 days. Lundin Norway is the operator of PL338C with a 50 percent working interest. Lime Petroleum Norway AS holds a 30 percent interest and OMV (Norge) AS holds a 20 percent working interest.

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