Lundin: Tunisia's Oudna Field to Come Onstream in Q3

Oudna Production Well
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Lundin Petroleum and Atlantis Holding Norway AS, a subsidiary of Sinochem E&P, said that first production of oil from the Oudna field offshore Tunisia is scheduled for September 2006.

Initial gross production from Oudna is anticipated at approximately 20,000 bopd. Proven and probable reserves are 11.5 million barrels of oil.

The Oudna 1 well, discovered by Shell, tested 7,000 bopd (barrels of oil per day) at a depth of 1,600 meters from the Miocene Lower Birsa sands reservoir. The crude oil has a 41.5 degree API and sulfur content of 0.24 percent.

Lundin Petroleum and Atlantis Holding Norway AS each hold 50 percent of the Oudna field. Lundin is the operator. The Tunisian state company ETAP has a 20-percent purchase option that may be exercized up to 120 days from the commencement of production.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with assets in Albania, France, Indonesia, Ireland, the Netherlands, Nigeria, Norway, Sudan, Tunisia, the U.K., and Venezuela.

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