Lundin Finds Oil in North Sea

Lundin Petroleum says that the drilling of the exploration well 16/1-8 on the Luno prospect in PL 338 on the Norwegian Continental Shelf in the North Sea has been concluded. The well is located 28 kilometers east of the 15/3-1 Gudrun discovery in the central North Sea.

The well has discovered light oil in a clastic Jurassic reservoir. Extensive data and samples have been collected and are now being analyzed. Further information will be made available following such analysis.

The well is the first Lundin Petroleum-operated well in Norway and was drilled on the first operated license awarded to Lundin Petroleum. The well was drilled to a vertical depth of 2,175 meters below the sea surface. Sea depth at the location is 108 meters.

The Bredford Dolphin semi submersible rig drilled well 16/1-8.

Lundin Petroleum is the operator of PL 338 with 50% interest. Partners are Revus Energy ASA with 30% and RWE Dea Norge AS with 20% interest.

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