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Lundin's Johan Sverdrup Appraisal Confirms Excellent Reservoirs

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Lundin Petroleum AB announced that the Johan Sverdrup appraisal well 16/2-11 located in PL501 has encountered a 177 feet (54 meter) gross oil column in Upper and Middle Jurassic sandstone reservoir in an oil-down-to situation.

The reservoir was encountered at depth prognosis. The well is located 1.37 miles (2.2 kilometers) south-east of well 16/2-8 in PL265 and 2.1 miles (3.3 kilometers) south-west of well 16/2-6, in PL501. A comprehensive logging and coring program has been successfully completed as well as a production test (DST) in the previously untested Middle Jurassic reservoir. The data from this first well in the 2012 PL501 appraisal program confirmed good reservoir properties. This is in line with the earlier Johan Sverdrup wells where the Upper Jurassic reservoir was of excellent quality with a high net to gross ratio.

A full scale production test (DST) in the Middle Jurassic reservoir to investigate its flow properties resulted in flow rates, in excess of 2,700 barrels of oil per day (bopd) through a restricted 40/64 choke, with good reservoir properties indicating a lateral continuous reservoir.

The well will now be side-tracked towards the east to investigate the lateral thickness and property variations of the Jurassic reservoir as well as establish an oil water contact to investigate the possibility of a deeper oil-water-contact in this area. The side-track will take approximately 25 days.

The well will then be plugged and abandoned. The total depth of the well is 6,972 feet (2,125 meters) MD.

Ashley Heppenstall, President and CEO of Lundin Petroleum commented, "We are pleased with the latest appraisal well which was in line with our pre drill forecast and has provided us with excellent data for development planning purposes. It has confirmed as with the previous Johan Svedrup wells, the excellent reservoir characteristics of the field as well as encountering the reservoir at the prognosed depth. In view of the upcoming further appraisal drilling on Johan Svedrup in PL501 and in PL265 we have decided to delay the release of updated resource estimates most likely until after the completion of this years drilling program."

Lundin Petroleum is using the drilling rig Bredford Dolphin (mid-water semisub). After completion of the side-track the rig will move to PL519 to drill the Albert exploration prospect operated by Lundin Petroleum.

Lundin Norway AS is the operator with 40 percent interest. Partners are Statoil Petroleum AS with 40 percent interest and Maersk Oil Norway AS with 20 percent interest.

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