Lundin Completes Testing of Tengis-1 Well

Lundin has completed the Tengis-1 exploration well in the Blora License, onshore Central Java, Indonesia. The well was drilled to a total depth of 2,500m to test the hydrocarbon potential of the Oligocene CD-sandstone. While drilling, hydrocarbon shows were encountered at multiple levels and the CD-sandstone was successfully reached. A detailed log acquisition and interpretation was completed and two potential hydrocarbon zones, including the main CD-sandstone target, were identified for testing operations.

The first test was over the CD-sandstone interval, which failed to recover hydrocarbons due to the low permeability of the reservoir. A second test in the Oligocene "Kranji" reservoir flowed gas to surface with high CO2 content. Following the test results the Tengis-1 well was plugged and abandoned.

The partners in the Blora License are Lundin Petroleum, operator, with 43.30 percent, Kufpec (Kuwait Foreign Petroleum Exploration Company) with 40 percent and CNOOC (Chinese National Offshore Oil Company) with 16.70 percent.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well-balanced portfolio of world-class assets in Europe, Africa, Russia and the Far East. The Company is listed at the Nordic Exchange, Sweden (ticker "LUPE"). Lundin Petroleum has existing proven and probable reserves of 176.4 million barrels of oil equivalent (mmboe) as at January 1, 2007.