Lundin Petroleum Spuds Exploration Well Offshore UK

Lundin Petroleum is pleased to announce that drilling of the exploration well 12/17b-1 on the Ridgewood prospect located in block 12/17b, production licence P1301, in the Moray Firth area of the United Kingdom Continental Shelf (UKCS), has commenced.

Well 12/17b-1 is targeting Jurassic sandstones. The Ridgewood prospect is a four-way dip closure. The unrisked gross potential resource is 41 million barrels of oil equivalent (mmboe).

Lundin Petroleum has contracted the Global Santa Fe Galaxy II jack-up rig to drill this prospect. Drilling is expected to take 28 days. Well 12/17b-1 is the third well of a three well back-to-back exploration drilling programme on the UKCS using the same rig.

Lundin Petroleum is the operator with 30 percent interest. Partners are Palace Exploration Company (E&P) Limited (25%), Britcana Energy Ltd. (25%) (a subsidiary of International Frontier Resources Corp.), Gulf Shores UK Resources Ltd. (10%) and Monoil UK Limited (10%).