Lundin spuds Barents Sea exploration well

1/14/2014

Lundin spuds Barents Sea exploration well

STOCKHOLM, Sweden -- Lundin Petroleum AB, through its wholly-owned subsidiary Lundin Norway AS, has commenced the drilling of exploration well 7222/11-2 in PL659.

The well will target the Langlitinden prospect, which is located some 80 km northeast of the Snøhvit Field in the Barents Sea.

The main objective of well 7222/11-2 is to prove the presence of hydrocarbons in sandstones of the Triassic Kobbe Fm. Lundin Petroleum estimates the Langlitinden prospect to have the potential to contain unrisked, gross prospective resources of 220 MMboe.

The planned total depth is 2,901 m below mean sea level and the well will be drilled using the drilling rig Transocean Barents. Drilling is expected to take approximately 50 days.

Lundin Norway holds 20 percent interest in PL659. Partners are Det norske oljeselskap (Operator) with 20 percent, Petoro 30 percent, Atlantic Petroleum Norge 10 percent, Tullow Oil Norge 10 percent, Rocksource Exploration Norway 5 percent and Ithaca Petroleum Norge 5 percent.

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