Lundin Petroleum spuds oil exploration well in southern North Sea

Source: Lundin Petroleum AB

Lundin Petroleum AB (Lundin Petroleum) (LUP.TO)(LUPE.ST) is pleased to announce that drilling of exploration well 2/8-18S in PL440S has commenced. The well will target the Clapton prospect, which is situated 10 km north of the Valhall Field, offshore Norway. The main objective of well 2/8-18S is to test the hydrocarbon potential in the Ekofisk, Tor and Hod formations.

Lundin Petroleum estimates the Clapton prospect to contain unrisked, gross, prospective resources of 65 million barrels of oil equivalent (MMboe).

The planned total depth is 2,718 meters below mean sea level and the well will be drilled using the jackup drilling rig Maersk Guardian. Drilling is expected to take approximately 60 days.

Lundin Petroleum is a partner in PL440S with 18 percent interest. The Operator is Faroe Petroleum with 40 percent. The other partners are Dana (20%), Noreco (12%) and Det norske (10%).

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX) (Ticker "LUP"). Lundin Petroleum has proven and probable reserves of 211 million barrels of oil equivalent (MMboe).

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