Lundin Petroleum Completes Appraisal Well 16/2-16 in PL501

Lundin Petroleum AB (TSX:LUP)(OMX:LUPE) (Lundin Petroleum) through its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed the drilling of appraisal well 16/2-16 in PL501 on the Johan Sverdrup discovery located in the North Sea sector of the Norwegian Continental Shelf (NCS).

The well was drilled in PL501 on the north eastern flank of the discovery approximately three km away from the discovery well 16/2-6, the recent well 16/2-13A in PL501 and well 16/2-10 located in PL265. The objective of the well was to establish the depth to the top reservoir, and the quality of the reservoir, the oil water contact depth and the aquifer quality.

The main objectives were met by encountering the top of the reservoir at prognosis at 1,924 metres below Mean Sea Level (MSL) and the oil water contact (OWC) at 1,925 metres below Mean Sea Level (MSL). This oil water contact is the same as in well 16/2-13A and about three metres deeper than the previously identified OWC in other PL501 wells. A total of 15 metres sand was found in a 60 metres Jurassic sequence. The well was drilled to a depth of 2,188 metres below Mean Sea Level (MSL).