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Lundin Petroleum Spuds Exploration Well on the Zulu Prospect

Source: www.gulfoilandgas.com 1/20/2015, Location: Europe

Lundin Petroleum AB (Lundin Petroleum), through its wholly owned subsidiary Lundin Norway AS (Lundin Norway), is pleased to announce that drilling of exploration well 26/10-1 in PL674BS has commenced.

The well will investigate the hydrocarbon potential of the Zulu prospect in PL674BS, located 100 km west of Stavanger on the Norwegian west coast and approximately 30 km northeast of the Johan Sverdrup discovery.

The main objective of well 26/10-1 is to test the reservoir properties and hydrocarbon potential of Miocene aged sandstones of the Utsira Formation in the Patch Bank Ridge. Lundin Petroleum estimates the Zulu prospect to have the potential to contain unrisked, gross prospective resources of 153 million barrels of oil (MMboe).

The planned total depth is 1,020 metres below mean sea level and the well will be drilled using the semisubmersible drilling unit Island Innovator. Drilling is expected to take approximately 25 days.

Lundin Norway is the operator and has a 35 percent working interest in PL674BS. Petrolia Norway and E.ON E&P Norge are partners with 35 and 30 percent working interest respectively.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of worldclass assets primarily located in Europe and South East Asia. The Company is listed on NASDAQ Stockholm (ticker "LUPE"). Lundin Petroleum has proven and probable reserves of 187.5 million barrels of oil equivalent (MMboe).

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