EDITOR: | August 6th, 2014

Lundin Petroleum Spuds Exploration Well on the Alta Prospect in the Barents Sea

| August 06, 2014 | No Comments
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August 6, 2014 (Source: Marketwired) — Lundin Petroleum AB (TSX:LUP)(OMX:LUPE) (Lundin Petroleum) through its wholly owned subsidiary Lundin Norway AS (Lundin Norway) is pleased to announce that drilling of exploration well 7220/11-1 in PL609 has commenced. The well will target the Alta prospect, which is located some 20 km northeast of the Gohta discovery in the Barents Sea.

The main objective of well 7220/11-1 is to prove the presence of hydrocarbons in sandstones of Triassic age in addition to carbonates of Permo-Carboniferous age. Lundin Petroleum estimates the Alta prospect to have the potential to contain unrisked, gross prospective resources of 261 million barrels of oil equivalent (MMboe).

The planned total depth is 2,393 metres below mean sea level and the well will be drilled using the drilling rig Island Innovator. Drilling is expected to take approximately 60 days.

Lundin Norway holds 40 percent interest in PL609. Partners are RWE Dea Norge AS and Idemitsu Petroleum Norge AS with 30 percent each.

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 194 million barrels of oil equivalent (MMboe).

This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).

Forward-Looking Statements

Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Company’s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “sh


Raj Shah

Editor:

Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>


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