STOCKHOLM, SWEDEN -- (Marketwired) -- 06/13/13 -- Lundin Petroleum AB (Lundin Petroleum) (TSX: LUP)(OMX: LUPE) is pleased to announce that the Johan Sverdrup appraisal well 16/2-17S found a gross column of 82 metres of oil bearing good quality sandstone of Jurassic age in PL265. Well 16/2-17B was drilled as a side-track west of the Johan Sverdrup boundary fault to explore the southern part of the Cliffhanger prospect, but did not find reservoir. The Johan Sverdrup field is located in PL501, PL265 and PL502 on the Norwegian Continental Shelf (NCS).
Appraisal well 16/2-17S was drilled approximately 1.5 kilometres south west of appraisal well 16/2-8 in PL265 and 2.4 kilometres north west of appraisal well 16/2-11 in PL501.
The purpose of the well was to investigate reservoir thickness and properties close to the main bounding fault marking the western limit of Johan Sverdrup discovery. The well found 82 metres gross oil column of which 39 was of excellent quality. The lower 43 metres oil column consists of interbedded shales and high quality sandstone layers. An oil water contact was established similar to the neighbouring wells. Both intervals were production-tested with rates of 5,900 barrels of oil per day (bopd) and 1,500 bopd respectively. Both tests indicate large lateral reservoir extension and they are in pressure communication.
Well 16/2-17B was drilled as a side-track approximately 800 meters west of the main well with objectives to explore for Jurassic reservoir sequence and investigate potential reservoir properties of the basement rocks west of the Johan Sverdrup main bounding fault. No reservoir sequence was found and the basement was evaluated as tight.
Wells 16/2-17S and 16/2-17B were drilled using the semi submersible drilling rig Ocean Vanguard which will continue to drill appraisal well 16/2-18 in PL265 after a short yard stay.
Lundin Norway AS has a 10 percent interest in PL265 with Statoil Petroleum as the operator with 40 percent interest. Partners are Petoro with 30 percent interest and Det Norske Oljeselskap with 20 percent interest.
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 202 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).
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.
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