STOCKHOLM, SWEDEN -- (Marketwired) -- 09/30/13 -- Lundin Petroleum AB (TSX: LUP)(OMX: LUPE) (Lundin Petroleum) through its wholly owned subsidiary Lundin Norway AS (Lundin Norway) is pleased to announce that the Johan Sverdrup appraisal well 16/5-4, located in the south western part of PL501, found an oil column of approximately 6 metres in excellent quality sandstone of Upper Jurassic age. The well is successfully completed.
Appraisal well 16/5-4 is located at the south-western flank of the Johan Sverdrup discovery. It was drilled approximately 4 kilometres south-west of appraisal well 16/5-2S and approximately 3 kilometres south-east of well 16/5-3 (PL502). The well found an oil-filled 6 metres gross reservoir section of excellent quality sand with very high net to gross ratio. The top of the reservoir was found according to prognosis and 16 metres above the probable oil water contact of 1,922 metres (Mean Sea Level). The reservoir sequence is entirely of late Jurassic age resting on Triassic sediments. No oil water contact was established.
The well was drilled to a total depth of 2,075 metres below mean sea level into sediments of most likely Triassic sediments. A comprehensive coring and logging program has been successfully completed. A pressure gauge is installed in the hole to monitor the reservoir pressure for a period of 2-5 years. The well is permanently abandoned.
Ashley Heppenstall, President and CEO of Lundin Petroleum comments: "The major uncertainties associated with this appraisal well were the time-depth conversion to the top of the reservoir and the presence of reservoir. In this respect we are pleased to have proved the extension of the reservoir at this location with excellent sand quality."
The well was drilled using the semi-submersible drilling rig Bredford Dolphin. The rig will now drill appraisal well 16/3-7 at the south-eastern flank of the Johan Sverdrup discovery, also located in PL501.
Lundin Norway is the operator in PL501 with 40 percent interest. The partners are Statoil Petroleum AS with 40 percent interest and Maersk Oil Norway AS 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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