Lundin Announces Commencement of Drilling at PL 495 Prospect

Lundin Petroleum AB (Lundin Petroleum) announced that drilling of exploration well 7/4-3 in PL495 has commenced. The well will target the Carlsberg prospect, which is located some 24 km north of the Lundin Petroleum operated Brynhild field in the North Sea, offshore Norway, and approximately 22 km east of the UK Everest field.

The main objective of well 7/4-3 is to prove the presence of hydrocarbons in Upper Triassic and Upper Cretaceous reservoirs. Lundin Petroleum estimates the Carlsberg prospect to contain unrisked, gross, prospective resources of 67 million barrels of oil equivalent (MMboe).

The planned total depth is 3,092 metres below mean sea level and the well will be drilled using the jack-up rig Mærsk Guardian. Drilling is expected to take approximately 65 days.

Lundin Petroleum, through its wholly owned subsidiary Lundin Norway, is the operator and has a 60 percent working interest in PL495. Partner is Tullow Oil Norge AS with a 40 percent working interest.

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Press Release, April 5, 2013