Lundin Completes Drilling of Wildcat Well

Lundin Petroleum AB has completed the drilling of wildcat well 16/4-7. The well was drilled on PL544 about 14 km northeast of the Sleipner Øst field in the middle part of the Norwegian North Sea.

The exploration well 16/4-7, operated by Lundin Norway, was targeting the Biotitt prospect. The well encountered no hydrocarbons and is being plugged and abandoned as a dry hole.

The primary exploration target of the well was to prove petroleum in Jurassic reservoir rocks. More than 100 m upper Jurassic and Triassic sandstone of excellent reservoir quality was found but was water bearing.

The well is the first exploration well in PL544. The license was awarded in APA 2009.

The well was drilled to a vertical depth of approximately 2,600 metres below the sea surface, and was terminated in the Skagerrak Formation in the Triassic. Water depth at the site is 91 metres. The well was drilled with the rig Bredford Dolphin.

Lundin Norway AS is the operator of PL544 with 40 percent working interest. The partners are Bayerngas Norge AS and Explora Petroleum AS with 30 percent interest each.

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Press Release, August 20, 2013