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Lundin Petroleum AB's Lundin Norway AS Announces Update on Johan Sverdrup Appraisal Well Shared with Statoil ASA's Statoil Petroleum AS and AP Moller Maersk A/S' Maersk Oil Norway AS

Monday, 24 Sep 2012 02:33am EDT 

Lundin Petroleum AB announced that the Company's wholly owned subsidiary Lundin Norway AS has successfully completed the side-track 16/2-13A of the appraisal well 16/2-13S. The results from the well pass the expectations in respect of reservoir quality and thickness, validating the field geological model and confirming a deeper oil water contact at this location. The well 16/2-13S was drilled approximately 2.4 kilometers north east of the discovery well 16/2-6, and the side-track 16/2-13A was drilled with a 1,250 meters step-out towards north-north west. The side-track well (16/2-13A) encountered a gross reservoir column of approximately 22 meters, of which 12 meters were above the oil water contact. The top of the reservoir was four meters shallower than the prognosis. The oil water contact was established at approximately 1,925 meters below Mean Sea Level which is approximately three meters deeper than observed in earlier PL501 wells. A coring and logging program has been performed. The wells will be plugged and abandoned. The location of one of the remaining two 2012 appraisal wells is to be drilled on PL501 will be in the northern Johan Sverdrup area. The appraisal well 16/2-16 will be drilled 3.7 kilometers to the northwest of the 16/2-13 well. Lundin Norway is the operator of PL501 with a 40% interest. Partners are Statoil ASA's Statoil Petroleum AS with a 40% interest and Maersk Oil Norway AS with a 20% interest. 

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