Lundin Petroleum spuds exploration well on the Lorry prospect, offshore Norway

Stockholm, 2015-11-13 10:00 CET (GLOBE NEWSWIRE) --  

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has commenced drilling of exploration well 6407/10-4 on the Lorry prospect.

The well 6407/10-4 will explore the Lorry prospect in PL700, located on the northern part of the Frøya High in the Norwegian Sea approximately 17 km northeast of VNG Norge operated Pil and Bue discoveries in the Halten Terrace.

The reservoir is expected to consist of Upper Jurassic sandstone. The Lorry prospect is estimated to contain gross unrisked prospective resources of 151 million barrels of oil equivalents (MMboe).  

The planned total depth is approximately 3,104 metres below mean sea level and the well will be drilled with the semi-submersible drilling unit Island Innovator. The drilling operation is expected to take approximately 60 days.

Lundin Norway is the operator of PL700 with a 40 percent working interest. The partners are Bayerngas Norge AS, GDF SUEZ E&P Norge AS and VNG Norge AS with 20 percent each.

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 on NASDAQ Stockholm (ticker "LUPE"). Lundin Petroleum has proven and probable reserves of 187.5 million barrels of oil equivalents (MMboe) as at 31 December 2014 and 515 MMboe in respect of the Johan Sverdrup field as at 11 August 2015.

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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).

Forward-Looking Statements
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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