Lundin Extends Avaldsnes Field with Second Appraisal Well

- Lundin Extends Avaldsnes Field with Second Appraisal Well

Wednesday, August 31, 2011
Lundin Petroleum AB

Lundin announced that the second appraisal well, 16/2-7, has confirmed the extension of the Avaldsnes field approximately 5.5 kilometers south of the 16/2-6 discovery well and 4.5 kilometers south-west of the first appraisal well 16/3-4. The Avaldsnes field is located in license PL501 on the Norwegian Continental Shelf and is in communication with the recently announced Aldous Major South discovery in PL265 to the west.

The second Avaldsnes appraisal well encountered a gross reservoir column of excellent quality Upper Jurassic age sandstone of approximately 35 meters of which seven meters was above the oil water contact. A comprehensive coring and logging program has been performed which has confirmed excellent quality reservoir characteristics.

The appraisal well will now be sidetracked to obtain further reservoir information. The sidetrack will be completed by mid September. The well was drilled to a total depth of 2,500 meters MD and in a water depth of 113 meters.

Lundin Petroleum is using the semi submersible drilling rig Bredford Dolphin to drill the well.

Ashley Heppenstall, President and CEO of Lundin Petroleum commented, "The second Avaldsnes appraisal well results have confirmed the extension of the field to the south. We will, following the sidetrack, incorporate the results of the two well appraisal program and Statoil's Aldous Major South well in PL265 into our geotechnical models. We will then release a revised resource range from the previously announced 100 - 400 million barrels of recoverable of oil equivalent contained within PL501. The Avaldsnes /Aldous Major South discovery is already the largest discovery on the Norwegian Continental Shelf since the mid 1980s and I am confident has the potential to grow as the field is appraised. It is likely that a third appraisal well will be drilled on Avaldsnes during the fourth quarter of 2011."

Lundin Norway AS is the operator of PL501 with a 40 percent interest. Partners are Statoil Petroleum AS with 40 percent interest and Maersk Oil Norway with 20 percent interest.

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Lundin Spuds Avaldsnes Appraisal Well

- Lundin Spuds Avaldsnes Appraisal Well

Wednesday, July 20, 2011
Lundin Petroleum AB

Lundin announced that drilling of the appraisal well 16/2-7 on the Avaldsnes discovery located in the North Sea sector of the Norwegian Continental Shelf (NCS), has commenced.

The planned depth is approximately 2,275 meters below mean sea level and the well will be drilled using the semisubmersible drilling rig Bredford Dolphin. The drilling operation is expected to take approximately 55 days.

The objective of the well is to appraise the Avaldsnes discovery following the 16/2-6 discovery well in 2010 and the recent successful appraisal well 16/3-4 with side-track 16/3-4A.

Lundin Petroleum is the operator of PL501 with 40 percent interest. Partners are Statoil Petroleum AS with 40 percent and Maersk Oil Norway with 20 percent interest.

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Lundin Finds Success with Avaldsnes Sidetrack

- Lundin Finds Success with Avaldsnes Sidetrack

Monday, July 18, 2011
Lundin Petroleum

Lundin Norway AS (Lundin Norway) a wholly owned subsidiary of Lundin Petroleum AB (Lundin Petroleum) has completed the sidetrack well 16/3-4A of the first appraisal well 16/3-4 on the Avaldsnes discovery in PL501 on the Norwegian Continental Shelf (NCS). A comprehensive data acquisition and sampling program has been acquired from the sidetrack well.

The objective of the sidetrack well 16/3-4A was to confirm lateral reservoir continuity and sand quality to the west of the first appraisal well. The results from the sidetrack well shows good lateral continuity of the reservoir with a proved oil column in excess of 4 meters with excellent quality sands.

The well 16/3-4A was drilled to a vertical depth of 1,934 meters below sea level using the drilling rig Bredford Dolphin. The rig will now move on to drill the second appraisal well, 16/2-7 over the Avaldsnes discovery.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments ' The results of the first Avalsdnes appraisal well and subsequent sidetrack are very positive having proven the lateral continuity of the Upper Jurassic Draupne reservoir with high porosity and permeability. Whilst the reservoir thickness across the Avalsdnes structure will be variable we now have a higher degree of confidence that the part of the structure previously assumed to be non hydrocarbon bearing will in fact be covered by Upper Jurassic hydrocarbon bearing reservoir. '

Lundin Norway is the operator with 40 percent interest. Partners are Statoil Petroleum AS with 40 percent interest and Mærsk Oil Norway with 20 percent.

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Lundin Confirms Avaldsnes Extension

- Lundin Confirms Avaldsnes Extension

Monday, June 27, 2011
Lundin Petroleum AB

Lundin announced that the first appraisal well, 16/3-4 has confirmed the extension of the Avaldsnes field to the south-east of the 16/2-6 discovery well in PL501 on the Norwegian Continental Shelf (NCS). The well was successfully tested and a comprehensive logging and coring program has been acquired.

Avaldsnes was confirmed as an oil discovery by the Lundin Norway operated well 16/2-6 in 2010 and is located approximately 25 km east of the Lundin Norway operated Luno discovery.

The first appraisal well 16/3-4 was drilled approximately 6.5 km south-east of the discovery well and has proved an oil column of 13,5 meters in excellent quality sandstone of Jurassic age. A high net to gross has resulted in net pay at the appraisal location in excess of that at the discovery well. The data acquired confirms excellent reservoir properties, with average porosity of approximately 30 percent and multi-Darcy permeability. The average production rate was in excess of 5,500 barrels of oil equivalent per day through a restricted choke size of 60/64 inch.

The well will now be side-tracked to confirm the lateral continuity of the reservoir towards the west.

The well will then be plugged and abandoned. The total depth of the well is 2020 meters.

Ashley Heppenstall, President & CEO of Lundin Petroleum commented, "We are very pleased with the results of the first Avaldsnes appraisal well which encountered oil bearing reservoir of thickness and quality which is better than the discovery well. We will now sidetrack the appraisal well to provide information regarding the lateral continuity of the reservoir towards the part of the structure we had assumed in our previous resource estimates was non- hydrocarbon bearing. We will update our Avaldsnes resource estimates following the sidetrack and second appraisal well."

Lundin Norway is using the semi submersible drilling rig Bredford Dolphin to drill the well. The rig will start drilling the second appraisal well on Avaldsnes, 16/2-7, immediately after 16/3-4.

Lundin Norway is the operator with 40 percent interest. Partners are Statoil Petroleum AS with 40 percent interest and Maersk Oil Norway AS with 20 percent interest.

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Lundin Spins Bit at Avaldsnes Appraisal

Lundin Spins Bit at Avaldsnes Appraisal

Monday, May 16, 2011
Lundin Petroleum AB

Lundin announced that drilling of the first appraisal well 16/3-4 on the Avaldsnes discovery located in PL501, in the North Sea sector of the Norwegian Continental Shelf (NCS), has commenced.

The main objective of the well 16/3-4 is to delineate the Avaldsnes discovery made in 2010 with estimated recoverable resources between 100– 400 million barrels of oil in PL501. The target is to confirm the presence of late Jurassic sand approximately 5 km southeast of the Avaldsnes discovery well 16/2-6. The planned total depth is approximately 2,000 meters below mean sea level and the well will be drilled using the semi-submersible drilling rig Bredford Dolphin. Drilling is expected to take approximately 45 days. The second appraisal well, 16/2-7, will spud directly following the completion of well 16/3-4 using the same rig.

Lundin Petroleum is the operator of PL501 with 40 percent interest. Partners are Statoil Petroleum ASA with 40 percent and Mærsk Oil Norway AS with 20 percent.

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