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Edvard Grieg appraisal well completed

Edvard Grieg appraisal well completed

11 April 2017

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed the Edvard Grieg Southwest appraisal well 16/1-27.

The appraisal well 16/1-27 in PL338 on the Edvard Grieg field is located on the southwestern flank of the field targeting additional resources. The well was drilled 3 km west of the Edvard Grieg platform.

The objective of the well was to appraise the southwestern flank of the field in order to optimise the drainage strategy and to prove additional resources.

The well encountered a 15 metres gross oil column in a 94 metres thick sandstone reservoir compared to the pre-drill estimate of 38 metres thickness. The top reservoir was encountered deeper than prognosed with excellent reservoir quality that was better than expected. The oil water contact was encountered at 1,948 metres below mean sea level 9 metres deeper than the established contact in this part of the Edvard Grieg field. Pressure data confirms communication with the Edvard Grieg field.

Extensive data acquisition was carried out in the reservoir including conventional coring and fluid sampling. The well results confirm a preliminary resource upside for this part of the Edvard Grieg field in the order of 10 to 30 MMboe. The final implication for total reserves for the Edvard Grieg field will be quantified in the 2017 year end reserves update.

The well was drilled using the semi-submersible drilling rig Island Innovator and will be permanently plugged and abandoned.

Lundin Norway is the operator of PL338 and holds a 65 percent working interest. The partners are OMV Norge AS with 20 percent and Wintershall Norge AS with 15 percent working interest.