Lundin Continues Drilling at PL519, Targeting Albert Prospect

Lundin Petroleum AB (Lundin Petroleum) announces that drilling of exploration well 6201/11-3 in PL519 targeting the Albert prospect has resumed.

The main objective of well 6201/11-3 is to test Cretaceous and Triassic age sandstones of a multiple target structure. Lundin Petroleum estimates the Albert prospect to contain unrisked, gross, prospective resources of 177 million barrels of oil equivalent (MMboe).

The well has resumed drilling activity at 2,120 meters. The planned total depth is 3,150 meters. Drilling is expected to take 25 days.

Lundin Petroleum is the operator of PL519 with 40 percent interest. Partners are Bayerngas Norge AS, Norwegian Energy Company ASA and Spring Energy Norway AS with 20 percent interest respectively.

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Press Release, August 27, 2012