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2016-07-21

Lundin Petroleum commences the 2016 southern Barents Sea drilling campaign

southern Barents Sea drilling campaign

Stockholm, 2016-07-21 08:49 CEST (GLOBE NEWSWIRE) --

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly
owned subsidiary Lundin Norway AS (Lundin Norway) has commenced the 2016
exploration and appraisal campaign in the Loppa High area in the southern
Barents Sea with the winterised Leiv Eiriksson semi-submersible drilling rig.

The 2016 drilling campaign consists of three wells commencing with the re-entry
of the Alta-3 appraisal well 7220/11-3A in PL609 which was successfully drilled
last year on the eastern flank of the Alta discovery. The objective of the
Alta-3 re-entry is to deepen the well to further assess the quality of the
Permian carbonate reservoir section as well as to conduct a production test.
The original Alta-3 well encountered a gross hydrocarbon column of 120 metres
and all three Alta wells drilled to date have proven pressure communication.
The Alta discovery is estimated to contain gross contingent resources of
between 125 and 400 million barrels of oil equivalents (MMboe).

Following the completion of the Alta-3 well the rig will move further north on
PL609 to re-enter the suspended Neiden exploration well 7220/6-2 which was
partially drilled last year. The Neiden well was suspended immediately above
prognosed reservoir section in October last year due to winter restrictions for
the drilling rig (Island Innovator). The Neiden prospect is estimated to
contain gross unrisked prospective resources of 204 MMboe.

The third well to be drilled in the 2016 campaign is an exploration well
targeting the Filicudi prospect on PL533 to the northwest of the Alta discovery
and south of the Statoil operated Johan Castberg discovery. The Filicudi
prospect is expected to contain Jurassic sandstone reservoir analogous to the
Johan Castberg discovery. The Filicudi prospect is estimated to contain gross
unrisked prospective resources of 258 MMboe.

Lundin Norway is the operator of both PL609 and PL533 and holds a 40 percent
and 35 percent working interest in these respective licences.

The Leiv Eiriksson drilling rig has been contracted for three firm well slots
with an additional six optional well slots.

Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of worldclass 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 716.2 million barrels of oil equivalents (MMboe) as at 1 January
2016.

For further information, please contact:

Maria Hamilton Teitur Poulsen
Head of Corporate Communications VP Corporate Planning & Investor Relations
E-mail: maria.hamilton@lundin.ch Tel: + 41 22 595 10 00
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50

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.

All statements other than statements of historical fact may be forward-looking
statements. Statements concerning proven and probable reserves and resource
estimates may also be deemed to constitute forward-looking statements and
reflect conclusions that are based on certain assumptions that the reserves and
resources can be economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often,
but not always, using words or phrases such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe" and
similar expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
statements. No assurance can be given that these expectations and assumptions
will prove to be correct and such forward-looking statements should not be
relied upon. These statements speak only as on the date of the information and
the Company does not intend, and does not assume any obligation, to update
these forward-looking statements, except as required by applicable laws. These
forward-looking statements involve risks and uncertainties relating to, among
other things, operational risks (including exploration and development risks),
productions costs, availability of drilling equipment, reliance on key
personnel, reserve estimates, health, safety and environmental issues, legal
risks and regulatory changes, competition, geopolitical risk, and financial
risks. These risks and uncertainties are described in more detail under the
heading "Risks and Risk Management" and elsewhere in the Company's annual
report. Readers are cautioned that the foregoing list of risk factors should
not be construed as exhaustive. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Forward-looking
statements are expressly qualified by this cautionary statement.

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