Lundin Petroleum Completes Appraisal Well 16/2-16 in PL501

Lundin Petroleum Completes Appraisal Well 16/2-16 in PL501 
STOCKHOLM, SWEDEN -- (Marketwire) -- 12/10/12 -- Lundin Petroleum AB
(TSX:LUP)(OMX:LUPE) (Lundin Petroleum) through its wholly owned
subsidiary Lundin Norway AS (Lundin Norway) has completed the
drilling of appraisal well 16/2-16 in PL501 on the Johan Sverdrup
discovery located in the North Sea sector of the Norwegian
Continental Shelf (NCS).  
The well was drilled in PL501 on the north eastern flank of the
discovery approximately three km away from the discovery well 16/2-6,
the recent well 16/2-13A in PL501 and well 16/2-10 located in PL265.
The objective of the well was to establish the depth to the top
reservoir, and the quality of the reservoir, the oil water contact
depth and the aquifer quality.  
The main objectives were met by encountering the top of the reservoir
at prognosis at 1,924 metres below Mean Sea Level (MSL) and the oil
water contact (OWC) at 1,925 metres below Mean Sea Level (MSL). This
oil water contact is the same as in well 16/2-13A and about three
metres deeper than the previously identified OWC in other PL501
wells. A total of 15 metres sand was found in a 60 metres Jurassic
sequence. The well was drilled to a depth of 2,188 metres below Mean
Sea Level (MSL). 
The well will now be side tracked approximately 1,000 metres westward
to improve the understanding of the lateral variations in reservoir
qualities and the relation between the 1,934 metres below Mean Sea
Level (MSL) oil water contact in well 16/2-10 and the 1,925 metres
below Mean Sea Level (MSL) contact observed in the 16/2-16 and
16/2-13A wells.  
The well is also important in relation to the water injection
strategy to be applied during production. 
The wells 16/2-16 and 16/2-16A are being drilled with the drilling
rig, Transocean Winner. 
Lundin Norway is the operator of PL501 with a 40 percent interest.
Partners are Statoil Petroleum AS with a 40 percent interest and
Maersk Oil Norway AS with a 20 percent interest. 
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 at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the
Toronto Stock Exchange (
TSX) (Ticker "LUP"). Lundin Petroleum has
proven and probable reserves of 211 million barrels of oil equivalent
(MMboe). 
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.  
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. 
Reserves and Resources  
Unless otherwise stated, Lundin Petroleum's reserve and resource
estimates are as at 31 December 2011, and have been prepared and
audited in accordance with National Instrument 51-101 Standards of
Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian
Oil and Gas Evaluation Handbook ("COGE Handbook"). Unless otherwise
stated, all reserves estimates contained herein are the aggregate of
"Proved Reserves" and "Probable Reserves", together also known as "2P
Reserves". For further information on reserve and resource
classifications, see "Reserves and Resources" in the Company's annual
report. 
Contingent Resources  
Contingent Resources are those quantities of petroleum estimated, as
of a given date, to be potentially recoverable from known
accumulations using established technology or technology under
development, but are not currently considered to be commercially
recoverable due to one or more contingencies. Contingencies may
include factors such as economic, legal, environmental, political and
regulatory matters or a lack of markets. There is no certainty that
it will be commercially viable for the Company to produce any portion
of the Contingent Resources. 
Prospective Resources  
Prospective Resources are those quantities of petroleum estimated, as
of a given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects.
Prospective Resources have both a chance of discovery and a chance of
development. There is no certainty that any portion of the
Prospective Resources will be discovered. If discovered, there is no
certainty that it will be commercially viable to produce any portion
of the Prospective Resources.  
BOEs  
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf : 1 Bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. 
Contacts:
Lundin Petroleum AB
Maria Hamilton
Head of Corporate Communications
+41 22 595 10 00 or +46 8 440 54 50
Mobile: +41 79 63 53 641
maria.hamilton@lundin.ch 
Lundin Petroleum AB
Teitur Poulsen
VP Corporate Planning & Investor Relations
+41 22 595 10 00
www.lundin-petroleum.com
 
 
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