Lundin Petroleum AB: Luno II Oil Discovery Offshore Norway Successfully Tested

Lundin Petroleum AB: Luno II Oil Discovery Offshore Norway Successfully Tested 
STOCKHOLM, SWEDEN -- (Marketwired) -- 05/06/13 -- Lundin Petroleum AB
(TSX:LUP)(OMX:LUPE) (Lundin Petroleum) through its wholly owned
subsidiary Lundin Norway AS (Lundin Norway) is pleased to announce
that the testing of the previously announced Luno II discovery has
been successfully completed.  
The discovery is located in PL359 in the central North Sea sector of
the Norwegian Continental Shelf (NCS) on the south western flank of
the Utsira High approximately 15 km south of the Lundin Petroleum
operated Edvard Grieg field. 
The exploration well 16/4-6S on the Luno II prospect has been
production tested and flowed at over 2,000 bopd through a 48/64 inch
choke with a gas to oil ratio of 1100 scf/bbl. Lundin Petroleum
estimates that the Luno II structure which is believed to span across
two separate reservoir segments contains gross contingent resources
of 25 - 120 million barrels of oil equivalents (MMboe) as well as
gross prospective resources of 10 - 40 MMboe for the Luno II North
segment. In addition there are prospective resources outside the two
mentioned areas.  
The discovery well has been drilled in the southern segment of the
Luno II structure. The well proved the presence of a
Jurassic/Triassic reservoir with a gross oil column of 45 metres and
proved an oil water contact at 1,950 metres below MSL. The oil is
saturated and in contact with a gas cap at the top of the reservoir.
The well proved a sand sequence of 280 metres with fair reservoir
The contingent resources relate to the southern segment of the Luno
II structure and the prospective resources to the northern segment.
Appraisal drilling in PL359 is being evaluated to take place later
this year to further delineate the southern reservoir segment which
at the high end of the resource range likely extends into PL410 to
the east of PL359. The lower end of the contingent resource range
only reflects the northern part of the southern reservoir segment
directly proven by the well.  
The discovery well was drilled in water depths of 101 metres.  
Ashley Heppenstall, President and CEO of Lundin Petroleum AB,
commented: "We are pleased to announce another significant discovery
in the Utsira High region wh
ich in terms of size and location is
likely to be commercial. We have an active exploration programme this
year in the Utsira High area and look forward to further discoveries
in the area." 
The well was drilled using the semi-submersible drilling rig Bredford
Dolphin. The rig will now be moved to the Lundin Norway operated
PL501 to continue the appraisal drilling on the Johan Sverdrup
Lundin Norway AS is the operator of the PL359 with a 40 percent
interest. The partners are Statoil Petroleum ASA with 30 percent and
Premier Oil plc with 30 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 202 million barrels of oil equivalent
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
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 2012, 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 Resources and Production" 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 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. 
Lundin Petroleum AB
Maria Hamilton, Head of Corporate Communications
+41 22 595 10 00
+46 8 440 54 50
Mobile: +41 79 63 53 641 
Lundin Petroleum AB
Teitur Poulsen
VP Corporate Planning & Investor Relations
+41 22 595 10 00
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