Lundin Petroleum AB: Successful Flow Test of Gohta Confirms New Oil Discovery in Barents Sea, Offshore Norway

Lundin Petroleum AB: Successful Flow Test of Gohta Confirms New Oil Discovery 
in Barents Sea, Offshore Norway 
STOCKHOLM, SWEDEN -- (Marketwired) -- 10/02/13 -- Lundin Petroleum AB
(Lundin Petroleum) (TSX:LUP)(OMX:LUPE), through its wholly owned
subsidiary Lundin Norway AS (Lundin Norway), is pleased to announce
the flow test rate of the previously announced Gohta discovery of
approximately 4,300 barrels of oil per day (bopd). Gohta is Lundin
Petroleum's first oil discovery in the Barents Sea, offshore Norway.  
The well 7120/1-3 operated by Lundin Petroleum was drilled on PL492
approximately 35 kilometres north of the Snohvit field in the Barents
Sea. The well proved oil in contact with an overlying gas cap.  
The purpose of the well was to prove petroleum in reservoir rocks in
Triassic sandstone reservoirs and Permo-Carboniferous carbonate
reservoir. In the carbonate reservoir the well found a 25 metres
gross gas column above a 75 metres gross oil column in karstified and
dolomitized limestone. The Triassic sandstone was water bearing.  
A production test (DST) was performed to assess the quality of the
carbonate reservoir. The DST produced a flow rate of approximately
4,300 bopd through a 44/64" choke with a gas oil ratio of 1,040
standard cubic feet per barrel. The main flow of the reservoir was
stable over 24 hours and the pressure buildup lasted 36 hours and did
not show any barriers such as faults or significant reservoir
characteristics variations. This is the first successful test of
Permian carbonates reservoirs on the Norwegian shelf.  
The DST result has confirmed good production properties of the
reservoir. The preliminary evaluation of the gross recoverable oil
and gas resources from the Gohta discovery is estimated at between
105 and 235 million barrels oil equivalent of which the oil resources
are between 60 and 145 million barrels of oil and the gas resources
are between 275 and 545 billion cubic feet of gas.  
Ashley Heppenstall, President and CEO of Lundin Petroleum comments:
"We have for a number of years believed in the oil potential of the
Barents Sea and as such are extremely pleased to have made a
significant oil discovery at Gohta. The discovery has proved the
Permian carbonate play concept in the area and as well as delineating
the discovery, we will now look to drill similar exploration
prospects in adjoining licences where we have a significant acreage
position."  
The results confirm for the first time oil and gas in a play model
which so far has been unsuccessful on the Norwegian Continental
Shelf.  
The well operation was performed by the semisubmersible rig
Transocean Arctic. The water depth was 342 metres and the well was
drilled to a depth of 2,515 metres below mean sea level.  
Lundin Norway is operator for PL 492 with 40 percent interest. The
partners are Det norske oljeselskap ASA with 40 percent interest and
Noreco Norway AS with 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 202 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 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  
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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