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Lundin: Edvard Grieg appraisal well completed

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Oilfield Technology,

Lundin Petroleum AB has announced that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed the Edvard Grieg Southwest appraisal well 16/1-27.

The appraisal well 16/1-27 in PL338 on the Edvard Grieg field is located on the southwestern flank of the field targeting additional resources. The well was drilled 3 km west of the Edvard Grieg platform.

The objective of the well was to appraise the southwestern flank of the field in order to optimise the drainage strategy and to prove additional resources.

The well encountered a 15 m gross oil column in a 94 m thick sandstone reservoir compared to the pre-drill estimate of 38 m thickness. The top reservoir was encountered deeper than prognosed with excellent reservoir quality that was better than expected. The oil water contact was encountered at 1948 m below mean sea level 9 m deeper than the established contact in this part of the Edvard Grieg field. Pressure data confirms communication with the Edvard Grieg field.

Extensive data acquisition was carried out in the reservoir including conventional coring and fluid sampling. The well results confirm a preliminary resource upside for this part of the Edvard Grieg field in the order of 10 - 30 million boe. The final implication for total reserves for the Edvard Grieg field will be quantified in the 2017 year end reserves update.

The well was drilled using the semi-submersible drilling rig Island Innovator and will be permanently plugged and abandoned.

Lundin Norway is the operator of PL338 and holds a 65% working interest. The partners are OMV Norge AS with 20% and Wintershall Norge AS with 15 percent working interest.

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