Lundin spuds Oudna well

Swedish independent oil company Lundin Petroleum has spud the Oudna production well in approximately 300 m of water on its Hammamet Grand Fonds Concession, offshore northeast Tunisia.

Offshore staff

(Tunisia)- Swedish independent oil company Lundin Petroleum has spud the Oudna production well in approximately 300 m of water on its Hammamet Grand Fonds Concession, offshore northeast Tunisia.

Lundin is utilizing thePride Venezuela semisub in an estimated 100 day program to drill, test and complete a production well and an injection well on a back-to-back basis.

The Oudna 1 well was originally discovered by Shell, and tested 7,000 b/d of 41° API crude oil at a depth of 1,600 m from the Miocene Lower Birsa sands reservoir.

The 600,000-bbl capacityIkdam FPSO production will be released from the Isis field for upgrade and re-classification work and then re-deployed on the Oudna field. Production at Oudna is expected to commence in the 4Q 2006. Production at Isis will be shut in during the 2Q 2006.

Initial gross production from the Oudna field is anticipated at around 20,000 b/d of oil; proven and probable reserves are 11.5 MMbbl.

Lundin Petroleum and Atlantis Holding Norway AS each hold a 50% stake of the Oudna field. Tunisia's state oil company ETAP has a 20% option which may be exercised up to 120 days from the commencement of production.

The potential to develop the Oudna Field has been driven by a combination of advances in subsea completion and production technology, and Lundin Petroleum's owner/operator position with theIkdam FPSO.

02/09/2006

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