Lundin Petroleum updates production from the Broom field

Lundin Petroleum AB has completed the second well on the Broom field, offshore UK. Production from the Broom field is in excess of 25,000 b/d from two production wells.

The development of the Broom field is progressing according to plan with the first water injection well also completed. The company will now complete the third pre-drilled production well and a further water injection well.

Broom field oil reserves are 36 MMbbl for the current first phase of the development and further development opportunities of existing reserves in the vicinity are under review.

Lundin Petroleum's President and CEO, Ashley Heppenstall said, "The first two production wells from Broom have produced better than expected. We are now confident of achieving plateau production of at least 25,000 b/d from the Broom field, which is ahead of our 20,000 b/d forecast".

Lundin Petroleum operates the Broom field with a 55% working interest with partners Challenger Minerals Inc 16% and Palace Exploration Co. 29%.

08/27/04