Lundin in quest for Draupne oil extension

Lundin Petroleum plans to drill an exploration well on the Apollo structure in the Norwegian North Sea, 5 km (3.1 mi) northwest of and down-dip of the Luno field in license PL 338.

Offshore staff

STOCKHOLM-- Lundin Petroleum plans to drill an exploration well on the Apollo structure in the Norwegian North Sea, 5 km (3.1 mi) northwest of and down-dip of the Luno field in license PL 338.

The main objective of the well (16/1-14) is to test a possible extension of the Draupne field. Draupne, which was recently appraised by field partners, is in Upper Jurassic sands at a subsurface depth of 2,400 m (7,874 ft).

Lundin estimates unrisked gross prospective resources for Apollo in the range 20-130 MMboe, dependent on the geological model used which the company says is very sensitive to sand thickness variations towards the south into license PL338.

The well will be drilled this summer by the semisub Transocean Winner. Lundin operates PL338 with a 50% interest, in partnership with Wintershall Norge and RWE DEA Norge.

President and CEO Ashley Heppenstall said: "The Apollo well will test an extension of a proven and tested hydrocarbon accumulation with upside potential based upon our geological model. The prospect is close to the Luno discovery and further exploration success in the area will clearly be beneficial in respect of the development of the Greater Luno Area.”

06/03/2010

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