Lundin targeting Nemo development

Offshore staff

STOCKHOLM, Sweden --Lundin Petroleum has spudded an appraisal well on the Nemo field in the Norwegian North Sea using the jackup Maersk Giant.

Nemo, in blocks 7/7 and 7/4, was discovered in 1992 in Lower Jurassic/Upper Triassic sandstones.

Lundin estimates reserves at 20-30 MMboe. However, the current 7/4-2 well is targeting the higher end of the range, in the hope of proving sufficient reserves for a commercial development.

Drilling should take around two months.

12/17/2007