04/04/2019 07:30:00

Rolvsnes extended well test project sanction

Lundin Petroleum AB (Lundin Petroleum) announces that its wholly owned subsidiary Lundin Norway AS (Lundin Norway), as operator has agreed the final investment decision to proceed with an extended well test (EWT) on the Rolvsnes weathered and fractured basement discovery on the Utsira High.

The Rolvsnes oil discovery is located in PL338C on the southern side of the Edvard Grieg field and is a fractured and weathered granite basement reservoir. During 2018, the successful drilling and testing of a horizontal appraisal well (16/1-28) was completed, which flowed 7,000 bopd demonstrating good reservoir productivity and resulting in an increase in the Rolvsnes resource range, to between 14 and 78 MMboe gross.

The Rolvsnes EWT will be conducted through a 3 km subsea tie-back of the existing Rolvsnes horizontal well to the Edvard Grieg platform, with first oil scheduled in the second quarter 2021. The project will be implemented together with the Solveig project to take advantage of contracting and implementation synergies.

This reservoir type has not previously been developed in Norway, although it has been developed successfully elsewhere in the world, and an EWT on Rolvsnes is required to better understand the long-term reservoir performance. To further assess the potential of the basement trend on the Utsira High, an exploration well will be drilled on the Goddo prospect located in the adjacent PL815 licence in 2019. The combined Rolvsnes and Goddo prospective area is estimated to contain gross potential resources of more than 250 MMboe.

The strategic acquisition of Lime Petroleum’s interest in the Rolvsnes/Goddo area was agreed in January 2019 and following completion of this acquisition, which is anticipated in mid-2019, Lundin Norway will hold an 80 percent operated working interest in PL338C/PL338E, with the remaining interest held by OMV. Further, in PL815 (Goddo) Lundin Norway will hold a 60 per cent operated working interest, with the partners Concedo and Petoro with 20 percent interest each.

Nick Walker , Chief Operating Officer of Lundin Petroleum commented:

“The sanction of an EWT on fractured and weathered basement is a first for the Norwegian Continental Shelf and a significant step forward for Lundin Petroleum as we look to unlock the significant resource potential, sitting right in between our Edvard Grieg platform and the giant Johan Sverdrup field. Coordinating this EWT with the Solveig tie-back development will realise cost synergies and is another important step in extending the plateau production at the Greater Edvard Grieg Area.”

Lundin Petroleum is one of Europe’s leading independent oil and gas exploration and production companies with operations focused on Norway and listed on Nasdaq Stockholm (ticker "LUPE"). Read more about Lundin Petroleum’s business and operations at www.lundin-petroleum.com

For further information, please contact:

Edward Westropp

VP Investor Relations

Tel: +41 22 595 10 14

edward.westropp@lundin.ch

 

Sofia Antunes

Investor Relations Officer

Tel: +41 795 23 60 75

sofia.antunes@lundin.ch

 

Robert Eriksson

Head of Media Communications

Tel: +46 701 11 26 15

robert.eriksson@lundin-petroleum.se

Forward-Looking Statements

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon.  These statements speak only as on the date of the information and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading “Risks and Risk Management” and elsewhere in the Company’s annual report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement.

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