19/08/2019 07:00:00

Oil discovery at the Goddo prospect, on the Utsira High, Norwegian North Sea

Lundin Petroleum AB (Lundin Petroleum) announces that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has made an oil discovery at exploration well 16/5-8s, targeting the Goddo prospect in PL815 approximately 14 km South of the Edvard Grieg field in the Norwegian North Sea.

The main objective of the well was to prove oil in porous basement similar to what is found in the Rolvsnes discovery to the North West. The well encountered weathered and fractured basement in an estimated gross oil column of 20 meters. Extensive coring and data acquisition was performed and the reservoir displays similar characteristics as found in Rolvsnes, but the two discoveries are not connected.

The preliminary gross resources from this well are estimated to be between 1 and 10 million barrels of oil equivalent (MMboe), however there is clear upside potential in the larger Goddo area and surrounding prospective basement.

The forward appraisal and commercialisation strategy for the Utsira High basement play will be based on evaluation of the production performance from the Rolvsnes extended well test where production is set to commence in mid-2021, as well as the information collected at Goddo and surrounding well data. Two horizontal wells in the northern part of the Edvard Grieg field already have production contribution from basement, and the Tellus East discovery announced earlier this year has similar reservoir to Rolvsnes and Goddo and will be produced as part of a future Edvard Grieg infill programme.

The Goddo well was drilled by the Leiv Eiriksson semi-submersible drilling rig. Lundin Norway is the operator of PL815 with a 60 percent working interest, and the partners are Concedo and Petoro with 20 percent interest each. The Leiv Eiriksson rig will now be used by operator ConocoPhillips Skandinavia for a three well exploration campaign to the North of the Utsira High. Lundin Petroleum has a 20 percent working interest in two of these wells; Enniberg and Hasselbaink both located in PL917, due to spud in Q4 2019.

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

This is information that Lundin Petroleum AB is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact persons set out above, at 08:00 CEST on 19 August 2019.

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 Lundin Petroleum'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 Lundin Petroleum 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 Lundin Petroleum’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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