Lundin Starts Drilling on Luno II Discovery

Lundin Petroleum AB (Lundin Petroleum), through its wholly owned subsidiary Lundin Norway AS (Lundin Norway), announces that drilling of appraisal well 16/4- 8 S on the Luno II discovery has commenced.

The Luno II discovery is located approximately 15km south of the Edvard Grieg field in the North Sea sector of the Norwegian Continental Shelf (NCS).

The well is located in PL359 and will appraise the Luno II Central South basin, located 4 km southeast of the Luno II discovery well.

The main objective of well 16/4-8 S is to test the reservoir properties and verify the petroleum potential. The reservoir is expected to be of Jurassic/Triassic age.

The planned total depth is approximately 2,700 meters below mean sea level and the well will be drilled with the semi-submersible drilling unit Bredford Dolphin. The drilling operation is expected to take approximately 50 days.

Lundin Norway, the operator of PL359, holds a 40 percent interest and has announced that it will increase its interest to 65 percent interest, subject to governmental approval. Statoil Petroleum AS holds 15 percent interest and OMV Norge AS has entered into an agreement to increase its interest from 15 to 20 percent, subject to governmental approval.

Press Release, June 23, 2014

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