Exploration well completed on the Silfari prospect in the Norwegian Sea

Lundin Petroleum AB (Lundin Petroleum) announces that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed the drilling of the Silfari exploration well 6307/1-1S located in PL830 in the Norwegian Sea. The well was dry.

The main objective of the well was to test the reservoir properties and hydrocarbon potential of theJurassic and Permian formations in the frontier Froan Basin, located next to the Frøya High in the Norwegian Sea.

The well 6307/1-1S encountered good reservoir sands in the targeted Jurassic formation but with no hydrocarbon indications and in the second target no reservoir intervals or hydrocarbons were encountered.

This well is the first in the Froan Basin area and has provided significant data points as to the geology of the basin, which will be analysed in order to determine any further prospectivity. The potential of the undrilled, adjacent Frøya High area is unaffected by the Silfari result.

Lundin Norway is the operator of PL830 with a 40 percent working interest. The partners are Equinor, Neptune Energy and Petoro with 20 percent working interest each.

The well was drilled with the semi-submersible drilling rig, Leiv Eiriksson, which after completion of plugging and abandoning operations will proceed to drill exploration well 7121/1-2 S on the Pointer/Setter prospect , located in PL767, southeast of the Alta/Gohta discovery in the southern Barents Sea. Pointer/Setter is a prospect with two distinct lower Cretaceous sandstone targets, with estimated total gross unrisked prospective resources of 312 MMboe. Lundin Norway is the operator of PL767 with a 50 percent working interest. The partners are INPEX with 40 percent and DNO with 10 percent.           

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

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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.

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Attachment

• Lundin Petroleum - Silfari Results V5-20181220en