24 August 2009

LUNDIN PETROLEUM SPUDS EXPLORATION WELL LIYEKE MARINE-1 ON CONGO BRAZZAVILLE MARINE XI LICENCE

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that drilling of the exploration well Liyeke Marine-1, located in Block Marine XI Congo, has commenced.

The planned depth is approximately 1,130 metres below mean sea level and the well will be drilled by using the jack-up drilling rig Pride Cabinda. The drilling operation is expected to take 25 to 35 days, with testing additional in the event of success.

The well is targeting a post-salt, Sendji formation reservoir. Lundin Petroleum estimates gross unrisked prospective resources of 73 million barrels of oil equivalent (MMboe).

Lundin Petroleum has a 18.75 percent working interest in the licence which is operated by SOCO International.


Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, Africa, Russia and the Far East. The Company is listed at the Nordic Exchange, Sweden (ticker "LUPE"). Lundin Petroleum has proven and probable reserves of 265 million barrels of oil equivalent (mmboe).


For further information, please contact:
C. Ashley Heppenstall,
President and CEO
Tel: +41 22 595 10 00
or
Maria Hamilton
Head of Corporate Communications
Tel: +41 22 595 10 00
Tel: 08-440 54 50