Lundin Petroleum AB (Lundin Petroleum) through its wholly owned subsidiary Lundin Norway AS (Lundin Norway) is pleased to announce that the Johan Sverdrup appraisal well 16/3-5 located in PL501 has encountered a 30 meter gross oil column in Upper Jurassic sandstone and Permian Zechstein Group carbonate reservoir.

The well is located 3 km south of appraisal well 16/3-4 and 3 km east of appraisal well 16/2-7, both in PL501. A comprehensive logging and coring program has been successfully completed as well as two production tests (DST).

Well 16/3-5 found a 30 metre gross oil column, shallow to depth prognosis, consisting of a 14 metre Upper Jurassic sandstone of excellent quality above a 16 metre oil column in a Zechstein Group carbonate of varying reservoir quality.

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