OREANDA-NEWS. Lundin Petroleum AB (Lundin Petroleum), through its wholly owned subsidiary Lundin Norway AS (Lundin Norway), is pleased to announce that drilling of exploration well 16/1-24 in PL338C southwest of the Edvard Grieg field, has commenced.

The well will investigate the hydrocarbon potential of the Gemini prospect. The well is located in PL338C approximately 10 km southwest of the Edvard Grieg field.

The main objective of well 16/1-24 is to test the reservoir properties and hydrocarbon potential of Lower Paleocene aged sandstones of the Ty Formation. Lundin Petroleum estimates the Gemini prospect to have the potential to contain unrisked, gross prospective resources of 93 million barrels of oil equivalent (MMboe).

The planned total depth is approximately 2,192 metres below mean sea level and the well will be drilled using the semi-submersible drilling rig Island Innovator. The drilling operation is expected to take approximately 40 days.

Lundin Petroleum is the operator of PL338C with 80 percent working interest. OMV Norge AS is partner with 20 percent working interest.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed on NASDAQ Stockholm (ticker "LUPE"). Lundin Petroleum has proven and probable reserves of 187.5 million barrels of oil equivalent (MMboe).