LUNDIN PETROLEUM COMMENCES EXPLORATION DRILLING ACTIVITIES IN MALAYSIA

LUNDIN PETROLEUM COMMENCES EXPLORATION DRILLING ACTIVITIES IN MALAYSIA

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that it has commenced its 2012 Malaysian drilling campaign with the spud of the Tiga Papan 5 well in the SB307 & SB308 Block offshore Sabah, East Malaysia.
The well will target mid-Miocene aged sands of the Tiga Papan Unit previously tested in 1982 with the original discovery well that flowed at a cumulative rate of 5,631bopd.
A vertical well will test the un-appraised fault block to the east of the original Tiga Papan 1 discovery well. In the event of encouragement the well will be sidetracked into the same fault block as the original discovery well to test the down dip extension of the pay zones encountered there.
The well will be drilled with the Offshore Courageous rig in a water depth of approximately 50 meters to a depth of 1,671 meters subsea.
The well is the first of the five well programme planned in 2012 by Lundin Malaysia BV in its Malaysian Blocks.
Lundin Petroleum holds 42.5 percent interest in SB307 & SB308 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV’s partners are PETRONAS Carigali Sdn Bhd with a 25 percent interest and Nio Petroleum Sabah (Limited). Lundin Malaysia BV operates five blocks in Malaysia, namely PM308A, PM308B, SB303, SB307 & SB308.
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 at the NASDAQ OMX, Stockholm (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (Ticker “LUP”). Lundin Petroleum has proven and probable reserves of 211 million barrels of oil equivalent (MMboe).
For further information, please contact:
C. Ashley Heppenstall,
President and CEO
Tel: +41 22 595 10 00

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