Exploration programme - Lundin Petroleum

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Lundin Petroleum plans to drill 24 exploration/appraisal wells in 2012

January 2012

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Note: information in the above table is subject to the Legal Notices section, in particular the risks relating to "forward-looking information" and Prospective Resources .

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FRANCE

» 20 licences
- 14 production
- 6 exploration
» Net reserves 24.7 MMboe

IRELAND

» 1 exploration licence

NORWAY

» 56 licences
- 4 production
- 2 development
- 50 exploration
» Net reserves 162.2 MMboe

NETHERLANDS

» 21 licences
- 18 production
- 3 exploration
» Net reserves 3.6 MMboe

RUSSIA

» 3 licences
- 2 production
- 1 exploration
» Net reserves 16.0 MMboe

TUNISIA

» 2 licences
- 1 production
- 1 development
» Net reserves 0.3 MMboe

CONGO (Brazzaville)

» 2 exploration licences

INDONESIA

» 7 licences
- 1 production
- 6 exploration
» Net reserves 3.9 MMboe

MALAYSIA

» 5 exploration licences

EXPLORATION WELL SUMMARY		AVALDSNES DISCOVERY
		Country: Norway (Greater Luno Area) Licence: PL501 Operator: Lundin Petroleum 40% Partners: StatoilHydro 40%, Maersk 20% Well name: 16/2-6 Rig name: Transocean Winner Description: Avaldsnes is located approximately 25 km east of the Lundin Petroleum operated Luno discovery, on the opposite side of the Utsira structural high. The target was a Lower Cretaceous/Jurassic age sandstone sequence, within a combined stratigraphic/four-way dip closure. Prognosed 38 days. Results - Discovery The well found an oil column of 17 metres of excellent quality sandstone of Jurassic age. A comprehensive coring and logging program was undertaken. Production tests confirmed excellent reservoir characteristics with the well flowing at a restricted production rate approximately 5,000 barrels of oil per day (bopd) of good quality oil. The Avaldsnes discovery is estimated to contain recoverable resources of 100 - 400 million barrels of oil equivalent (MMboe) within PL501.

EXPLORATION WELL SUMMARY		APOLLO DISCOVERY
		Country: Norway (Greater Luno Area) Licence: PL338 Operator: Lundin Petroleum 50% Partners: Wintershall 30%, RWE Dea Norge AS 20% Well name: 16/1-14 Rig name: Transocean Winner Description: This well was drilled to test the southerly extension of the Draupne field onto PL338. Based on alternative models, the extension ranged from a down-dip continuation of the known flank of Draupne in the downside case, to a major thickening of the reservoir sand onto PL338 in the upside case. OIL DISCOVERY The Jurassic sands associated with the primary target were encountered deeper than anticipated and below the Draupne field oil-water contact. Post drill mapping and log interpretation indicates that only a limited area of the Draupne discovery extends into PL338. However, at the Paleocene level (Heimdal formation) a 40 metre gross oil column was found and at the Cretaceous level a separate 10 metre gross oil column with excellent reservoir qualities was encountered. An additional 60 metres of good quality Cretaceous sands were encountered below the oil-water contact and as a result there is excellent potential up-dip of the discovery. Initial recoverable resources range is estimated at 15 - 65 million barrels of oil within PL338.

EXPLORATION WELL SUMMARY		BARCHAN PROSPECT
		Country: Norway (Quadrant 8 Area) Licence: PL400 Operator: Lundin Petroleum 50% Partners: Noreco 30%, Petoro 20% Well name: 3/8-1 Rig name: Maersk Guardian Net unrisked prospective resources 75 MMboe Chance of success: 18% Description: Barchan was a high risk, fault bounded structural prospect, with a Rotliegendes clastic reservoir as the principal target. Result: The well found the Rotliegendes sands with poor reservoir quality and no hydrocarbons. The well was plugged and abandoned as a dry hole.

EXPLORATION WELL SUMMARY		NORALL PROSPECT
		Country: Norway (Greater Luno Area) Licence: PL409 Operator: Lundin Petroleum 70% Partners: StatoilHydro 10%, Bayerngas Norge 20% Well name: 16/7-9 Rig name: Transocean Winner Net unrisked prospective resources 19 MMboe Chance of success: 36% Description: The Norall prospect is combination dip and fault closure at Upper Jurassic level, the sand interpreted to be present in an intra-pod setting, between underlying salt swells. It is a moderate chance of success prospect with access to charge being the main geological risk. Result: The well proved the target reservoirs but encountered no hydrocarbons been plugged and abandoned as a dry hole.

EXPLORATION WELL SUMMARY		CATERPILLAR DISCOVERY
		Country: Norway (Greater Alvheim Area) Licence: PL340S Operator: Marathon 65% Partners: Lundin Petroleum 10%, Norske ConocoPhillips AS 20% Well name: TBA Rig name: Transocean Winner Net unrisked prospective resources: 2 MMboe Chance of success: 50% Description: The Caterpillar prospect is part of the same Hermod sand turbidite channel complex that was successfully discovered by the Bøyla A wells in 2009 on PL340. It represents the easterly continuation of the play onto PL340S. OIL DISCOVERY Both the Caterpillar main exploration well as well as its sidetrack encountered respectively a 26 and 24 meter oil column in sandstone reservoir in the Hermod Formation. A comprehensive data acquisition programme was undertaken. Preliminary gross resource range for the Caterpillar discovery is estimated at between 5 to 12 million barrels of oil equivalent (MMboe). Development studies are progressing for the Bøyla (formerly Marihøne) field tieback to the Alvheim FPSO. The Caterpillar discovery located 8 kilometres to the southeast of Bøyla is likely be developed as part of the Bøyla development concept.

EXPLORATION WELL SUMMARY		EARB SOUTH DISCOVERY
		Country: Norway (Greater Alvheim Area) Licence: PL505 Operator: Marathon 50% Partners: Lundin Petroleum 30%, VNG Norge 20% Well name: TBA Rig name: Transocean Winner Net unrisked prospective resources: 24 MMboe Chance of success: 18% Description: The Earb complex of prospects are mirror images of the fault bounded Brae fields that are located on the opposite side of the South Viking Graben. They are interpreted to represent a series of deep marine sandstone and conglomerate bodies sourced from land area to the east, controlled in their distribution and bounded by a major down to the west fault. The Upper Jurassic target is deep at over 4000m and the prospects are relatively high risk. Success would open up potential in a series of similar prospects in the block. OIL DISCOVERY The well encountered three separate hydrocarbon bearing Jurassic sandstones sequences with poor reservoir quality. The uppermost oil bearing interval comprised a 6-8 meter thick sand sequence immediately below the Draupne shale. Hydrocarbons were also sampled from an underlying 285 meter thick Upper Jurassic sequence. A 150 meter thick interval from this sequence was production tested. During the test oil and gas flowed to surface, but a sustainable stable flow was not achieved. Hydrocarbons were also encountered in a 20-30 meter thick Middle/Upper Jurassic sequence above TD. The well was tested and flowed oil and gas to surface but the reservoir is tight and further work will be required to determine whether the discovery can be commercialised.

EXPLORATION WELL SUMMARY		TELLUS DISCOVERY
		Country: Norway (Greater Luno Area) Licence: PL338 Operator: Lundin Petroleum 50% Partners: Wintershall 30%, RWE Dea Norge AS 20% Well name: 16/1-15 and 16/1-15A ST Rig name: Bredford Dolphin Net unrisked prospective resources: 20 MMboe Chance of success: 40% Description: The Tellus prospect represents a potential northerly extension to the Luno field. The target horizon is the same sandstone and conglomerate sequence as in the Luno field reservoir, reflected by the relatively high chance of success for this prospect. The initial net resource was estimated at 20 MMstb, but recent work suggests a bigger volume. OIL DISCOVERY: Both original well plus sidetrack proved a 50m oil column including a thin lower Cretaceous sandstone with excellent reservoir quality overlaying fractured basement. Two successful reservoir tests were completed. The first test was perforated in a fractured basement interval and produced 650 BOPD, through a 40/64” choke. This is the first successful full scale basement test on the Norwegian continental shelf. The second test was perforated in the overlying sandstone interval and produced 3900 BOPD through a 40/64” choke. This test showed very good flow properties and good pressure support.The initial gross contingent resource range for the Tellus discovery is estimated at between 11 to 55 million barrels of oil equivalent (MMboe) of which approximately 90 percent is oil. This contingent resource range has been independently audited by Gaffney Cline and Associates. The Tellus discovery will be included in the Luno development program.

WELL SUMMARY		AVALDSNES APPRAISAL 1
		Country: Norway (Greater Luno Area) Licence: PL501 Operator: Lundin Petroleum 40% Partners: StatoilHydro 40%, Maersk 20% Well name: 16/3-4 & 16/3-4A Rig name: Bredford Dolphin Description: The two Avaldsnes appraisal wells will drill the northern and southern flanks of the 2010 discovery to assess the lateral extent of the reservoir sands and oil-column found by the discovery well. It is possible that one of these wells will be side-tracked to appraise the Rotliegends potential in the central area of the discovery. OIL DISCOVERY: The first appraisal well, 16/3-4 confirmed the extension of the Avaldsnes field to the south-east of the 16/2-6 discovery well in PL501.The well was drilled approximately 6.5 km south-east of the discovery well and proved an oil column of 13.5 meters in excellent quality sandstone of Jurassic age. A high net to gross has resulted in net pay at the appraisal location in excess of that at the discovery well. The data acquired confirms excellent reservoir properties, with average porosity of approximately 30 percent and multi-Darcy permeability. The average production rate was in excess of 5,500 barrels of oil equivalent per day through a restricted choke size of 60/64 inch. A further sidetrack well 16/3-4A confirmed lateral reservoir continuity and sand quality to the west of the first appraisal well. The results from the sidetrack well shows good lateral continuity of the reservoir with a proved oil column in excess of 4 meters with excellent quality sands.

WELL SUMMARY		AVALDSNES APPRAISAL 2
		Country: Norway (Greater Luno Area) Licence: PL501 Operator: Lundin Petroleum 40% Partners: StatoilHydro 40%, Maersk 20% Well name: 16/2-7 and 16/2-7A (sidetrack) Rig name: Bredford Dolphin Description: The two Avaldsnes appraisal wells will drill the northern and southern flanks of the 2010 discovery to assess the lateral extent of the reservoir sands and oil-column found by the discovery well. It is possible that one of these wells will be side-tracked to appraise the Rotliegends potential in the central area of the discovery. OIL DISCOVERY: The second appraisal well plus sidetrack confirmed the extension of the Avaldsnes field to the south-west of the 16/2-6 discovery well in PL501. The appraisal well encountered a gross reservoir column of excellent quality Upper Jurassic age sandstone of approximately 35 metres of which seven metres was above the oil water contact. The sidetrack well (16/2-7A) encountered a gross reservoir column of approximately 25 metres of which 17 metres net was above the oil water contact. A comprehensive coring and logging program has been performed which has confirmed excellent quality reservoir characteristics similar to the Avaldsnes discovery and appraisal wells.

EXPLORATION WELL SUMMARY		ALDOUS MAJOR SOUTH DISCOVERY
		Country: Norway (Greater Luno Area) Licence: PL265 Operator: Statoil 40% Partners: Lundin Petroleum 10%, Petro AS 30%, Det Norske Oljeselskap 20% Well name: 16/2-8 Rig name: Transocean Leader Net unrisked prospective resources: 25 MMboe Chance of success: 39% Description: The Aldous Major South, forms the westerly extension of the Avaldsnes discovery. It is bounded to the west by a fault and the basement structure of the Utsira High, and to the east by the Avaldsnes closure. The well will target the sub-Chalk Jurassic section to determine whether there is a mirror-image Luno type reservoir on this side of the basement high, or whether Avaldsnes type reservoir rocks extend into the closure from the east. OIL DISCOVERY: The well encountered a gross oil column in excess of 65 metres in sandstone of Jurassic age. The initial data acquisition program has confirmed excellent reservoir characteristics with a high net to gross ratio and the same oil- water contact as the Avalsdnes discovery well proving likely communication between the two structures. The acquisition of a comprehensive data set and samples is ongoing. Preliminary calculations of the size of the discovery made by operator Statoil are between 400 and 800 million barrels of gross recoverable oil equivalent which excludes the Aldous Major North structure to the north and additional potential within parts of the Aldous Major South structure to the south.

EXPLORATION WELL SUMMARY		ALDOUS MAJOR NORTH DISCOVERY
		Country: Norway (Greater Luno Area) Licence: PL265 Operator: Statoil 40% Partners: Lundin Petroleum 10%, Petro AS 30%, Det Norske Oljeselskap 20% Well name: 16/2-9S Rig name: Transocean Leader Net unrisked prospective resources: 18 MMboe Chance of success: 39% Description: The Aldous Major North prospect is the northerly continuation of the structural high contained within the Aldous prospect. The two prospects are separated by a significant fault which continues northwards to form the eastern boundary of Aldous North. The western boundary of Aldous North is the fault bounded basement structure of the Utsira high. It is dip closed to the north. The target is the sub-Chalk Jurassic sequence as successfully found in Luno and Avaldsnes OIL DISCOVERY: The well 16/2-9S was drilled 12 km northwest of the oil discovery 16/2-8 (Aldous Major South) and located in a different area likely separated by a fault from the Aldous Major South discovery. A gross oil column within a 8 metres interval was discovered in a Upper Jurassic reservoir. The reservoir was thinner and of lesser quality than anticipated. A comprehensive data and sampling program has been acquired for further evaluation.

EXPLORATION WELL SUMMARY		SKALLE DISCOVERY
		Country: Norway (Barents Sea Area) Licence: PL438 Operator: Lundin Petroleum 25% Partners: RWE-Dea 20%, Petoro 20%, Talisman 17.5%, Spring Energy 17.5% Well name: 7120/2-3S Rig name: Transocean Leader Net unrisked prospective resources: 63 MMboe Chance of success: 19-41% Description: The Skalle prospect will be the first well in Lundin's Barents Sea drilling campaign. It is a seismic anomaly at Cretaceous Kolmule sandstone level, with additional potential in the underlying Sto sands. The structure is well imaged on 3D seismic and a four-way dip closure has been mapped, outside of which an older well will oil shows exists. GAS DISCOVERY The well 7120/2-3S on the Skalle prospect was completed as a gas discovery. Gas was proven in three separate zones with initial gross contingent resources estimated at between 88 to 280 bcf (15 to 50 MMboe).

EXPLORATION WELL SUMMARY		PULK (SALINAS) PROSPECT
		Country: Norway (Barents Sea Area) Licence: PL533 Operator: ENI 40% Partners: Lundin Petroleum 20%, Det Norske Oljeselskap 20%, RWE Dea 20% Well name: TBA Rig name: TBA Net unrisked prospective resources: 102 MMboe Chance of success: 14-19% Description: This prospect will be drilled by ENI in Barents Sea licence PL533. However, it straddles the boundary with PL492 in which Lundin has a 30% operated interest. The prospect is a four-way dip closed feature with the main target being the sandstones of the Knurr formation. The underlying Sto formation sands that form a secondary target are included in the resource estimate shown above.

EXPLORATION WELL SUMMARY		ALBERT PROSPECT
		Country: Norway Licence: PL519 Operator: Lundin Petroleum 40% Partners: Genesis 20%, Noreco 20%, Spring Energy 20% Well name TBA Rig name: TBA Net unrisked prospective resources: 70 MMboe Chance of success: 26% Description: The Albert prospect is located in the southern part of the More Basin and north of the prolific East Shetland Basin oil province. The structure is a dramatic basement high, drilled in 1987 by a well that recovered small volumes of gas and oil and had significant oil shows in Triassic sandstones. The play concept is that a Cretaceous sand exists across the basement high surface away from the well.

EXPLORATION WELL SUMMARY		SB303-A (TARAP) DISCOVERY
		Country: Malaysia (Offshore Sabah) Licence: SB303 Operator: Lundin Petroleum 75% Partners: Petronas Carigali 25% Well name: Tarap-1 Rig name: Offshore Courageous Net unrisked prospective resources: 37 MMboe Chance of success: 30% Description: This prospect is a combination dip, fault and sand pinch-out closure in a Miocene age sandstone reservoir. A strong seismic anomaly (amplitude) is interpreted to indicate the position of the hydrocarbon-water contact to the south, and to the north the sands pinch-out. To the east, the structure is closed on the downthrown side of a major fault. The prospect is cut into a series of fault blocks by well-imaged normal faults – the well will be drilled into one of the larger fault blocks in the western part of the prospect. GAS DISCOVERY The Tarap discovery encountered gas in each of the 5 independently sealed stacked Miocene sands targeted. Gross total vertical pay thickness for the sands encountered is approximately 150 metres. An extensive data acquisition program was completed including pressure measurements, sampling and a mini flow test in selected zones.

EXPLORATION WELL SUMMARY		SB303-B (CEMPULUT) DISCOVERY
		Country: Malaysia (Sabah Area) Licence: SB303 Operator: Lundin Petroleum 75% Partners: Petronas Carigali 25% Well name: Cempulut-1 Rig name: Offshore Courageous Net unrisked prospective resources: 56 MMboe Chance of success: 20% Description: This prospect is a circular carbonate reef build-up of Miocene age developed above the structural high that separates the inshore sub-basins from the deeper offshore basin. The structure has significant vertical closure (>200m), but the upper part of this is interpreted to contain gas, based on the seismic amplitude response. The target is a possible oil-column that may exist below this interpreted gas cap. If the play proves successful, a series of similar structures are developed along trend to the north and south. GAS DISCOVERY: The Cempulut-1 well intersected a large Late Miocene carbonate reef with excellent reservoir properties. The gross total vertical pay thickness encountered is approximately 50 metres. The deeper targeted oil leg however proved to be water bearing. An extensive data acquisition program was completed including pressure measurements, sampling and a mini flow test.

EXPLORATION WELL SUMMARY		PM308A-A (BATU HITAM-1) PROSPECT
		Country: Malaysia (Offshore Peninsular Malaysia) Licence: PM308A Operator: Lundin Petroleum 35% Partners: Petronas Carigali 25%, JX Nippon Oil & Gas Exploration 40% Well name: TBA Rig name: Offshore Courageous Net unrisked prospective resources: 15 MMboe Chance of success: 26% Description: The PM308A-A prospect consists of a series of Oligocene age sandstones and shales draped over a prominent fault bounded basement high structure. The structure is low relief at reservoir level, but does have some amplitude anomaly support, suggesting hydrocarbon charge. In addition to the sediments prospectivity quantified above, there is fractured basement prospectivity below, although this is considered to have a lower chance of success. Result: The well found the target Oligocene sandstones to be present with good reservoir quality containing gas with high concentrations of carbon dioxide. The well was plugged and abandoned as a dry hole.

EXPLORATION WELL SUMMARY		PM308A-B (JANGLAU) PROSPECT
		Country: Malaysia (Offshore Peninsular Malaysia) Licence: PM308A Operator: Lundin Petroleum 35% Partners: Petronas Carigali 25%, JX Nippon Oil & Gas Exploration 40% Well name: Janglau-1 Rig name: Offshore Courageous Net unrisked prospective resources: 9 MMboe Chance of success: 24% Description: This prospect is located in a basinal setting to the north of the Rhu oil discovery. The play consists of Oligo-Miocene sediments in a fault block setting located over an intra-basinal high. Source rock sediments are interpreted to be developed down-dip, providing an easy migration pathway into the target structure. Prospective resources for the sandstone target shown here could be increased if a deeper fractured basement play could also be proven.

WELL SUMMARY		BERTAM APPRAISAL
		Country: Malaysia (Offshore Peninsular Malaysia) Licence: PM307 Operator: Lundin Petroleum 75% Partners: Petronas Carigali 25% Well name: TBA Rig name: Offshore Courageous Description:

EXPLORATION WELL SUMMARY		MAKOUALA PROSPECT
		Country: Congo Brazzaville Licence: Marine XIV Operator: Soco 29.4% Partners: Lundin Petroleum 21.55%, Raffia Oil SARL 21.55%, SNPC 15%, PA Congo 12.5% Well name: TBA Rig name: TBA Net unrisked prospective resources: 8 MMboe Chance of success: 32% Description: The Makouala prospect is a post-salt Sendji formation target. It is a four-way dip closed structure along trend and separated from the producing Litanzi field by a shallow saddle. As with most Sendji plays, it relies on a series of stacked carbonate reservoirs to achieve the resource volume.

EXPLORATION WELL SUMMARY		WEST TOCA PROSPECT
		Country: Congo Brazzaville Licence: Marine XI Operator: Soco 29% Partners: Lundin Petroleum 18.75%, Raffia Oil 18.75%, SNPC 15%, Africa Oil & Gas 10%, Petrovietnam 8.5% Well name: Mindou Marine-1 Rig name: Ensco 5003 Description: The well is targeting a pre-salt Toca formation carbonate reservoir within a combination structural and stratigraphic trap.

WELL SUMMARY		ALDOUS MAJOR SOUTH APPRAISAL 1
		Country: Norway (Greater Luno Area) Licence: PL265 Operator: Statoil 40% Partners: Lundin Petroleum 10%, Petro AS 30%, Det Norske Oljeselskap 20% Well name: 16/2-10 Rig name: Transocean Leader Description: The firstAldous Major South appraisal well will test the northern continuation of the Aldous Major South discovery and the western extension of the Avaldsnes discovery in PL501. The main objective is the sandstone reservoir of Upper Jurassic age. The planned total depth is 2,132 metres below mean sea level.

WELL SUMMARY		AVALDSNES APPRAISAL 3
		Country: Norway (Greater Luno Area) Licence: PL501 Operator: Lundin Petroleum 40% Partners: StatoilHydro 40%, Maersk 20% Well name: 16/5-2 Rig name: Bredford Dolphin Description: The third Avaldsnes appraisal well will drill the southern flank of the 2010 discovery to assess the lateral extent of the reservoir sands and oil-column found by the discovery well.