Lundin Petroleum AB (Lundin Petroleum) announces that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed the drilling of the Silfari exploration well 6307/1-1S located in PL830 in the Norwegian Sea. The well was dry.

The main objective of the well was to test the reservoir properties and hydrocarbon potential of the Jurassic and Permian formations in the frontier Froan Basin, located next to the Frøya High in the Norwegian Sea.

The well 6307/1-1S encountered good reservoir sands in the targeted Jurassic formation but with no hydrocarbon indications and in the second target no reservoir intervals or hydrocarbons were encountered.

This well is the first in the Froan Basin area and has provided significant data points as to the geology of the basin, which will be analysed in order to determine any further prospectivity. The potential of the undrilled, adjacent Frøya High area is unaffected by the Silfari result.

Lundin Norway is the operator of PL830 with a 40 percent working interest. The partners are Equinor, Neptune Energy and Petoro with 20 percent working interest each.

The well was drilled with the semi-submersible drilling rig, Leiv Eiriksson, which after completion of plugging and abandoning operations will proceed to drill exploration well 7121/1-2 S on the Pointer/Setter prospect , located in PL767, southeast of the Alta/Gohta discovery in the southern Barents Sea. Pointer/Setter is a prospect with two distinct lower Cretaceous sandstone targets, with estimated total gross unrisked prospective resources of 312 MMboe. Lundin Norway is the operator of PL767 with a 50 percent working interest. The partners are INPEX with 40 percent and DNO with 10 percent.

About Lundin Petroleum

Lundin Petroleum is one of Europe’s leading independent oil and gas exploration and production companies with operations focused on Norway and listed on NASDAQ Stockholm (ticker "LUPE").