Gohta appraisal well completed Stockholm, 2017-05-

Stockholm, 2017-05-03 08:31 CEST (GLOBE NEWSWIRE) --  

Lundin Petroleum AB (Lundin Petroleum) announces that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed the Gohta appraisal well 7120/1-5 located in PL492 in the southern Barents Sea. The Gohta discovery, made in Permian carbonate reservoir rocks in well 7120/1-3 in 2013, was estimated to contain gross contingent resources of between 91 and 184 million barrels of oil equivalents (MMboe) prior to the drilling of well 7120/1-5. The appraisal well was located some 4 km north of the original discovery well and was the second appraisal well on the Gohta discovery. The main objective of the well was to delineate the northeastern segment of the discovery. The well encountered a 300 metres gross sequence of Permian age carbonates with poor reservoir quality. Hydrocarbon shows were observed but no pressure gradients could be established. The well will be permanently plugged and abandoned. Extensive data acquisition and conventional coring was carried out in the reservoir. The resource estimate for the discovery will be reduced as a consequence of this well. An updated gross contingent resource estimate will be provided at year end taking into account all the new data. This fourth well in the 2016/2017 drilling campaign on the Loppa High was drilled to a total depth of 2,502 metres below mean sea level and in a water depth of 344 metres. Gohta is considered a satellite opportunity to the larger adjacent Alta discovery and this result has no impact on Lundin Norway's appraisal and conceptual development plans for Alta, which includes an appraisal well which will be spudded imminently and an extended well test planned for 2018. Lundin Norway is the operator of PL492 and holds a 40 percent working interest in the licence. Aker BP is partner with a 60 percent working interest. The well was drilled using the semi-submersible drilling rig Leiv Eiriksson. Once the rig has plugged and abandoned the 7120/1-5 well, it will move some 15 km to the northeast to spud the Alta appraisal well 7220/11-4 in PL609 where Lundin Norway is also operator.

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"). Read more about Lundin Petroleum's business and operations at www.lundin-petroleum.com

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This information is information that Lundin Petroleum AB is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact persons set out above, at 08.00 CET on 3 May 2017. Forward-Looking Statements Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.  No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon. These statements speak only as on the date of the information and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading "Risks and Risk Management" and elsewhere in the Company's annual report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement.