Swedish oil and gas E&P company Lundin Petroleum AB announces new discovery in the North Sea

Nordic Business Report, May 14, 2008

NORDIC BUSINESS REPORT-14 May 2008-Swedish oil and gas E&P company Lundin Petroleum AB announces new discovery in the North Sea(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Swedish independent oil and gas company Lundin Petroleum AB (OMX Stockholm: LUPE) announced on Wednesday (14 May) a new oil and gas discovery in production licence PL292 in the Norwegian sector of the North Sea.

The operator BG Norge AS and partner Lundin Petroleum (40% interest) encountered oil and gas in the exploration well 15/12-19 on the Pi-North prospect.

"An extensive data acquisition programme has been carried out, including production testing at rates up to approximately 4,700 barrels of oil per day from the oil zone. Preliminary estimates of gross recoverable reserves from Pi North and Pi South range from 19 to 32 million barrels of oil equivalent," Lundin petroleum said.

Lundin Petroleum, headquartered in Stockholm, Sweden, is an independent oil and gas exploration and production company with assets in Europe, Africa, Russia and the Far East. The company's existing proven and probable reserves amount to over 184m barrels of oil equivalent.

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