Lundin Petroleum AB through its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed exploration well 16/2-20S, located north of the Johan Sverdrup discovery in PL501, in the North Sea sector of the Norwegian Continental Shelf. A sidetrack well will now be drilled.

Well 16/2-20S explored the Torvastad prospect located in PL501 immediately north of the Johan Sverdrup discovery. The main objectives of the well were to prove the presence of oil-bearing lower Cretaceous/upper Jurassic sandstone and to determine whether the Torvastad structure was in communication with the Johan Sverdrup discovery.

Well 16/2-20S found a lower Cretaceous/upper Jurassic sequence with poor reservoir properties of approximately 24 metres above a water bearing upper Jurassic Draupne sandstone sequence of approximately 10 metres of excellent quality in a 14 meter gross sequence. The 24 metre lower Cretaceous/upper Jurassic reservoir was found according to depth prognosis but is thicker than expected. As a consequence, the Draupne sandstone came in deeper than expected. The water bearing upper Jurassic Draupne sandstone appears to be the same sequence encountered in all Johan Sverdrup wells.

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