Lundin resumes exploration well offshore Norway at Albert prospect

Offshore staff

STOCKHOLM, Sweden –Lundin Petroleum AB (NASDAQ:LUPE)  has resumed drilling of the Albert prospect exploration well 6201/11-3 in PL 519 offshore Norway.

Drilling halted in June while the Bredford Dolphin drilling rig completed its five-year renewal survey.

The main objective is to test Cretaceous and Triassic age sandstones of a multiple target structure. Lundin estimates the Albert prospect to contain unrisked, gross, prospective resources of 177 MMboe.

The well has resumed drilling activity at 2,120 m (6,955 ft). Planned TD is 3,150 m (10,335 ft). Drilling is expected to take 25 days.

Lundin Petroleum is the operator of PL519 with 40% percent interest. Partners are Bayerngas Norge AS, Norwegian Energy Co. ASA, and Spring Energy Norway AS, each with 20% interest.
8/29/2012