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Lundin Petroleum Claims "Significant" Oil Discovery in Norwegian North Sea

Lundin Petroleum AB (LUP.TO), which closed Friday at year lows, today announced that the drilling of exploration/appraisal well 16/2-8 on the Aldous South prospect in PL265 in the Norwegian North Sea has resulted in a significant oil discovery. It said he discovery is most likely an extension of the Avalsdnes discovery made by Lundin Petroleum in PL501.

Ashley Heppenstall, President and CEO of Lundin Petroleum, said: "The Aldous Major South well is of major significance confirming the extension of the Avaldsnes discovery to the west into PL 265 with an increased reservoir thickness above the oil-water contact and continued excellent reservoir characteristics. Avaldsnes/ Aldous Major South is a world class oil discovery and likely to be one of the largest Norwegian fields found in recent years."

Lundin Petroleum is a partner with 10% interest in PL265. Statoil ASA is the operator with 40 percent, Petoro has 30 percent and Det Norske oljeselskap ASA has 20 percent interest.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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