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UPDATE: Lundin Petroleum Discovers Oil Well, Starts Makouala Marine-1 Well Drilling; Shares Edge Lower Amid Broad Selloff

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Lundin Petroleum AB (LUP.TO) has two pieces of news for investors today, which failed to boost the company's shares at today's session amid a broad selloff.

The company said it has discovered oil in the Janglau-1 well that was drilled in Block PM308A, offshore Peninsular Malaysia. During drilling below 3,153 meters, oil was found in multiple pay sand units in an intra-rift sand/shale section that extended over a gross interval of approximately 300 meters.

The oil and gas exploration and production company also announced that drilling of exploration well Makouala Marine-1, located offshore in Block Marine XIV Congo (Brazzaville) has started.

LUP shares edged off to the lower end of a $25 to $25.37 range.

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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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