Lundin Energy : Successful completion of Lille Prinsen appraisal wells on the Utsira High in the Norwegian North Sea

Lundin Energy AB announces that its wholly owned subsidiary Lundin Energy Norway AS (together Lundin Energy) has successfully completed appraisal wells on the Lille Prinsen discovery, north of the Edvard Grieg field. The two wells have confirmed a combined updated gross resource range of 12 – 60 million barrels of oil equivalent (MMboe) and the discoveries are being matured for possible project sanction before the end of 2022.

The wells in PL167 on the Utsira High, 15 km north of the Edvard Grieg platform, aimed to verify the hydrocarbon potential in the Lille Prinsen discovery, in order to progress the discovery towards a potential development. The 16/1-34 A well was seeking to prove reservoir and production properties in the carbonate sediments of the Permian aged, Zechstein formation and well 16/1-34 S was targeting an oil leg in the Paleocene aged, Heimdal formation. Results confirmed a gross resource range of 10-50 MMboe in the Lille Prinsen discovery, where a drill stem test proved very good reservoir properties, with 33 API oil, tested at a facilities constrained rate of 3,580 barrels of oil per day. A further discovery estimated at 2-10 MMboe was made in the Heimdal formation, with a 7m oil column in a 50m thick sand package, with good reservoir quality.

The partnership will now progress development studies in order to potentially submit a plan for development and operation (PDO) by the end of 2022, to meet the temporary tax incentives put in place by the Norwegian Government in July 2020. With the additional discovery in the Heimdal formation and further prospectivity in the surrounding licence areas, there is potential to add additional phases of development from further discoveries.

The wells were drilled by the Deepsea Stavanger semi-submersible drilling rig. Lundin Energy is the operator of PL167 with a 40 percent working interest and the partners are Equinor Energy AS with 30 percent, Spirit Energy Norway AS with 20 percent, and AkerBP ASA with 10 percent working interests.

The Deepsea Stavanger rig will now proceed to the Merckx exploration prospect in PL981, immediately to the southwest of the Solveig field also on the Utsira High. Well 16/4-12 will target Paleocene aged sandstones and Permian aged carbonates, estimated to hold gross unrisked prospective resources of 152 MMboe. Lundin Energy is the operator with a 60 percent working interest and AkerBP ASA is the partner, with a 40 percent working interest.

For further information, please contact:

Edward Westropp
VP Investor Relations
Tel: [phone]
[e-mail]

Robert Eriksson
Head of Media Communications
Tel: [phone]
[e-mail]

Lundin Energy is an experienced Nordic oil and gas company that explores for, develops and produces resources economically, efficiently and responsibly. We focus on value creation for our shareholders and wider stakeholders through three strategic pillars: Resilience, Sustainability and Growth. Our high quality, low cost assets mean we are resilient to oil price volatility, and our organic growth strategy, combined with our sustainable approach and commitment to decarbonisation, firmly establishes our leadership role in a lower carbon energy future. (Nasdaq Stockholm: LUNE). For more information, please visit us at www.lundin-energy.com or download our App www.myirapp.com/lundin

Forward-looking statements

Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including Lundin Energy’s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

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Attachment

• Lundin Energy - Lille Prinsen Appraisal - V5 - 15092021en

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