Lundin Petroleum: Exploration Well in Iran Reaches Its Target Depth. Testing Program to Start.

Lundin Petroleum is pleased to report that its first exploration well, SQD-1, in Iran has reached its final target depth of 2876m. Logs through the whole drilled section have been acquired and interpreted and, based on detailed analyses, a decision has been made to go ahead with a test program.

The program is designed to test for potential hydrocarbons in both the Sarwak and the Asmari reservoirs. Both reservoirs are well known in Iran, and in the vicinity of the Munir block where several large fields currently are producing from such reservoirs.

It is anticipated that the final results will be available in July.

In parallel, preparation for the next exploration well S-1 in the Munir block are well under way with the well site location and access road completed. It is anticipated that the rig will be mobilized to the new location as soon as the testing program of SQD-1 is completed.

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