First oil from the Rolvsnes field

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Lundin Energy AB (Lundin Energy) announces the first Extended Well Test (EWT) oil on the exploited Rolvsnes field, the first connecting submarine development for the Edvard Grieg platform.

The Rolvsnes field is located in PL338C on the south side of the Edvard Grieg field and is a weathered and fractured granite basement reservoir. In 2018, the drilling and successful tests of a horizontal appraisal well (16 / 1-28) were completed, with a flow rate of 7,000 b / d, demonstrating good reservoir productivity. The appraisal well was converted to a development well and connected the 3 km distance to the Edvard Grieg platform, with the project completed on time and on budget. The Rolvsnes field resource estimate is between 14 and 78 million barrels of oil equivalent (MMbep) crude.

The goal of the EWT is to gain a better understanding of reservoir properties, reservoir connectivity and long-term production performance of the field and, if successful, this test has the potential to unlock full field development for Rolvsnes, thus extending the production period of the tray. for Edvard Grieg. Once sufficient data and production experience is gathered, a Development and Operations Plan (PDO) could be submitted by the end of 2022, benefiting from the temporary tax regime in Norway. A successful test could also jeopardize a significant additional resource potential in the weathered and fractured granite basement reservoirs on the Utsira high.

Lundin Energy Norway AS, a wholly-owned subsidiary of Lundin Energy, is the operator of PL338C with an 80% working stake, the remaining stake being held by OMV (Norge) AS.

Nick Walker, President and CEO of Lundin Energy, said:
One of our strategic priorities is to expand production on the shelf on Edvard Grieg to keepis lying long-term full installations. We have managed to expand the Edvard Grieg board for over 5 years already, successfully unlocking resources in Edvard Grieg’s field and developing near-field tether. The Rolvsnes EWT is the first hookup development in our operated Edvard Grieg hub and production data from the EWT will provide vital information to potentially unlock the full development of the Rolvsnes field, as well as other reservoir opportunities. altered and fractured subsoil on the Upper Utsira.

For more information, please contact:

Edward Westropp
VP Investor Relations
Phone. : +41 22 595 10 14
[email protected]

Robert Eriksson
Media communication manager
Phone. : +46 701 11 26 15
[email protected]

Lundin Energy is an experienced Nordic oil and gas company that explores, develops and produces resources economically, efficiently and responsibly. We focus on creating value for our shareholders and stakeholders at large through three strategic pillars: resilience, sustainability and growth. Our high-quality, low-cost assets mean we are resilient to volatile oil prices, and our organic growth strategy, combined with our sustainability approach and commitment to decarbonization, firmly establishes our leadership role. into a low carbon energy future. (Nasdaq Stockholm: MOON). For more information, visit us at www.lundin-energy.com or download our app www.myirapp.com/lundin

Forward-looking statements

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