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Lundin Petroleum: update on drilling operations in Munir block, Iran

Posted: 12 March 2004

The Sehqanat-1 deep well has reached an initial depth of 1,828 meters and has penetrated the Asmari and Sarvak reservoirs as anticipated. Logs have been run, casing has been cemented and the rig is currently on standby waiting for equipment in order to resume drilling operations as per the drilling program.

The plan is to reach a total target depth of 2, 887 m in order to penetrate a further five potential reservoirs. In the absence of any further operational delays with regards to the well, expected target depth will be reached within 65 to 75 days once drilling operations resume.

The Munir Block is operated by Edison Gas (40 per cent working interest) with partners Petronas Carigali Overseas Sdn Bhd (30 per cent) and Lundin Petroleum (30 per cent). The Block is located within the Zagros Foldt Belt which is one of the most oil prolific basins in the world.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments: "Despite our frustration with the operational delays to date we continue to be encouraged by the prospectivity of our Iranian exploration drilling campaign."

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in France, Indonesia, Iran, Ireland, Netherlands, Norway, Sudan, Tunisia, United Kingdom, Venezuela and Albania. The Company is listed on the O-list at Stockholmsbörsen, Sweden.

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Posted by Richard Price, Editor

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