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16

Lundin To Drill Morskaya In Caspian Sea

Drilling will start on the Morskaya-1 exploration deposits after final approbation offshore of the installed and commissioned installation by the relevant inspection authorities

Drilling will start on the Morskaya-1 exploration deposits after final approbation offshore of the installed and commissioned installation by the relevant inspection authorities. A drilling permit was granted February 2008, giving a “green light” to drilling operations after the 15th of May.

The gross unrisked prospective resources for Morskaya prospect within the Lagansky block are estimated at 640 million of barrels of oil equivalents.

Gazprom has a call option to acquire a 50 percent plus one share in the Lagansky block. Lundin Petroleum has a call option to acquire an additional 30 percent from minority shareholders. If both options are exercised Lundin Petroleum will retain 50 percent minus one share in the Lagansky block and Gazprom will hold a 50 percent plus one share in the Lagansky block.