LUNDIN EXERCISES OPTIONAL WELLS FOR BREDFORD DOLPHIN

Lundin Norway AS has exercised the option for additional three wells with Dolphin Drilling AS, a subsidiary of Fred. Olsen Energy ASA, for use of the semi-submersible drilling unit Bredford Dolphin. The wells will be in direct continuation with current contract with Lundin Norway AS. The contract value for the exercised option is approximately USD 64 million for an estimated drilling program of 180 days. Lundin has the option to extend the contract period with one additional well within 29th of February 2012.


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