A new oil and gas discovery in production license PL292 in the Norwegian sector of the North Sea was made by Lundin and the operator of the project, BG Norge AS.

Lundin Petroleum holds a 40 percent interest in the project.

The two companies found oil and gas in the exploration well 15/12-19 on the Pi North prospect.

An extensive data acquisition program has been carried out, including production testing at rates up to about 4,700 barrels of oil per day from the oil zone.

Preliminary estimates of gross recoverable reserves from Pi North and Pi South range from 19 million to 32 million barrels of oil equivalent, the statement from Lundin Petroleum said.

Lundin Petroleum is headquartered in Stockholm and is an independent oil and gas exploration and production company with assets in Europe, Africa, Russia and the Far East. The company's existing proven and probable reserves total more than 184 million barrels of oil equivalent.