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Lundin Petroleum Spuds Exploration Well Offshore Congo

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Lundin Petroleum AB (Lundin Petroleum) announced that drilling of the exploration well Mindou Marine-1, located offshore in Block Marine XI Congo-Brazzaville, has commenced.

The planned depth is approximately 3400 metres below mean sea level and the well will be drilled by using the semi-submersible drilling rig ENSCO 5003. The drilling operation is expected to take 50 days.

The well is targeting a pre-salt Toca formation carbonate reservoir within a combination structural and stratigraphic trap. This well will fulfill the Phase II drilling commitment on the licence and is the first of a two to three well programme on blocks Marine XI and XIV.

Lundin Petroleum has an 18.75 percent working interest in the licence which is operated by SOCO International.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, South East Asia, Russia and Africa. The Company is listed at the NASDAQ OMX, Stockholm (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (ticker “LUP”). Lundin Petroleum has proven and probable reserves of 187 million barrels of oil equivalent (MMboe).

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Terra Zeroes in on Tasmanian Oil and Gas Exploration

Terra Energy & Resource Technologies, Inc.
Tuesday, January 12, 2010

Terra Energy & Resource Technologies has initiated a new strategic direction for exploration for oil and gas in Tasmania.

“We believe that Tasmania is a prospective for oil and gas. Our technological advantage in exploration of frontier areas, enhanced with the Australian partner relationship formed in 2009 with Terralinna Pty Ltd, has presented the Company with a significant opportunity to undertake exploration in Tasmania,” said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies. “Together with Terralinna and two other accomplished local partners, we have already established an Australian entity, Terra Tasmania Resources Pty Ltd with a strong board of directors and a strategy to pursue exploration licenses and opportunities in Tasmania. Terra has targeted Tasmania as a potential exploration area due to its stable political environment, established logistics and infrastructure and underexplored license blocks. STeP® and other Terra technologies are especially applicable in an unexplored frontier basin where there is potential for untapped oil and gas reserves.”

“Terra has decided to diversify from the pure services model into natural resources. To that effect, we have launched the Terra Diversified Drilling project for farming opportunities in the US and are now adding exploration of Tasmania,” said Dr. Alexandre Agaian, Terra Energy & Resource Technologies’ President. “The Terra Technology Suite will enable the Company and its partners to substantially shorten the expense and time of exploration in Tasmania, reducing the early exploration stage financial exposure to a minimum. Our prospecting technologies should virtually eliminate the exploratory guess work and answer a long standing question on oil prospectivity of the island, adding major value to traditional geological and geophysical efforts in Tasmania.”

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