Lundin Petroleum increases interest in PL359, offshore Norway

6/17/2014

Lundin Petroleum increases interest in PL359, offshore Norway

STOCKHOLM, Sweden -- The Luno II discovery was made by Lundin Petroleum in 2013 and is located in PL359 in the central North Sea sector of the Norwegian Continental Shelf on the south western flank of the Utsira High approximately 15 km south of the Lundin Petroleum operated Edvard Grieg field. An appraisal well will be drilled on the Luno II discovery and is expected to spud during June 2014.

PL359 also contains numerous drill ready exploration prospects and the next exploration well on the licence is likely to target the stacked Luno II North and Fignon prospects, estimated to contain gross unrisked prospective resources of 46 MMboe.

These transactions remain subject to Norwegian government approval. Lundin Norway is the operator of PL359 and following completion of these transactions, will have a 65% interest. Statoil Petroleum has a 15% interest and following completion of these transactions, OMV Norge will have a 20% interest.

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