Lundin boosts reserves at Norwegian North Sea field

Oct 28, 2010 12:00 AM

Lundin announced that the gross Proven and Probable (2P) reserves for the Luno field have increased from 95 mm boe to 149 mm boe.
The Luno field is located in production license PL338, offshore the Norwegian North Sea. The reserves have been re-evaluated incorporating the results of the appraisal well 16/1-13 completed in early 2010. The independent reserves auditor Gaffney, Cline and Associates (GCA) has increased the estimated 2P reserves to 136.7 mm barrels of oil and 66.4 bn cf of gas.

Lundin Petroleum has substantially completed the conceptual studies for a standalone development for the Luno field and will be ready to submit a Plan of Development in 2011. In parallel the company is reviewing the possibility of developing the Luno field jointly with the nearby Draupne field.
While works on joint development studies are ongoing initial indications are that this will have economic benefits to both the Luno and Draupne partners. If a joint development solution is agreed a Plan of Development will be submitted in 2011.

The drilling results of the Apollo exploration well currently being drilled in PL 338 may also impact the development solution for Luno.
Ashley Heppenstall, President and CEO of Lundin Petroleum commented, "We are very pleased to announce an increase to Luno reserves of over 50 %. Luno is clearly a commercial project located in the heart of the Norwegian North Sea."

"We are making good progress in relation to the development options either alone or in conjunction with the nearby Draupne discovery. In addition with the recent announcement of our Avaldsnes discovery in PL501 we believe the Greater Luno Area will emerge as a material new production hub on the Norwegian Continental Shelf."
Lundin Petroleum is the operator of PL338 with a 50 % interest with partners Wintershall Norge with 30 % and RWE Dea Norge with 20 % interest.

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