Lundin commits $300 million to exploration offshore Norway

Lundin Norway is budgeting $220 million pre-tax for exploration in the Norwegian sector this year.

Offshore staff

STOCKHOLM, SwedenLundin Norway is budgeting $220 million pre-tax for exploration in the Norwegian sector this year.

The 15 planned exploration wells, targeting more than 750 MMboe of net resources, will be the company’s largest program ever.

It plans nine wells in the Norwegian North Sea: four in the greater Utsira High area, three in the Alvheim area, and one each in the Mandal High and northern North Sea areas.

In theUtsira High area the prospects are Goddo in license PL815 an extension to the Rolvsnes basement oil discovery; Jorvik and Tellus East in PL338, a step-out to Edvard Grieg (and a dual-target well); JK in PL916; and Evra and Irving in PL820S (another dual-target well).

Lundin will be a partner in the three wells planned in the Alvheim area in PL869, all targeting the Rumpetroll, Froskelår Main and Forskelår NE prospects. The Froskelår Main well is currently drilling.

In the Mandal High area, a dual-target well is likely on the Vinstra and Otta prospects in PL539 (WI 20%) while the Gladsheim prospect is the target of the northern North Sea well in PL921.

Lundin has a line-up of four wells in the southern Barents Sea. Of these, the Gjøkåsen Shallow and Pointer/Setter wells are currently drilling.

Others will target the deeper horizons of the Korpfjell prospect in PL859 and the Pointer and Setter prospects in PL767.

In the Norwegian Sea the company will participate in two wells on the Toutatis prospect in PL896 and the Lynghaug prospect in PL758.

The company’s appraisal budget for 2019 is $80 million pre-tax, with the focus being on progressing seven potential new projects toward development.

Following positive results from the operated Alta extended well test (EWT) in 2018, an appraisal well is planned at the Alta and Gohta discoveries in either PL609 or PL492.

Another appraisal well is likely on the Lille Prinsen discovery in PL167 in the Utsira High, targeting a potentially significant resource increase compared to current estimates.

The appraisal budget also includes expenditure on front-end engineering design and plan for development and operations studies for the Luno II development and the Rolvsnes EWT.

01/31/2019

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