Lundin to resume exploration drilling in Luno area of North Sea

Lundin Petroleum has issued an update on its field development projects in the Norwegian North Sea.

Offshore staff

STOCKHOLM, Sweden – Lundin Petroleum has issued an update on its field development projects in the Norwegian North Sea.

In October 2009, the company participated in the Bøyla oil discovery in license PL340, which contains recoverable contingent resources of 20 MMboe. It will be developed as a subsea tieback to the Marathon-operated Alvheim FPSO.

A plan of development will be submitted for Bøyla field in the first half of next year with first oil expected in 2014. The Caterpillar oil discovery in PL340BS early this year, located close to Bøyla, will likely be included in a joint scheme.

Lundin has completed FEED for the Luno development, and expects to submit a plan to the Norwegian authorities before the end of this year.

Further exploration drilling will take place next year in PL338 on the Jorvik prospect, close to the Luno discovery; in the Southern Utsira High area on the Luno II prospect in PL359; and on the Biotitt prospect in PL544. And Lundin has identified additional prospectivity in the area which should be drilled in 2013.

The BG-operated Gaupe field development in PL292 (Lundin 40%) should start up in late 2011. Gaupe has estimated reserves of around 31 MMboe.

Offshore Indonesia, Lundin expects to complete by year-end a 1,500-km (932-mi) 2D seismic acquisition program over the Cakalang concession in the Natuna Sea.

In the same region, the company signed a new PSC for the Gurita block in March, and expects to complete a 400-sq km (248-sq mi) 3D seismic survey here in 2012.

Lundin will participate in at least five exploration/appraisal wells in Malaysia in 2012 offshore Sabah and offshore peninsular Malaysia.

11/02/2011

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