Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB, is the
operator of licence PL338 containing the Luno discovery. As operator of PL338
Lundin Petroleum has received a letter from the Norwegian Petroleum and Energy
Ministry which requests the licensee holders of PL338 and PL001B licence
(containing the Draupne discovery) to coordinate a joint development solution.
Lundin Petroleum agree with the conclusions of the Ministry and that certain
joint development solutions will provide material cost savings to all
stakeholders. Lundin Petroleum has proposed to the Draupne licence holders,
prior to receipt of the letter from the Ministry, commercial solutions for a
joint development.
Lundin Petroleum has completed front end engineering for the Luno development.
A draft plan of the development is completed which already incorporates the
provision for a joint development of the Draupne discovery. The plan of
development is ready for submission prior to the end of this year. Rig capacity
for the Luno development has been secured and first oil is forecast for late
2015.
The Luno and Tellus discoveries, which together form the Luno development,
contain recoverable reserves of 188 million barrels of oil equivalent.
Ashley Heppenstall, President and CEO of Lundin Petroleum comments; “We are
ready to move forward with the Luno development. Our development concept
incorporates the ability to develop Draupne together with Luno and we are
seeking to progress commercial arrangements with the Draupne licence partners
in this respect”
Lundin Petroleum is the operator of PL 338 with a working interest of 50
percent. The partners are Wintershall with 30 percent and RWE Dea Norge AS with
20 percent.
Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of world-class assets
primarily located in Europe and South East Asia. 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).
For further information, please contact:
C. Ashley Heppenstall,
President and CEO
Tel: +41 22 595 10 00
or
Maria Hamilton
Head of Corporate Communications
maria.hamilton@lundin.ch
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50
Mobile: +41 79 63 53 641
The above information has been made public in accordance with the Securities
Market Act and/or the Financial Instruments Trading Act.
FORWARD-LOOKING STATEMENTS
Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable Canadian
securities legislation). Such statements and information (together,
"forward-looking statements") relate to future events, including the Company's
future performance, business prospects or opportunities. Forward-looking
statements include, but are not limited to, statements with respect to
estimates of reserves and or resources, future production levels, future
capital expenditures and their allocation to exploration and development
activities, future drilling and other exploration and development activities,
ultimate recovery of reserves or resources are based on forecasts of future
results, estimates of amounts not yet determinable and assumptions of
management.
All statements other than statements of historical fact may be forward-looking
statements. Statements concerning proven and probable reserves and resource
estimates may also be deemed to constitute forward-looking statements and
reflect conclusions that are based on certain assumptions that the reserves and
resources can be economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often,
but not always, using words or phrases such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe" and
similar expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
statements. No assurance can be given that these expectations and assumptions
will prove to be correct and such forward-looking statements should not be
unduly relied upon. These statements speak only as on the date of this news
release and the Company does not intend, and does not assume any obligation, to
update these forward-looking statements, except as required by applicable laws.
These forward-looking statements involve risks and uncertainties relating to,
among other things, operational risks (including exploration and development
risks), productions costs, availability of drilling equipment and access,
reliance on key personnel, reserve estimates, health, safety and environmental
issues, legal risks and regulatory changes, competition, geopolitical risk,
financial risks. These risks and uncertainties are described in more detail
under the heading “Risk Factors” and elsewhere in the Company's 2010 annual
report. Readers are cautioned that the foregoing list of risk factors should
not be construed as exhaustive. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Forward-looking
statements included in this new release are expressly qualified by this
cautionary statement.
RESOURCES
The recovery and production estimates of the Company's resources provided
herein are only estimates and there is no guarantee that the estimated
resources will be recovered or produced. Actual resources may be greater than
or less than the estimates provided here. There is no certainty that it will be
commercially viable for the Company to produce any portion of these resources.
