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Norwegian Ministry Requests Joint Development at Lundin, Det norske Fields

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Luno Field
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Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB, is the operator of license 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 license (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 license 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 commented, "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.

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