The 2004 exploration program includes the drilling of eight exploration wells as part of a total exploration budget of USD 34 million. These eight wells will be drilled in Iran (2), Aquitaine Basin, France (1), The Netherlands (1), Indonesia (2), Norway (1) and Venezuela (1).
The development budget for 2004 is USD 110 million. The development program is primarily focused on:
Lundin Petroleum's President & CEO, C. Ashley Heppenstall, comments on next year work program: The 2004 work program and budget is heavily focused upon investment in the assets acquired as part of the Coparex and DNO acquisitions. We forecast production to be approximately 40,000 boepd by the end of 2004 as a result of the investment program. In tandem we continue to invest in exploration activity with the drilling of a portfolio of wells which if successful will continue the growth of Lundin Petroleum's reserve and production base."
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