Marathon, Partners Submit PDO for Boyla Field

Lundin Petroleum AB (Lundin Petroleum), through its wholly owned subsidiary Lundin Norway AS and the Bøyla partners, has submitted the plan for development and operation (PDO) of the Bøyla field located on the Norwegian Continental Shelf to the Norwegian Ministry of Petroleum and Energy.

The Bøyla development is expected to begin production during the fourth quarter of 2014. Lundin Petroleum holds 15 percent together with partners ConocoPhillips Skandinavia (20 percent) and Marathon Oil Norge AS (Marathon) as operator (65 percent).

The Bøyla field is located in block 24/9 in the Norwegian sector of the North Sea approximately 17 miles (28 kilometers) south of the Alvheim Field. The PL 340 license was awarded in 2004 and the initial discovery was made in 2009. Subsurface evaluation and mapping conducted post exploration and appraisal drilling has demonstrated the presence of commercial volumes of oil.

The field will be developed as a subsea tie-back to the Alvheim floating production, storage and offloading vessel (FPSO) with two production wells and a water injection well being drilled. The total investment in the field development is estimated to be $867 million. The estimated reserves are 23 million barrels of oil equivalents (gross). Bøyla crude oil will be commingled with the Alvheim blend and exported via shuttle tankers. Associated gas will be exported via the Alvheim to the SAGE pipeline.

Lundin Petroleum holds a 15 percent interest in the Bøyla and Alvheim fields repectively with partners Marathon as operator (65 percent ) and ConocoPhillips Skandinavia (20 percent).



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