Lundin Bucks Capex Tightening Trend

Lundin's exploration budget will also be largely focused on Norway in 2014. The firm's exploration program will see 19 wells drilled in Norway, Malaysia, Indonesia, France and the Netherlands targeting some 620 million barrels of oil equivalent.

More than 90 percent of Lundin's appraisal spending budget will be allocated to appraisal wells in Norway this year.

Lundin CEO Ashley Heppenstall commented in a company statement:

"Lundin Petroleum remains a very active exploration company and I am pleased to announce our 19-well exploration campaign during 2014 which exposes the company to over 600 million barrels of oil equivalent of un-risked prospective resources. Our 2014 appraisal campaign can also make a material impact on our reserves base with a successful outcome from the 6 appraisal wells having the potential to double the company's current 2P reserve base.

"We remain on track to more than double our 2013 production in less than two years from now with new production from Brynhild, Boyla, Bertam and Edvard Grieg. The 2014 budget will be funded from operating cashflow and bank borrowing facilities."


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