Lundin Increases Exploration Spending in 2Q 2015

Lundin Petroleum revealed Tuesday that its exploration spending for 2Q 2015 increased by $16 million, compared to the first quarter of 2015.

The company spent $61 million on exploration operations during this year’s second quarter, which helped to fund an exploration well drilled in Norway on the Morkel prospect in PL579 that was found to be an uncommercial oil discovery.

During the first quarter of 2015 Lundin spent $45 million on exploration, which went towards the drilling of two wells in Norway. The Gemini well in PL338C was announced as dry and the Zulu well in PL674BS confirmed a gas discovery, which was later concluded to be non-commercial following further analysis.

Lundin recently announced that it also came up dry on the Zeppelin exploration well, located offshore Norway. The well, which was operated by Wintershall Norge, encountered no hydrocarbon shows and Lundin announced on July 15, 2015 that it was being plugged and abandoned.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist.

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