The third party reserve certification completed by Gaffney Cline has resulted in net proven and probable reserves increase to 146.1 million barrels of oil equivalent (MMBOE) as at January 1, 2006. This equates to a 12% increase of reserves since January 1, 2005 taking into account actual 2005 production.
The proven and probable reserves have been calculated using Society of Petroleum Engineers and World Petroleum Congress joint definitions.
Ashley Heppenstall, CEO & President of Lundin Petroleum commented:" We are very pleased to have continued to increase our reserves in 2005 particularly in our core areas in the UK and Norwegian North Sea."
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