Lundin Boosts Reserves at Luno Field

Lundin Petroleum has increased the gross proven and probable (2P) reserves for the Luno field from 95 million barrels of oil equivalent to 149 MMboe (136.7 million barrels of oil and 66.4 billion standard cubic feet of gas). The reserves were reevaluated to incorporate the results of the completed appraisal well 16/1-13. Additionally, the operator has completed the conceptual studies for a stand-alone development for the Luno field and will submit a Plan of Development in 2011.

At this time Lundin is also considering a joint development of the Luno field with the nearby Draupne field. If a joint development solution is agreed, a Plan of Development will be submitted in 2011. The drilling results of the Apollo exploration well being drilled in PL 338 may also impact the development solution for Luno.

The Luno field is situated in PL 338 on Block 16/1 in the Norwegian sector of the North Sea in 354 feet (108 meters) of water. Lundin Petroleum serves as the operator and holds a 50% interest; Wintershall holds 30%; and RWE Dea holds the remaining 20% interest.

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