Lundin Petroleum provides update on Johan Sverdrup discovery

Monday, February 11, 2013
  • Lundin Petroleum has decided it will not, at this time, provide updated contingent resources for the Johan Sverdrup discovery located in licence PL501 (Lundin Petroleum operator and working interest (WI) 40%) and licence PL265 (WI 10%).

Johan Sverdrup was discovered by Lundin Petroleum in 2010 and is the largest oil discovery in the North Sea since the mid 1980's. The discovery is located in both PL501, operated by Lundin Petroleum and in PL265 operated by Statoil. 14 wells have now been drilled to date on the discovery and the objective is to complete a conceptual development plan by the end of 2013. The appraisal drilling programme is continuing in 2013 and will provide further information to finalise the subsurface models and assist with development planning for this giant field.

Lundin Petroleum has decided it will not, at this time, provide updated contingent resources for the Johan Sverdrup discovery located in licence PL501 (Lundin Petroleum operator and working interest (WI) 40%) and licence PL265 (WI 10%). Statoil is working operator for Johan Sverdrup during the development planning phase and has indicated that they will provide updated resources for the discovery later this year when the conceptual development studies will be substantially complete.

Ashley Heppenstall President & CEO of Lundin Petroleum comments; 'We feel it is appropriate that the working operator of Johan Sverdrup provide updated resource numbers. As the operator of PL501 we continue with our appraisal drilling program which provides new information for both development planning and recoverable resources. The results of the appraisal drilling to date taken as a whole lead us to the view that the current most likely mid case Johan Sverdrup resources located in PL501 will be within the lower half of the previously guided 800 to 1800 MMboe range. We also believe that the resource calculation range remains wide.'

Excluding Johan Sverdrup and the Geitungen discovery, Lundin Petroleum has further assets classified as Contingent Resources with "Best Case" values of 262 MMboe in aggregate of which oil accounts for 55 percent. The Contingent Resources include contributions from the Salina discovery in Norway and the Berangan and Tembaukau discoveries in Malaysia. These Contingent Resources have been audited by ERC Equipoise Limited (ERCE), except for the Salina discovery which is based on a Norwegian Petroleum Directorate (NPD) estimate.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX) (Ticker "LUP"). Lundin Petroleum has proven and probable reserves of 202 million barrels of oil equivalent (MMboe).

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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