July 27, 2016 8:44 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Lundin Norway AS

Company Overview

Lundin Norway AS explores, develops, and produces hydrocarbons with a primarily focus on oil on the Norwegian continental shelf. The company was founded in 2003 and is based in Lysaker, Norway with an additional office in Harstad. Lundin Norway AS operates as a subsidiary of Lundin Petroleum AB (publ).

Strandveien 50 B

Lysaker,  1366

Norway

Founded in 2003

Phone:

47 67 10 72 50

Fax:

47 67 10 72 51

Key Executives for Lundin Norway AS

Managing Director and Director
Compensation as of Fiscal Year 2016.

Lundin Norway AS Key Developments

Lundin Norway AS Commences the 2016 Southern Barents Sea Drilling Campaign

Lundin Petroleum AB announced that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has commenced the 2016 exploration and appraisal campaign in the Loppa High area in the southern Barents Sea with the winterised Leiv Eiriksson semi-submersible drilling rig. The 2016 drilling campaign consists of three wells commencing with the re-entry of the Alta-3 appraisal well 7220/11-3A in PL609 which was successfully drilled last year on the eastern flank of the Alta discovery. The objective of the Alta-3 re-entry is to deepen the well to further assess the quality of the Permian carbonate reservoir section as well as to conduct a production test. The original Alta-3 well encountered a gross hydrocarbon column of 120 metres and all three Alta wells drilled to date have proven pressure communication. The Alta discovery is estimated to contain gross contingent resources of between 125 and 400 million barrels of oil equivalents (MMboe). Following the completion of the Alta-3 well the rig will move further north on PL609 to re-enter the suspended Neiden exploration well 7220/6-2 which was partially drilled last year. The Neiden well was suspended immediately above prognosed reservoir section in October last year due to winter restrictions for the drilling rig (Island Innovator). The Neiden prospect is estimated to contain gross unrisked prospective resources of 204 MMboe. The third well to be drilled in the 2016 campaign is an exploration well targeting the Filicudi prospect on PL533 to the northwest of the Alta discovery and south of the Statoil operated Johan Castberg discovery. The Filicudi prospect is expected to contain Jurassic sandstone reservoir analogous to the Johan Castberg discovery. The Filicudi prospect is estimated to contain gross unrisked prospective resources of 258 MMboe.

Lundin Norway AS Completes the Fosen Exploration Well 16/4-10 South of Luno II in the North Sea as a Dry Well

Lundin Norway AS has completed the drilling of exploration well 16/4-10 on the Fosen prospect. The well is located in PL544 on the southern flank of the Utsira High in the Norwegian North Sea. The well was dry and is being plugged and abandoned. The well targeted Jurassic reservoirs in a four-way dip closure with stratigraphic upside. A thick (160m) reservoir section (provisionally dated as Jurassic) was encountered in the well which had good properties but was water-wet with oil shows. The well targeted Jurassic reservoirs in a four-way dip closure with stratigraphic upside. A thick (160m) reservoir section (provisionally dated as Jurassic) was encountered in the well which had good properties but was water-wet with oil shows. A data-collection programme was undertaken in order to understand the context of the well in relation to remaining prospectivity in the area. The well drilled to a total depth of 2,638 metres below mean sea level in water depth of 95 metres. The well was drilled with the semi-submersible drilling unit Island Innovator. This was the final well in Lundin Norway's contract with the Island Innovator. Lundin Norway is the operator of PL544 with a 40% working interest. Partners are Lime Petroleum Norway AS with a 30% working interest and Wellesley Petroleum AS with a 30% working interest.

Lundin Norway AS Commences Drilling of Exploration Well 16/4-10 on the Fosen Prospect

Lundin Norway AS has commenced drilling of exploration well 16/4-10 on the Fosen prospect. The well is located approximately 27 km south of the Edvard Grieg field and 11 km south of the Luno II discovery on the Utsira High on the Norwegian Continental Shelf (NCS). Well 16/4-10 will explore the Fosen prospect which is located on the southern flank of the Utsira High, west of the South Viking Graben in the North Sea. The main objective of the well is to test the hydrocarbon potential and reservoir properties at Jurassic sandstones level. The Fosen prospect is estimated to contain gross unrisked prospective resources of 192 MMboe. The planned total depth for the well is approximately 2,500 metres. The well will be drilled with the semi-submersible drilling unit Island Innovator and is expected to take approximately 50 days.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
May 3, 2016
Edvard Grieg field in Norway
 

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