May 27, 2017 9:22 AM 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 Drilling of Appraisal Well on the Alta Discovery on the Loppa High in the Southern Barents Sea

Lundin Norway AS has commenced drilling of appraisal well 7220/11-4 (Alta-4) on the Alta discovery in PL609, located on the Loppa High in the southern Barents Sea. The Alta-4 well is located approximately 2 km south of the original discovery well 7220/11-1 and is the fourth well to be drilled on the Alta discovery. The main objective of the Alta-4 well is to further appraise the Alta discovery and to provide a calibration point for the drilling of a horizontal well for a possible extended well test that is being planned for 2018. The Alta discovery is estimated to contain gross contingent resources of between 125 and 400 million barrels of oil equivalents (MMboe). The Alta-4 well will be drilled by the semi-submersible drilling rig Leiv Eiriksson and is expected to take approximately 65 days. Lundin Norway is the operator of PL609 with a 40% working interest.

Lundin Norway AS Completes Drilling and Testing of Re-Entry of Appraisal Well Alta-3

Lundin Petroleum AB announced that its wholly owned subsidiary Lundin Norway AS has successfully completed the drilling and testing of the re-entry of appraisal well 7220/11-3 A (Alta-3) on the eastern flank of the Alta discovery in PL609. The Alta discovery is estimated to contain gross contingent resources of between 125 and 400 million barrels of oil equivalents (MMboe). The original Alta-3 well, drilled in 2015, encountered a gross hydrocarbon column of approximately 120 metres. The objective of the Alta-3 re-entry was to deepen the well to further assess the quality of the Permo- Carboniferous carbonate reservoir as well as to conduct injection and production tests. Three tests were successfully performed to investigate the production/injection characteristics of the reservoir. Two injection tests in the carbonate reservoir below the oil-water contact injected 5,000 and 18,200 barrels of seawater per day proving good to very good reservoir quality and injectivity in the Falk and Ørn formations, respectively. A production test in the gas zone in the Lower Triassic reservoir section produced a maximum of 21 million cubic feet of gas per day through a 64/64 inch choke. There was no test planned in the oil zone. Pressure data from wells 7220/11-3, -3A and -3 AR indicate good communication with the two previously drilled wells on the Alta discovery. The re-entry well, which was the first of three wells in 2016 drilling campaign on the Loppa High, was drilled to a total depth of 2,575 metres measured depth and 2,389 metres TVD below mean sea level, in rocks of Carboniferous age. The water depth is approximately 400 metres.

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.

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