May 21, 2018 5:54 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 2017.

Lundin Norway AS Key Developments

Lundin Norway AS Announces Commencement of Drilling Well

Lundin Norway AS has commenced drilling well 7220/11-5 on the Alta discovery in PL609 in the southern Barents Sea. Following drilling, the well will be used for extended well testing. The Alta discovery is located in PL609 in the southern Barents Sea, approximately 160 km from the Norwegian coastline. The discovery was made in 2014 and three successful appraisal wells have been completed to date. The adjacent Gohta discovery located in PL492 is considered a possible joint development opportunity together with the larger Alta discovery. The combined gross contingent resource range for the Alta and Gohta discoveries is estimated to between 115 and 390 MMboe. A 700 metres long horizontal well will be drilled in the oil zone, which will improve the lateral geological understanding of the Permian-Triassic karstified and fractured carbonate reservoirs. The main objectives of the extended well test is to prove sustainable production rates and reduce the uncertainty around the recovery mechanism in this reservoir to provide the basis to progress development studies. The semi-submersible drilling rig Leiv Eiriksson will be used for the drilling and testing at Alta. The well will be tested through the rig for about two months and the produced volumes will be flowed via a flexible flowline to a tanker. At the end of the test, the oil and water produced to the tanker will be delivered to the Mongstad oil terminal on the west coast of Norway. A successful outcome of the extended well test will provide important information to progress further appraisal drilling and field development activities. Drilling and testing is expected to take 140 days. Lundin Norway is the operator of PL609 with a 40 percent working interest. The partners are DEA Norge AS and Idemitsu Petroleum Norge AS with 30% working interest each.

Lundin Norway AS Completes Luno II Appraisal Well on Utsira High in the Norwegian North Sea

Lundin Petroleum AB (Lundin Petroleum) announced that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has successfully completed the Luno II appraisal well 16/4-11 in PL359 on the Utsira High in the Norwegian North Sea. The appraisal well was located approximately 2.5 km south of the original Luno II discovery well and is the fifth well on the Luno II oil discovery. The main objective of the appraisal well was to prove additional resources in the Luno II discovery to progress to development. The appraisal well encountered a gross oil column of 22 metres in Triassic sandstone with very good reservoir quality, which is significantly better than expected. The oil-water contact was encountered at 1,947 metres below the sea surface. The entire reservoir, including the water zone, consists of sandstones with some conglomeratic sandstone intervals with a total thickness of about 400 metres. Extensive data acquisition and sampling have been carried out in the reservoir, including conventional coring and fluid sampling. Following these positive well results, the previous gross resource range for the Luno II discovery of 30 to 80 MMboe has been increased to between 40 and 100 MMboe. Development studies for Luno II will now be progressed with the objective of submitting a PDO around the end of 2018. The development concept for Luno II is a subsea tie-back to the nearby Edvard Grieg platform. Lundin Norway is the operator of PL359 with a 50% working interest. The partners are OMV with 20% and Statoil and Wintershall with 15% each. After completion of the Luno II appraisal well, the semi-submersible drilling rig COSL Innovator will proceed to drill appraisal well 16/1-28S on the nearby Rolvsnes oil discovery in PL338C. The main objective is to confirm commercial rates from a horizontal well that will be drilled in fractured and weathered basement reservoirs similar to the reservoirs currently producing in the northern area of the Edvard Grieg field. Rolvsnes is also considered a potential tie-back development to Edvard Grieg and success will further de-risk the larger area prospectivity, estimated to contain gross resources of more than 200 MMboe. Drilling and testing at Rolvsnes is expected to take 115 days.

Lundin Norway AS Announces Completion of Exploration Well on the Hurri Prospect in the Southern Barents Sea

Lundin Norway AS announced that it has completed the drilling of the Hurri exploration well 7219/12-3S located in PL533 in the southern Barents Sea. The well was dry. The main objectives of the well were to test the reservoir properties and hydrocarbon potential of the Upper Jurassic Hekkingen formation and Middle Jurassic Stø formation. The well encountered no reservoir development in the Hekkingen formation and good reservoir in the Stø formation but with no indications of hydrocarbons. Extensive data acquisition and sampling were carried out. The well was drilled using the semi-submersible drilling rig Leiv Eiriksson which after completion of operations on the Hurri well will proceed to abandon the Filicudi discovery well, also located in PL533.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
July 7, 2017
Production Licence (PL) 805
Merger/Acquisition
June 28, 2017
PL 148 License in the North Sea
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