19 January 2012
LUNDIN PETROLEUM SUBMITS FIELD DEVELOPMENT PLAN FOR LUNO
FIELD
Lundin Petroleum AB ("Lundin Petroleum")
announces that its wholly owned subsidiary Lundin Norway AS
as operator has, with its partners Wintershall Norge ASA
(Wintershall) and RWE Dea Norge AS (RWE Dea), submitted a
plan for development and operation (PDO) for the Luno field
to the Norwegian Ministry of Petroleum and Energy (the
Ministry). Lundin Petroleum is in ongoing negotiations with
Det norske Oljeselskap ASA, operator of license PL001B, in
relation to a coordinated development solution for the Luno
and Draupne fields and we expect an agreement to be
concluded shortly.
The Luno field is an oil field located in the Norwegian
sector of the North Sea which incorporates both the Luno
and Tellus discoveries. First production from the Luno
field in PL338 is expected in late 2015 with a forecast
gross peak production of approximately 90,000 barrels of
oil per day (bopd). The capital cost of the Luno
development including platform, pipelines and production
wells is estimated at USD 4 billion. The Luno platform
design capacity will accommodate in excess of 120,000 bopd
when Draupne production is combined with that from the Luno
field.
The Luno PDO includes 15 wells drilled from a jack-up rig,
a processing platform on a jacket structure and export
pipelines tied back to existing infrastructure. Luno
contains 186 million barrels of oil equivalents (MMboe) of
gross proved and probable reserves. The oil will be
processed and transported in a new pipeline to the Grane
area and further via the Grane oil pipeline to the Sture
terminal for sale. The facilities on the Luno platform will
be prepared for power from shore when capacity and
technical solutions are available in order to contribute to
the development of a long term electrification of the
area.
The Draupne discovery is located 10 km to the northwest of
Luno in PL001B. The proposed development solution for the
Draupne field is a platform which will transport partly
processed oil and gas to the Luno platform for
stabilization and export of oil and gas.
At the same time as submitting the PDO to the Ministry,
Lundin Petroleum has started placing contracts for the Luno
development. A letter of intent has been awarded to
Kvaerner after an international tendering process, covering
engineering, procurement and construction of the jacket for
the Luno platform. A contract has been awarded to Rowan
Companies Inc. for a jack-up rig to drill the Luno
development wells. Contracts for the topside and marine
installations will be awarded in due course.
Ashley Heppenstall, president and CEO of Lundin Petroleum
comments as follows; "The submittal of the Luno plan
of development is a major milestone for Lundin Petroleum.
Production from the Luno field will be the major
contributor in doubling our production to 70,000 boepd by
late 2015. Our production will increase further with the
subsequent development of the Johan Sverdrup discovery
located in the southern Utsira High."
Lundin Petroleum is the operator and has a 50 percent
working interest in the Luno field. Wintershall and RWE Dea
hold a 30 percent and a 20 percent interest, respectively.
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 211 million
barrels of oil equivalent (MMboe).
For further information, please contact:
C. Ashley Heppenstall,
President and CEO
Tel: +41 22 595 10 00
or
Maria Hamilton
Head of Corporate Communications
E-mail: maria.hamilton@lundin.ch
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act.
FORWARD-LOOKING STATEMENTS
Certain statements made and information contained herein
constitute "forward-looking information" (within
the meaning of applicable Canadian securities legislation).
Such statements and information (together,
"forward-looking statements") relate to future
events, including the Company's future performance,
business prospects or opportunities. Forward-looking
statements include, but are not limited to, statements with
respect to estimates of reserves and or resources, future
production levels, future capital expenditures and their
allocation to exploration and development activities,
future drilling and other exploration and development
activities, ultimate recovery of reserves or resources are
based on forecasts of future results, estimates of amounts
not yet determinable and assumptions of management.
All statements other than statements of historical fact
may be forward-looking statements. Statements concerning
proven and probable reserves and resource estimates may
also be deemed to constitute forward-looking statements and
reflect conclusions that are based on certain assumptions
that the reserves and resources can be economically
exploited. Any statements that express or involve
discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or
future events or performance (often, but not always, using
words or phrases such as "seek",
"anticipate", "plan",
"continue", "estimate",
"expect", "may", "will",
"project", "predict",
"potential", "targeting",
"intend", "could", "might",
"should", "believe" and similar
expressions) are not statements of historical fact and may
be "forward-looking statements". Forward-looking
statements involve known and unknown risks, uncertainties
and other factors that may cause actual results or events
to differ materially from those anticipated in such
forward-looking statements. No assurance can be given
that these expectations and assumptions will prove to be
correct and such forward-looking statements should not be
unduly relied upon. These statements speak only as on
the date of this news release and the Company does not
intend, and does not assume any obligation, to update these
forward-looking statements, except as required by
applicable laws. These forward-looking statements involve
risks and uncertainties relating to, among other things,
operational risks (including exploration and development
risks), productions costs, availability of drilling
equipment and access, reliance on key personnel, reserve
estimates, health, safety and environmental issues, legal
risks and regulatory changes, competition, geopolitical
risk, financial risks. These risks and uncertainties are
described in more detail under the heading "Risk Factors"
and elsewhere in the Company's 2010 annual report.
Readers are cautioned that the foregoing list of risk
factors should not be construed as exhaustive. Actual
results may differ materially from those expressed or
implied by such forward-looking statements.
Forward-looking statements included in this new release are
expressly qualified by this cautionary statement.
RESOURCES
The recovery and production estimates of the
Company's resources provided herein are only estimates and
there is no guarantee that the estimated resources will be
recovered or produced. Actual resources may be greater than
or less than the estimates provided here. There is no
certainty that it will be commercially viable for the
Company to produce any portion of these
resources.
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