Lundin Petroleum sells 15% interest in PL359, offshore Norway

Lundin Petroleum AB, through its wholly-owned subsidiary Lundin Norway AS, has entered into an agreement to sell an additional 15% interest in PL359, which contains the Luno II discovery. Lundin Norway will sell a 15% interest to Wintershall Norge AS on the same terms as the PL359 transactions announced on June 17.

The Luno II discovery was made by Lundin Petroleum in 2013 and is located in PL359 in the central North Sea sector of the Norwegian Continental Shelf on the south western flank of the Utsira High approximately 15 km south of the Lundin Petroleum-operated Edvard Grieg field. An appraisal well is currently being drilled.

PL359 also contains numerous drill-ready exploration prospects and the next exploration well on the license is likely to target the stacked Luno II North and Fignon prospects, estimated to contain gross unrisked prospective resources of 46 MMboe.

Ashly Heppenstall, President and CEO, commented; “We are pleased to welcome Wintershall as a partner into PL359 containing the Luno II discovery and additional interesting prospectivity. This deal ensures the equalisation of license interests in PL359 and PL338 which includes the Edvard Grieg development project.”

Lundin Norway is the operator of PL359 and following completion of the transactions will have a 50% interest. Statoil Petroleum ASA has a 15% interest and following completion of these transactions, OMV Norge will have a 20% interest and Wintershall will have a 15% interest.

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