Regional Reports

Lundin divests more of North Sea Luno license

July 7, 2014

Lundin Norway has agreed to sell Wintershall a 15% interest in PL359 in the Norwegian North Sea, which contains the Luno II discovery.

Offshore staff

STOCKHOLM, Sweden – Lundin Norway has agreed to sell Wintershall a 15% interest in PL359 in the Norwegian North Sea, which contains the Luno II discovery. It follows an earlier transaction announced on June 17.

Appraisal drilling is in progress on Luno II which is on the southwest flank of the Utsira High, 15 km (9.3 mi) south of the Lundin-operated Edvard Grieg development.

The nextexploration well on the license will likely target the stacked Luno II North and Fignon prospects, estimated to hold prospective resources of 46 MMboe.

Ashley Heppenstall, Lundin’s president and CEO, said: “This deal ensures the equalization of license interests in PL359 and PL338 which includes the Edvard Grieg development project.”

07/07/2014