Lundin Petroleum acquires interest in PL674, offshore Norway
2014-08-12 06:00:25.430 GMT
Lundin Petroleum acquires interest in PL674, offshore Norway
Lundin Petroleum AB
Company Announcement
Lundin Petroleum acquires interest in PL674, offshore Norway
Stockholm, 2014-08-12 08:00 CEST (GLOBE NEWSWIRE) --
Lundin Petroleum AB (Lundin Petroleum) through its wholly owned subsidiary
Lundin Norway AS (Lundin Norway) is pleased to announce that it has entered
into agreements to acquire a 35 percent interest in PL674. Lundin Norway will
acquire a 15 percent interest in PL674 from Petrolia Norway AS and a 20 percent
interest of a carve out area of PL674 from E.ON. The effective date for both
transactions is 1 January 2014.
PL674 is located east of PL501/265 where the Johan Sverdrup field is located,
and covers an area of 1,027 square kilometres. E.ON is currently the operator
of PL674 with a 50 percent interest and Petrolia Norway AS holds the remaining
50 percent interest.
These transactions remain subject to Norwegian government approval.
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 194
million barrels of oil equivalent (MMboe).
For further information, please contact:
Maria Hamilton Teitur Poulsen
Head of Corporate Communications VP Corporate Planning & Investor Relations
E-mail: maria.hamilton@lundin.ch Tel: + 41 22 595 10 00
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50
This information has been made public in accordance with the Securities Market
Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).
Forward-Looking Statements
Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable 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
relied upon. These statements speak only as on the date of the information 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, reliance on key
personnel, reserve estimates, health, safety and environmental issues, legal
risks and regulatory changes, competition, geopolitical risk, and financial
risks. These risks and uncertainties are described in more detail under the
heading "Risks and Risk Management" and elsewhere in the Company's 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 are expressly qualified by this cautionary statement.
Reserves and Resources
Unless otherwise stated, Lundin Petroleum's reserve and resource estimates are
as at 31 December 2013, and have been prepared and audited in accordance with
National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities
("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGE
Handbook")."). Unless otherwise stated, all reserves estimates contained herein
are the aggregate of "Proved Reserves" and "Probable Reserves", together also
known as "2P Reserves". For further information on reserve and resource
classifications, see "Reserves, Resources and Production" in the Company's
annual report.
Contingent Resources
Contingent Resources are those quantities of petroleum estimated, as of a given
date, to be potentially recoverable from known accumulations using established
technology or technology under development, but are not currently considered to
be commercially recoverable due to one or more contingencies. Contingencies may
include factors such as economic, legal, environmental, political and
regulatory matters or a lack of markets. There is no certainty that it will be
commercially viable for the Company to produce any portion of the Contingent
Resources.Unless otherwise stated, all contingent resource estimates contained
herein are the best estimate (“2C”) contingent resources.
Prospective Resources
Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both a
chance of discovery and a chance of development. There is no certainty that
any portion of the Prospective Resources will be discovered. If discovered,
there is no certainty that it will be commercially viable to produce any
portion of the Prospective Resources. Unless otherwise stated, all Prospective
Resource estimates contained herein are reflecting a P50 Prospective Resource
estimate. Risked Prospective Resources reported herein are partially risked.
They have been risked for chance of discovery, but have not been risked for
chance of development.
BOEs
BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf : 1 Bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
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