Norway Press releases

A New Giant in Norway
In September 2010 an exploration well on the Avaldsnes prospect in PL501 (WI 40%), located 25 km east of the Edvard Grieg field, resulted in a giant oil discovery. A further large discovery was made on the same structure in the neighbouring PL265 (WI 10%) on the Aldous Major South prospect. In early 2012 the Avaldsnes/Aldous discovery was renamed Johan Sverdrup. Following an appraisal drilling programme, the Johan Sverdrup structure is estimated to contain between 1.7-3.3 billion boe of gross recoverable resources making it the largest discovery on the NCS since the mid-eighties. Appraisal and exploration activities during 2012 and 2013 will further prove up the Johan Sverdrup area.

Production
The Alvheim field during 2011 produced on average 11,200 boepd net to Lundin Petroleum. Gross ultimate recoverable reserves increased to 282 MMboe. Phase II of the Alvheim project has been successfully completed and Phase III is expected to commence in 2012. There is further potential in the greater Alvheim area from existing discoveries and from exploration.

The Volund field is located to the south of Alvheim and is a sub-sea tieback to the Alvheim FPSO. The field came on stream in May 2010 and gross plateau production is expected to be over 25,000 boepd.

The Gaupe field (PL292) commenced production in March 2012. The Gaupe field is a cross-border subsea tie-back to the Armada production facilities, located in the UK central North Sea.

Development
The Luno prospect (now renamed Edvard Grieg) in licence PL338 was successfully drilled as an oil discovery in late 2007. After appraisal drilling, gross 2P reserves were certified at 95 MMboe and later increased to 186 MMboe. A plan for development and operation (PDO) was submitted for the Edvard Grieg field in January 2012 and was given final approval in June 2012. A further discovery was made during 2009 on the Luno South prospect.

The Brynhild field (PL148) PDO received approval in November 2011. The development of Brynhild will be a three well subsea tie-back to the Pierce FPSO located in the United Kingdom. A further subsea tie-back project ,the Bøyla field in PL340, is in the development pipeline.

Exploration
Further discoveries have been made in Norway on the Apollo, Caterpillar and Skalle prospects.

Lundin Petroleum has an active ongoing exploration/appraisal programme in Norway. A total of 18 wells are scheduled to be drilled in 2013.

Norway is the principal area of operation for Lundin Petroleum. With estimated resources between 1.7 and 3.3 billion barrels of oil, the giant Johan Sverdrup discovery is the largest find on the NCS since the mid-eighties