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Lundin Norway announces a pre-unit agreement for pl501 and pl265 has been signed

Tuesday, Mar 27, 2012

Lundin Norway AS (Lundin Norway), as operator of PL501, has signed a Pre-Unit Agreement with the partners within PL501 and PL265 for the joint field development of the Johan Sverdrup field. The main focus is to jointly deliver a common field development plan to the Norwegian authorities for sanctioning by the government.

The agreement also covers data exchange within the respective production licensees. Statoil has been elected as working operator for the pre-unit phase. Lundin Norway is the operator of PL501 and also has an interest in PL265.

Lundin Norway AS is the operator of PL501 with a 40 percent interest. Partners are Statoil Petroleum AS with a 40 percent interest and Maersk Oil Norway AS with a 20 percent interest.

Lundin Norway is a partner with a 10 percent interest in PL265. Statoil ASA is the operator with a 40 percent, Petoro has 30 percent and Det Norske 20 percent.

Ashley Heppenstall, President and CEO of Lundin Petroleum comment:"The signing of the Pre-Unit Agreement is an important milestone in respect of moving forward the development of the North Sea's largest discovery for many years. We are pleased that Statoil have agreed to lead the development and  that they share the common  goal of developing Johan Sverdrup in a way to maximise resources and bring the development onstream as quickly as possible. We will as operator continue to be responsible for the appraisal of the Johan Sverdrup field located in PL501 and support Statoil through secondment of staff. In tandem with the development studies, negotiations will progress regarding a unitisation agreement between the various licences covering the Johan Sverdrup field."

Source: Lundin

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