Lundin Petroleum announces Johan Sverdrup and contingent resources

Monday, Feb 11, 2013

Johan Sverdrup was discovered by Lundin Petroleum in 2010 and is the largest oil discovery in the North Sea since the mid 1980’s. The discovery is located in both PL501, operated by Lundin Petroleum and in PL265 operated by Statoil. 14 wells have now been drilled to date on the discovery and the objective is to complete a conceptual development plan by the end of 2013. The appraisal drilling programme is continuing in 2013 and will provide further information to finalise the subsurface models and assist with development planning for this giant field.

Lundin Petroleum has decided it will not, at this time, provide updated contingent resources for the Johan Sverdrup discovery located in licence PL501 (Lundin Petroleum operator and working interest (WI) 40%) and licence PL265 (WI 10%). Statoil is working operator for Johan Sverdrup during the development planning phase and has indicated that they will provide updated resources for the discovery later this year when the conceptual development studies will be substantially complete.

Source: Lundin Petroleum

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