Lundin Petroleum
Operations » Norway

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.
  
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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 Luno 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 will further prove up the Johan Sverdrup area.

Production
The Alvheim field during 2010 produced on average 12,900 boepd net to Lundin Petroleum. Gross ultimate recoverable reserves increased to 246 MMboe. Phase 1 of the Alvheim project has been successfully completed and Phase 2 which involves the drilling of three additional multi-lateral wells is expected to be completed in 2011. 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.

Development
The Luno prospect 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 149 MMboe. Conceptual development studies are ongoing to select a development concept with a development plan submission scheduled for 2011. The Tellus discovery made in 2011 will be included in the Luno development plan. A further discovery was made during 2009 on the Luno South prospect.

The PDO for the development of the Gaupe field (PL292) was approved in June 2010 as a two well subsea tie-back to the Armada platform located in the UK. Gaupe is expected to come on stream at the end of 2011. 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 14 wells are scheduled to be drilled in 2012.
Norway licences - January 2012

LICENCE LICENCE TYPE LUNDIN INTEREST OPERATOR PARTNER
Greater Alvheim Area (GAA)
 Alvheim  (PL203,036c,088bs) Production
Exploration		 15% Marathon Oil

 Marathon Oil 65%,
 Norske ConocoPhilips 20%
 Volund (PL150) Production
Exploration		 35% Marathon Oil

 Marathon Oil 65%
 PL088 (Peik) Exploration 50% Lundin Petroleum

 Centrica 50%
 PL150b Exploration 35% Marathon Oil

 Marathon Oil 65%
 PL340 (Bøyla) Exploration 15% Marathon Oil

 Marathon Oil 65%,
 Norske ConocoPhillips AS 20%
 PL340bs (Caterpillar) Exploration 15% Marathon Oil

 Marathon Oil 65%,
 Norske ConocoPhillips AS 20%
 PL505 Exploration 30% Marathon Oil

 Marathon Oil 35%, VNG Norge 20%,
 Maersk Oi l15%
 PL505bs Exploration 30% Marathon Oil

 Marathon Oil 35%, VNG Norge 20%,
 Maersk Oil 15%
 PL546 Exploration 60% Lundin Petroleum

 Bayerngas Norge 40%
 PL547s Exploration 30% Marathon Oil

 Marathon Oil 40%, VNG Norge 20%,
 GDF Suez 10%
 PL570 Exploration 60% VNG Norge

 VNG Norge 40%, Marathon Oil 20%,
 Maersk Oil 10%
Greater Luno Area (GLA)
 PL167 & PL167b Exploration 20% Statoil ASA  Statoil ASA 80%
 PL265
 (Johan Sverdrup)		 Exploration 10% Statoil ASA  Statoil ASA 40%, Petoro AS 30%,
 Det Norske Oljeselskap 20%
 PL338
 (Luno, Tellus, Apollo)		 Exploration 50% Lundin Petroleum  Wintershall 30%,
 RWE Dea Norge AS 20%
 PL359 Exploration 40% Lundin Petroleum  Premier 30%, Statoil ASA 30%
 PL409 Exploration 70% Lundin Petroleum  Statoil ASA 10%,
 Bayerngas Norge 20%
 PL410 Exploration 70% Lundin Petroleum  Statoil ASA 30%
 PL501
 (Johan Sverdrup)		 Exploration 40% Lundin Petroleum  Statoil ASA 40%, Maersk Oil 20%
 PL501b Exploration 40% Lundin Petroleum  Statoil ASA 40%, Maersk Oil 20%
 PL544 Exploration 70% Lundin Petroleum  Bayerngas Norge 30%
 PL625 Exploration 40% Lundin Petroleum  Bayerngas Norge 20%,
 Maersk Oil 20%
 Petoro 20%
Barents Sea Area
 PL438 Exploration 25% Lundin Petroleum  RWE-Dea 20%, Petoro 20%,
 Spring Energy 17.5%,
 Det Norske Oljeselskap 10%
 Talisman 7.5%
 PL490 Exploration 60% Lundin Petroleum  Noreco 20%, Spring Energy 20%
 PL492 Exploration 30% Lundin Petroleum  RWE Dea 30%, Talisman 10%,
 Det Norske Oljeselskap 30%,
 PL533 Exploration 20% ENI  ENI 40%, RWE Dea 20%,
 Det Norske Oljeselskap 20%,
 PL563 Exploration 40% Lundin Petroleum  Det Norske Oljeselskap 30%,
 Noreco 20%, Talisman 10%
 PL609 Exploration 40% Lundin Petroleum  RWE Dea Norge AS 30%,
 Idemitsu Petroleum Norge AS 30%
 PL609b Exploration 40% Lundin Petroleum  RWE Dea Norge AS 30%,
 Idemitsu Petroleum Norge AS 30%
 PL659 Exploration 20% Det Norske

Det Norske Oljeselskap 30%
Petoro 30%
Spring energy 10%

Rocksource 10%
Southern NCS Area
 PL006c (SE Tor) Exploration 75% Lundin Petroleum  Noreco 15%, Faroe 10%
 PL148 (Brynhild) Development 70% Lundin Petroleum  Talisman 30%
 PL292 (Gaupe) Development
Exploration		 40% BG Group  BG Group 60%
 PL292b Exploration 40% BG Group  BG Group 60%
 PL301 Exploration 40% Lundin Petroleum  Skeie Energy 60%
 PL301d Exploration 40% Lundin Petroleum  Skeie Energy 60%
 PL440s Exploration 18% Faroe Petroleum  Faroe Petroleum 40%,
 Dana 20%, Noreco 12%,
 Det Norske Oljeselskap 10%
 PL453s Exploration 35% Lundin Petroleum  Det Norske Oljeselskap 25%,
 Noreco 25%, VNG Norge 15%
 PL495 Exploration 60% Lundin Petroleum  Spring Energy 40%
 PL495b Exploration 60% Lundin Petroleum  Spring Energy 40%
Møre Basin Area
 PL519 Exploration 40% Lundin Petroleum  Bayerngas Norge 20%, Noreco 20%,  Spring Energy 20%
 PL555 Exploration 60% Lundin Petroleum  Bayerngas Norge 40%
 PL579 Exploration 50% Lundin Petroleum  Bayerngas Norge 50%
 PL631 Exploration 60% Lundin Petroleum  Bayerngas Norge 30%
 Fortis Petroleum 10%
 PL639 Exploration 20% Spring Energy  Spring Energy 30%, Petoro 20%
 Bayerngas Norge 15%, Noreco 15%
 PL641 Exploration 30% VNG Norge

 VNG Norge 70%
Norwegian Sea Area
 PL330 Exploration 30% RWE Dea Norge AS  RWE Dea 40%,
 Marathon Oil 30%
 PL583 Exploration 20% Spring Energy  Spring Energy 30%,
 Svenska Petroleum Exp 25%,
 Bayerngas Norge 25%
 PL584 Exploration 60% Lundin Petroleum  Bayerngas Norge 40%
 PL646 Exploration 20% Wintershall  Wintershall 40%,
 PGNiG Norway 20%, Noreco 20%
 PL653 Exploration 30% RWE Dea Norge  Rwe Dea 40%, Marathon Oil 30%
 PL654 Exploration 30% RWE Dea Norge  Rwe Dea 40%, Marathon Oil 30%
Other
PL575 Exploration 50% Wintershall Wintershall 50%
PL576 Exploration 60% Lundin Petroleum Concedo 40%
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FRANCE

» 20 licences
  - 14 production
  -  6 exploration
» Net reserves 24.7 MMboe

IRELAND

» 1 exploration licence

NORWAY

» 56 licences
  - 4 production
  - 2 development
  - 50 exploration
» Net reserves 162.2 MMboe

NETHERLANDS

» 21 licences
  -  18 production
  -  3 exploration
» Net reserves 3.6 MMboe

RUSSIA

» 3 licences
  -  2 production
  -  1 exploration
» Net reserves 16.0 MMboe

TUNISIA

» 2 licences
  -  1 production
  -  1 development
» Net reserves 0.3 MMboe

CONGO (Brazzaville)

» 2 exploration licences

INDONESIA

» 7 licences
  -  1 production
  -  6 exploration
» Net reserves 3.9 MMboe

MALAYSIA

» 5 exploration licences