Lundin Petroleum AB has introduced that its wholly-owned subsidiary Lundin Norway AS has entered into an settlement with Equinor Energy AS, underneath which Lundin Norway will purchase Equinor's total 15% working curiosity within the Lundin Norway operated license PL 359, containing the Luno II oil discovery.
The acquisition takes Lundin Norway’s working curiosity in PL 359 to 65% and creates business and operational alignment between the Edvard Grieg and Luno II partnerships, realising important advantages by way of optimisation of manufacturing and enhanced worth from each fields. The transaction includes a money consideration payable by Lundin Norway to Equinor, in addition to Lundin Norway transferring its 20% working curiosity in PL 825, containing the Rungne exploration prospect, to Equinor.
The efficient date of the transaction is Jan. 1, 2018 and completion is topic to customary authorities approvals.
Luno II is located roughly 15 km south of the Lundin Norway operated Edvard Grieg platform on the Utsira High and has a gross useful resource vary of between 40 and 100 MMboe. The growth idea for Luno II is a subsea tie-back to the Edvard Grieg platform and the target is to submit a PDO and sanction the venture in early 2019.
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Lundin Norway is the operator of PL 359 with a present 50% working curiosity. The companions are OMV with 20% and Equinor and Wintershall with 15% every.
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