Lundin

Oil & Gas

Lundin hits gas offshore Malaysia

Lundin Petroleum has made a small gas discovery offshore Malaysia. The company said its subsidiary, Lundin Malaysia, made the find from the Mengkuang-1 exploration well in license PM307. The well had been targeting hydrocarbons in Miocene-aged sands 75km to the northwest of the Bertam field operated by Lundin Malaysia.

Oil & Gas

NPD grants Lundin Norway drilling permit

The Norwegian Petroleum Directorate (NPD) has granted Lundin Norway a drilling permit for well 7220/11-3 A. The well will be drilled from the Island Innovator facility. The drilling programme for well 7220/11-3 A relates to the drilling of an appraisal well in production licence 609.

Oil & Gas

Lundin makes oil discovery on Luno II prospect

Lundin Petroleum has made an oil discovery on the Luno II prospect in the Norwegian North Sea. The company said the find had been made in the exploration well 16/4-9 S located in a separate sub-basin. The well is located on the southwestern flank of the Utsira High approximately 15km south of the Lundin Petroleum operated Edvard Greig field.

Oil & Gas

Lundin wildcat well comes up dry

Lundin Petroleum said a wildcat well off Norway has come up dry. Well 10/4-1 had been drilled in PL734 around 35km from the Yme field in the southern North Sea. The exploration well, which is operated by Wintershall, had been targeting the Zeppelin prospect.

Oil & Gas

Det Norske appeals Johan Sverdrup plan

Norwegian oil firm Det Norske said it will appeal a government decision to give it a smaller stake in the Johan Sverdrup oilfield than it had been seeking. The company revealed their plans as it reported lower than expected second quarter earnings for 2015. Det Norske believes it should have been given a larger share than the percentage proposed by operator Statoil of 11.89%.

Oil & Gas

Lundin Norway wins drilling permit

Lundin Norway has been granted a drilling permit by the NPD (Norwegian Petroleum Directorate) for a fifth exploration well in production licence 609. The company said well 7220/6-2 will be drilled from the Island Innovator facility.

Market info

Lundin Petroleum plans to boost target output for 2015

Lundin Petroleum said it was on target to significantly boost its output this year as it posted its first quarter profits. The company said earnings before interest, taxes, depreciation and amortisation (EBITDA) had more than halved to $86million in the quarter from $177million a year previously. Output for the year is expected to be between 41,000 to 51,000 barrels of oil equivalent per day this year.

Market info

Lundin takes $204million hit on non-cash foreign exchange

Swedish producer Lundin Petroleum has said it will be hit with a $204million non-cash foreign exchange loss in its first quarter results. The company has also booked a $45million pre-tax exploration cost. Lundin said whilst neither booking would have an impact on its operating cost or its core earnings, they would have an affect on the company's profitability.

Oil & Gas

Lundin reaps first oil from Bertram field

Lundin Petroleum has achieved first oil from the Bertram field in Malaysia. The Swedish explorer said its subsidiary, Lundin Malaysia, has commenced production from four pre-drilled development wells. The remaining production wells will be drilled sequentially and put onstream throughout the rest of the year.

Oil & Gas

Lundin well comes up dry

Lundin Petroleum's Gemini exploration well has been completed as a dry hole. The well was drilled about 10km southwest of the Edvard Greig field in central part of the North Sea. The Swedish independent explorer had been targeting the well to prove petroleum in the Lower Paleocene Ty formation reservoir rocks.

Oil & Gas

Lundin Petroleum spuds exploration well on Gemini prospect

Lundin Petroleum has spudded an exploration well on the Gemini prospect of the Edvard Grieg field. The company’s subsidiary Lundin Norway said well 16/1-24 in PL338C will investigate the hydrocarbon potential of the prospect. It will test the reservoir properties and hydrocarbon potential of Lower Paleocene aged sandstones of the Ty formation.

Europe

Lundin cuts 2015 spending

Lundin Petroleum has cut its expenditure for 2015 by 31% and said it would be focusing its sending on development projects. The company has set its development, appraisal and exploration budget would at $1.45billion. Development projects have been budgeted at $980million which represents a 30% decrease on forecast 2014 expenditure.

Oil & Gas

Lundin wildcat comes up dry

A well drilled by Lundin Petroleum has come up dry in the Norwegian sea. The company, through its subsidiary Lundin Norway, had been exploring the hydrocarbon potential of the Kopervik prospect in PL625. The wildcat well 25/10-12S is located 175km west of Huagesund on the west coast and is 20km northwest of the Johan Sverdrup discovery.

Oil & Gas

Lundin hits dry well in Malaysia

A well drilled by Lundin Petroleum in offshore Malaysia has come up dry. The company said it had completed the Kitabu-1 well located in blocks SB307/SB308, offshore Sabah. The objectives for the well had been Miocene aged turbidite sands of similar age to the Shell operated South Furious 30 oil field.

Oil & Gas

Lundin Petroleum spuds exploration well

Lundin Petroleum has spudded an exploration well in the Gobi prospect within the Natuna Gas field, near Indonesia. The Gobi-1 is a wildcat exploration well designed to test the hydrocarbon potential of Oligocene and Miocene stacked fluvial reservoirs in the Jemaja Basin.