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Brynhild field’s oil reserves estimated at 23.1m barrels

Brynhild field’s oil reserves estimated at 23.1m barrels

TOCKHOLML: The Brynhild field is estimated to contain gross reserves of 23.1 million barrels of oil equivalents and production is currently in excess of the forecast gross plateau rate of 12,000 bopd. The Lundin Petroleum AB (OMX:LUPE) (Lundin Petroleum) has succeeded in attaining first oil from the Brynhild field.

The Brynhild field commenced production on 25 December 2014. The Brynhild field, located on PL148 in the Norwegian sector of the North Sea, is a subsea tie-back to the Pierce field, operated by Enterprise Oil Ltd (a subsidiary of Shell U.K. Limited), in the UK sector.

Drilling of the third development well is ongoing and the fourth and final development well will be completed in 2015.

The production facility for the Pierce and Brynhild fields is the Haewene Brim FPSO which is owned and operated by Bluewater.

The Haewene Brim FPSO has undergone a comprehensive modification and upgrade programme including the upgrading of the topside heaters, significant upgrades of metering systems, installation of upgraded subsea control systems, refurbishment of the gas turbine and replacement of the risers.

The Brynhild field is the first of Lundin Petroleum’s four development projects which are scheduled to come onstream over the next four quarters and which, by the end of 2015, are forecast to increase Lundin Petroleum’s production level to more than 75,000 boepd.

Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum, is the operator of PL148 with a 90 percent interest. The partner is Talisman Energy Norge with a 10 percent interest.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed on NASDAQ Stockholm (ticker “LUPE”). Lundin Petroleum has proven and probable reserves of 194 million barrels of oil equivalent (MMboe).

This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).

Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Company’s future performance, business prospects or opportunities.

Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.