Wintershall to farm in to Luno II lease offshore Norway

Wintershall Norge AS has agreed to acquire 15% interest in production license 359 (PL359), which encompasses the Luno II discovery, from Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB.

Wintershall Norge AS has agreed to acquire 15% interest in production license 359 (PL359), which encompasses the Luno II discovery, from Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB.

Lundin says the sale is on the same terms as its June 17 transaction in which it sold 5% interest to OMV (Norge) AS and acquired 30% interest from Premier Oil PLC.

The Luno II discovery, made by Lundin in 2013, is in the Norwegian North Sea on the southwestern flank of the Utsira High, which is 15 km south of the Lundin-operated Edvard Grieg field (OGJ Online May 6, 2013). An appraisal well is currently being drilled (OGJ Online, June 23, 2014).

Lundin says the license also contains numerous drill-ready exploration prospects and the next exploration well on the license is likely to target the stacked Luno II North and Fignon prospects, estimated to contain gross unrisked prospective resources of 46 million boe.

“This deal ensures the equalization of license interests in PL359 and PL338, which includes the Edvard Grieg development project,” said Ashley Heppenstall, Lundin Petroleum president and chief executive officer.

The transaction is subject to approval from the Norwegian government. Following completion of all transactions, Lundin Norway, operator of PL359, will hold 50% interest, Wintershall 15%, OMV Norge 20%, and Statoil ASA 15%.

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