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Norway Awards 15 Exploration Licences to Lundin Petroleum

January 17, 2019

Europe’s independent oil and gas exploration and production company Lundin Petroleum announced that its wholly owned subsidiary Lundin Norway has been awarded a total of 15 exploration licence interests in the 2018 Norwegian licensing round (Awards in Predefined Areas, APA).

The record-high award includes 8 licences in the North Sea, 2 licences in the Norwegian Sea and 5 licences in the southern Barents Sea. 9 of the awarded licences will be operated by Lundin Norway.

The awards from this licensing round builds on Lundin's existing six core areas and will support starting to build a new position in the Norwegian North Sea close to the Horda platform area.

As on 31 December 2018 Lundin Petroleum's proved plus probable net reserves (2P reserves) are 745 million barrels of oil equivalent (MMboe), its proved plus probable plus possible net reserves (3P reserves) are 901 MMboe and its best estimate net contingent resources (contingent resources) are 225 MMboe.

The 2P reserves replacement ratio is 163 percent for 2018 and this is the fifth consecutive year that Lundin Petroleum has more than replaced production.
Lundin Petroleum’s 2P reserves as at 31 December 2018 are 745.4 MMboe and reflect a positive revision of 49.2 MMboe, excluding sales. The 3P reserves as at 31 December 2018 are 900.9 MMboe and reflect a positive revision of 35.4 MMboe, excluding sales.

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