Norway: Lundin, Noreco and Talisman Submit PDO for Bryngild Field

Lundin Petroleum AB (“Lundin Petroleum”) announces that its wholly owned subsidiary Lundin Norway AS as operator has, with its partners Noreco ASA (Noreco) and Talisman Energy Norge AS (Talisman), submitted a plan for development and operation (PDO) for the Brynhild field (formerly called Nemo) to the Norwegian Ministry of Petroleum and Energy.

The Brynhild field is an oil field located in the Norwegian sector of the North Sea. First production from the Brynhild field in PL148 is expected in late 2013.

The Brynhild field is located adjacent to the Norwegian – United Kingdom (UK) international border. The PDO includes three wells and pipelines/umbilical tied back to the existing Shell operated Pierce field infrastructure in the UK sector of the North Sea. Brynhild holds 22 million barrels of oil (MMbo) in gross proved and probable reserves with a forecast gross peak production of approximately 12,000 barrels of oil per day (bopd). The oil will be processed and stored on the Pierce floating production, storage and offloading (FPSO) vessel before offshore loading to shuttle tankers.

Lundin Petroleum has a 50 percent working interest in the Brynhild field. Talisman and Noreco hold a 30 percent and a 20 percent interest, respectively.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, South East Asia, Russia and Africa. The Company is listed at the NASDAQ OMX, Stockholm (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (ticker “LUP”). Lundin Petroleum has proven and probable reserves of 187 million barrels of oil equivalent (MMboe).

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Source: Lundin Petroleum, August 01, 2011