Lundin Petroleum announces increase in reserves
Posted: 23 January 2004
Lundin Petroleum announced the results of its third party reserves
certification of proven and probable reserves as at 01.01.2004.
The third party reserve certification completed by Gaffney Cline
has resulted in net proven and probable reserves increasing to 72.4
million barrels of oil equivalent as at 1.1.2004. This equates to
a 29 per cent increase of reserves since 1.1.2003 taking into account
actual 2003 production. It also means that Lundin Petroleum has
replaced its 2003 production of 5.9 million boe by a factor of about
280 per cent.
The proven and probable reserves have been calculated using Society
of Petroleum Engineers and World Petroleum Congress joint definitions.
The certification does not include the reserves associated with
the acquisition from DNO ASA of certain assets in the UK, Norway
and Ireland which is expected to be completed in the first half
of 2004.
Lundin Petroleum estimates internally the assets to be acquired
from DNO to contain additional proven and probable reserves of 65
million barrels of oil equivalent.
Ashley Heppenstall, CEO & President of Lundin Petroleum commented:
"We are very pleased to announce this material increase in
reserves which all comes from internal growth. Our ongoing policy
to invest technical resources and funds into our existing producing
fields has resulted in the increase to our reserve base. We will
continue to invest in our existing properties whilst also maintaining
our strategy to grow through acquisitions such as the DNO deal".
Lundin Petroleum is a Swedish independent oil and gas exploration
and production company with a well balanced portfolio of world-class
assets in France, Indonesia, Iran, Netherlands, Norway, Sudan, Tunisia,
Venezuela and Albania. The Company is listed on the O-list at Stockholmsbörsen,
Sweden (ticker "LUPE").
For more information see www.lundin-petroleum.com
Posted by Richard Price,
Editor Pipeline Magazine
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