Lundin
Petroleum acquires DNO assets
Posted: 16 February 2004
Lundin Petroleum has completed the acquisition from DNO ASA of
its UK and Irish oil and gas interests. The acquisition by Lundin
Petroleum of the majority of DNO's Norwegian assets is expected
to complete in the second quarter 2004.
The consideration for the acquisition (including the Norwegian
assets) was US$ 165 million with an effective date of 1 January
2003. Certain adjustments to the consideration have been made in
respect of the funding requirements of the acquired assets from
the effective date to Closing.
Lundin Petroleum has funded the acquisition from current internal
funds and under a new US$ 300 million loan facility provided by
Bank of Scotland and BNP Paribas.
Lundin Petroleum is pleased to further report that the development
of the Broom field in the UK North Sea is progressing satisfactorily.
The Field is expected to come onstream in the third quarter of 2004
and build up to a plateau rate of in excess 20,000 bopd (net 11,000
bopd to Lundin Petroleum). In addition Lundin Petroleum has initiated
a £ 9 million three well workover program on the Thistle field
designed to add incremental production from this mature field.
Ashley Heppenstall, the President & CEO of Lundin Petroleum
commented: "Lundin Petroleum now produces over 25,000 boepd
which is forecast to increase to close to 40,000 boepd by year end
following start up of production from the Broom field. The acquisition
is another major milestone which will ensure that the growth profile
of Lundin Petroleum is maintained. "
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, Ireland, Netherlands, Norway,
Sudan, Tunisia, UK, Venezuela and Albania. The Company is listed
on the O-list at Stockholmsbörsen, Sweden.
For more information see www.lundin-petroleum.com.
Posted by Richard Price,
Editor Pipeline Magazine
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