March 26, 2018 / 7:49 AM / in a year

Lundin Petroleum find more oil at Norway's Luno II in North Sea

(Reuters) - Sweden’s Lundin Petroleum said it has found more oil at its Luno II discovery off Norway and aims to submit a development plan for the field around the end of this year.

The company has been drilling an appraisal well at the North Sea field and said in February it was “very close” to deciding on its development.

“Following these positive well results, previous gross resource range for Luno II discovery of 30 to 80 mmboe (million barrels of oil equivalent) has been increased to between 40 and 100 mmboe,” Lundin Petroleum said in a statement.

“Development studies for Luno II will now be progressed with the objective of submitting a PDO (development plan) around the end of 2018.”

A development would be tied to the existing platform at the Edvard Grieg field, which Lundin Petroleum operates, rather than building an independent installation at Luno II.

Lundin Petroleum is the operator of the field and has a 50-percent stake. Its partners are Austria’s OMV with 20 percent and Norway’s Statoil and Germany’s Wintershall [WINT.UL] with 15 percent each.

Lundin’s shares were up 0.63 percent at 0808 GMT, slightly outperforming a European oil and index up 0.25 percent.

Reporting by Gwladys Fouche, editing by Joachim Dagenborg and Alexander Smith

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