1st Oil From the Brynhild Field, Offshore Norway

Lundin Petroleum AB (OMX:LUPE) (Lundin Petroleum) is pleased to announce that first oil from the Brynhild field has been achieved.

The Brynhild field commenced production on 25 December 2014. The Brynhild field, located on PL148 in the Norwegian sector of the North Sea, is a subsea tie-back to the Pierce field, operated by Enterprise Oil Ltd (a subsidiary of Shell U.K. Limited), in the UK sector.

The Brynhild field is estimated to contain gross reserves of 23.1 million barrels of oil equivalents and production is currently in excess of the forecast gross plateau rate of 12,000 bopd. Drilling of the third development well is ongoing and the fourth and final development well will be completed in 2015.

The production facility for the Pierce and Brynhild fields is the Haewene Brim FPSO which is owned and operated by Bluewater.

The Haewene Brim FPSO has undergone a comprehensive modification and upgrade programme including the upgrading of the topside heaters, significant upgrades of metering systems, installation of upgraded subsea control systems, refurbishment of the gas turbine and replacement of the risers.

The Brynhild field is the first of Lundin Petroleum's four development projects which are scheduled to come onstream over the next four quarters and which, by the end of 2015, are forecast to increase Lundin Petroleum's production level to more than 75,000 boepd.

Source: Lundin Petroleum AB
Date: Dec 29, 2014