Lundin reported in early March 2020 that it will acquire Neptune's 20% interests in PL 886 and PL 886 B, subject to government approval. PL 886 covers blocks (or parts of) 6306/6, 6306/8 and 6306/9 and PL 886 B lies adjacent to the northeast, covering parts of blocks 6307/1 and 6307/4. Lundin plans to drill a well on the Melstein prospect, which is targeting a new play with potential recoverable reserves of 160 MMboe, in PL 886 in Q4 2020. It is also understood that there is a prospect in PL 886 B called Tarva, but no drilling plans have yet been released for this.  The closest field to these licences is Fenja where development is progressing towards an onstream date of 2021. The company will develop the Pil accumulation initially, using a subsea tieback to the Njord A platform. Recoverable reserves are approximately 97 MMboe. The project will use two subsea templates hosting three horizontal producers, two water injectors and a single gas injector. Bue represents upside and will be confirmed by Pil development wells before it is potentially brought into production at a later date. Oil will be processed on Njord A before being transferred to Njord B for onward export via shuttle tanker. Gas will initially be re-injected into the Pil reservoir and will later be exported via Njordâs connection to the Asgard Transport System. According to the impact assessment from June 2017, oil production is expected to peak at approximately 42,000 bo/d in 2023 with gas production expected to peak at approximately 100 MMcf/d between 2025 and 2036. Total investment costs are approximately NOK 10.2 billion (USD 1.22 billion), with 16-year life forecast.  Upon completion of the deal, PL 886 and PL 886 B interests will be divided between Lundin Norway AS (60% + operator), Petoro AS (20%) and Spirit Energy Norway AS (20%).
Lundin is to acquire a 10% stake from Wintershall Dea in PL 894 (Voring) and 5% interests in PL 533 and PL 533 B (Barents Sea).