Lundin confirmed on 3 October 2018 that it has agreed a deal with Equinor to acquire its 15% interest in PL 359 (which contains the Luno II oil discovery). As part of the deal Lundin will transfer 20% interest in PL 825, covering the Rungne prospect, to Equinor. Luno II has estimated recoverable reserves of 40-100 MMboe. The development concept is a phased subsea tie-back to Edvard Grieg with PDO submission expected in early 2019. The deal will be effective from 1 January 2018.   Luno II discovery well 16/4-6 S was drilled in 2013. A 280 m Jurassic / Triassic sandstone with high net to gross was encountered containing a 45 m gross oil column. The oil is light, the OWC is at 1,950 m and there is a thin gas cap. The well flowed at a rate of over 2,000 bo/d through a 48/64â choke. Later in 2013 Lundin drilled appraisal well 16/5-5 to test the potential southeasterly extension of Luno II. A 150 m thick fine-grained Triassic sandstone came in high to prognosis but was of poor quality. It was concluded that there is a pressure barrier between this well and the discovery well and that 16/5-5 lies in a separate sub-basin. A further appraisal well, 16/4-8 S, was drilled in 2014 and proved a 500 m thick sandstone in the Jurassic / Triassic with a 30 m oil column lying below a very thin gas zone. The well flowed at a rate of 450 bo/d through a 28/64â choke.  Faroe will drill an exploration well on the Rungne prospect in PL 825 in late September 2018. 30/6-30âs objective is the Middle Jurassic Oseberg Formation (Broom/Rannoch equivalent of the Brent Group) at 3,361 m and there are secondary objectives in the Middle Jurassic Etive (3,336 m) and Ness (3,266 m) formations. Potential recoverable reserves are 70-110 MMboe and partner Lundin puts chance of success at 36%.   Following completion of the deal interest in PL 359 will be divided between Lundin Norway AS (65% + operator), OMV (Norge) AS (20%) and Wintershall Norge AS (15%) and interest in PL 825 will be split between Faroe Petroleum Norge AS (40% + operator), Spirit Energy Norge AS (30%), Equinor Energy Norge AS (20%) and DNO Norge AS (10%).
Lundin (->65%, OMV 20%, Wintershall 15%) has agreed to acquire Equinorâs 15% in PL 359, home to the Luno II oil find. The cash deal will be accompanied by Lundin transferring its 20% in PL 825 (Rungne) to Equinor. 