Lundin has agreed a deal with Wintershall Dea to acquire a 10% interest in PL 894, subject to government approval. The licence contains the 2018 Balderbra discovery which has just been appraised (February 2020). However, the results of the appraisal were disappointing, with reserves being significantly downgraded, and Lundin states that development is no longer considered to be economically viable.  Balderbra discovery well 6604/5-1 targeted a robust structural closure (Maastrichtian sand drape over older tilted fault blocks) with an amplitude anomaly between the Gullris (6604/2-1) and Gro (6603/12-1) wells. A gross gas column of 190 m across three separate sandstones totalling 90 m was encountered in the Springar Formation. The upper sandstone unit is thin with variable permeability, the middle sand is thicker (56 m gross) and laminated with 21% porosity, and the lower sand has a gross thickness of 129 m and 15% porosity. The three units are not in pressure communication and no GWC was encountered. A development as a tie-back to Aasta Hansteen was initially being considered.   Appraisal well 6604/5-2 S targeted three Upper Cretaceous Springar Formation sandstones, with the first mapped at 3,633 m (3,389 m TVD), and was also designed to locate the GWC. However, although a total of 210 m of Springar Formation was present in the well (with 140 m of this being poor quality sandstone) there were only traces of gas and the well is classed as a dry hole. Pressure communication with the discovery was also not established and recoverable reserves were reduced from 247-671 Bcfg plus 6-19 MMbc (at discovery) to 106-283 Bcfg plus 1-6 MMbc.   Upon completion of the deal, interest in PL 894 will be divided between Wintershall Dea Norge AS (30% + operator), Equinor Energy AS (40%), Petoro AS (20%) and Lundin Norway AS (10%).
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).