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Lundin Further Defers Brynhild Start-Up To Q3-2014

|Includes:Lundin Petroleum AB (LNDNF), TLM

Lundin Petroleum reported that first oil from the Brynhild development project in PL148, off Norway, will be further delayed until Q3-2014. The project was previously expected to come on-stream in Q4-2013.

Brynhild Project is progressing at a slower pace than anticipated due to commissioning issues related to the FPSO on the Pierce Field in the UK. The field is being developed as a subsea tie-back to the Haewene Brim FPSO on the Pierce Field in the UK sector.

Located in blocks 7/4 and 7/7, Brynhild is Lundin's first field development in Norway as an operator. The field was discovered in 1992.

The field's gross 2P reserves are estimated at 23.1 MMBOE. Forecast gross peak production is expected to be 12 Mbbl/d.

Ownership of Brynhild Project: Lundin (90%, operator) and Talisman Energy (10%).

In Nov-2013, Lundin Petroleum had announced that the first oil from the Brynhild development project would be delayed until 2014.

In Nov-2013, Lundin petroleum had commenced drilling at appraisal well 16/5-5 in PL410, Norway.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: LNDNF, TLM