Edvard Grieg reserves increased by 50 million barrels of oil equivalent and plateau production extended to late 2023 - Seite 2

Nick Walker, COO of Lundin Energy, said:
“Since Edvard Grieg first oil in 2015, the field has year on year exceeded our expectations both from a reservoir as well as an operational performance perspective. What has been achieved at Edvard Grieg epitomises the best of Lundin Energy, through the application of subsurface expertise, cutting-edge technology and operational excellence, combined with a determined and entrepreneurial approach to operatorship. This reserve increase and plateau extension is incredibly value accretive, as it comes with limited additional investment. I’m confident, that as we continue to explore in the Greater Edvard Grieg Area, it will grow further and drive material additional value to the partnership and Norway.”

⁽¹⁾ The reserves were calculated using a nominal Brent oil price of USD 42 per barrel in 2020, 48 in 2021, 54 in 2022, 61 in 2023, 62 in 2024, 64 in 2025, 66 in 2026, 67 in 2027, 68 in 2028, 70 in 2029 and increasing by 2 percent per year thereafter.
⁽²⁾ 2P ultimate recovery is cumulative production to date plus remaining proved plus probable (2P) reserves. The remaining Edvard Grieg gross 2P reserves were 190 MMboe as at 31 July 2020.
⁽³⁾ The reserves for Edvard Grieg have been audited by ERC Equipoise Limited, a third party independent reserves auditor, and were calculated in accordance with the 2018 Petroleum Resource Management System (SPE PRMS) Guidelines of the Society of Petroleum Engineers (SPE), World Petroleum Congress (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE). The effective date of the analysis was 31 July 2020.

Lundin Energy has grown from an oil and gas exploration company into an experienced Nordic energy developer and operator. We continue to explore new ideas, new concepts and new solutions to maintain our position as an industry leader in production efficiency, sustainability and decarbonisation. (Nasdaq Stockholm: LUNE). For more information, please visit us at www.lundin-energy.com or download our App www.myirapp.com/lundin

For further information, please contact:

Edward Westropp VP Investor Relations Tel: [phone] [e-mail]

Robert Eriksson Head of Media Communications Tel: [phone] [e-mail]

This is information that Lundin Energy AB is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact persons set out above, at 08.00 CEST on 29 September 2020.