0.7 dollar per barrelThe Utsira High is one out of six core areas for Lundin Norway. (c) Lundin

0.7 dollar per barrel

Lundin has had a strong focus on organic growth on the NCS, resulting in finding cost of 0.7 USD/boe (post tax).

The finding cost of 0.7 USD/boe was published in conjunction with Lundins corporate presentation in October.

This is in comparison to acquisitions costs of 3.25 USD/boe and 4.2 USD/boe for King Lear and Tommeliten Alpha, resepctively (geo365.no: «Oppkjøp skapte nyheter«).

Until now, Lundin has had – what the company calls – a track record of company-making discoveries thi year.

Out of 7 E&A wells drilled , 6 can be classified as successes, including including Luno II (A), Lille Prinsen (E), Frosk (E), Rolvsnes (A), Alta (A) and Gekko (E), all of them – except Alta – in the North Sea.

As a basis for this success, Lundin refers to the NCS as one of “top 10 world-wide exploration areas”. This we will learn more about in the 2nd Exploration Strategy Conference in Stavanger, November 14-15.

Both Wood Mackensie and Westwood will give their accounts on world hot spots and how the NCS compares with other basins worldwide.