Oct. 2012 - RWE Dea has elected to sell its 20% stake in the Edvard Grieg development offshore Norway to OMV for $325.2 million. A contingent payment of almost $46 million is available based on the achievement of certain operational milestones. This acquisition gives OMV access to 2P reserves in excess of 38 Mmboe and net production up to 19,000 boepd in 2016 once the field is brought on stream. The Plan of Development and Operations has already been approved by the Norwegian Parliament and all major contracts for drilling and platform construction have been awarded. OMV will share partnership with Lundin (operator 50%) and Wintershall (30%). The agreement is subject to approval by the Norwegian Ministry of Petroleum and Energy and by the Norwegian Ministry of Finance.

Jun. 2012 - The Norwegian Parliament has approved development and operation plans for Lundin's Edvard Grieg field, formerly Luno. This is the first project to progress to the development phase in the oil-rich Utsira High area of the Norwegian North Sea. The Edvard Grieg field is estimated to hold about 186 million barrels of oil equivalent and is scheduled to come on-stream in the fourth quarter of 2015. The Edvard Grieg development plan includes drilling of 15 wells from a jack-up rig, a processing platform on a jacket structure and export pipelines tied-back to existing infrastructure.

May. 2012 - Kvaerner will subcontract Aker Solutions to engineer, procure and construct topsides for the Edvard Grieg platform, formerly the Luno field. Aker Solutions will deliver design engineering and procurement services from the company's offices in Oslo, Norway and Mumbai, India, with support from Kvaerner. Fabrication and assembly of the 4 500 tonn process module will be conducted by Aker Solutions' yard in Egersund. Detail engineering will begin instantly, while fabrication is expected to commence in 2013. First production from the field is expected in late 2015, with a forecast gross peak production of approximately 90,000 barrels of oil per day (bopd).

Apr. 2012 - The Norwegian government has approved the $4.2 billion development of the Edvard Grieg (formerly Luno) oil field, the first field offshore Norway operated by Lundin Petroleum. The Edvard Grieg area contains 186 million barrels of oil equivalent, and peak production is expected to be 90,000 boepd. Production at Edvard Grieg will be combined with the production of the nearby Draupne, and studies are being made to find the best ways of exporting oil and gas from the Utsira Height area.

Mar. 2012 - Lundin Petroleum and partners Wintershall and RWE Dea have reached an agreement for Det norske-operated licenses PL001B, PL028B, PL242. A plan for development and operation for the Luno field was submitted on January 19, 2012 to the Norwegian Ministry of Petroleum and Energy and includes 15 wells drilled from a jackup. First production is expected in the fourth quarter of 2015. In the coordinated development solution, the partially processed fluids from the Draupne field will be transported from the Draupne platform to the Luno platform for stabilization and export of oil and gas. The combined production from the Luno and Draupne fields will be phased in time with Draupne production planned to start in late 2016 and increasing toward a peak rate in late 2018. The Luno platform design capacity will accommodate in excess of 120,000 bopd and up to 175 MMcf/d when Draupne production is combined with that from the Luno field.

Jan. 2012 - Lundin Petroleum has submitted a plan for development and operation for the Luno field to the Norwegian Ministry of Petroleum and Energy. Lundin is in ongoing negotiations with Det norske, operator of license PL001B, in relation to a coordinated development solution for the Luno and nearby Draupne fields. The consortium expects an agreement to conclude shortly. The Luno development will incorporate both the Luno and Tellus discoveries, with first production expected in late 2015 with a forecast gross peak production of about 90,000 bopd. The capital cost of the Luno development including platform, pipelines and production wells are estimated at $4 billion. The Luno platform design capacity will accommodate in excess of 120,000 bopd when Draupne production is combined with the Luno field. The Luno PDO includes 15 wells drilled from a jackup rig, a processing platform on a jacket structure and export pipelines tied-back to existing infrastructure. Luno contains 186 MMboe of gross proved and probable reserves. The oil will be processed and transported in a new pipeline to the Grane area and further via the Grane oil pipeline to the Sture terminal. Lundin Petroleum has started placing contracts for the Luno development. A letter of intent has been awarded to Kvaerner, covering engineering, procurement and construction of the jacket for the Luno platform. A contract has been awarded to Rowan Companies for a jackup to drill the Luno development wells. Contracts for the topside and marine installations will be awarded soon. The Luno field is situated in PL 338 on Block 16/1 in the Norwegian sector of the North Sea in 354 feet (108 meters) of water.

Oct. 2011 - The Norwegian Petroleum and Energy Ministry has requested license holders of PL 338 (Luno discovery) and PL 001B (Draupne discovery) to organize a joint development solution. The distance between the two fields is five miles (eight kilometers). Lundin Norway operates license PL 338 while Det norske operates PL 001B. The government believes that both society and licensees can expect significant savings with a unitized development solution. The Ministry has made the licensees aware that they cannot expect its approval for development and operations without these benefits being realized. Det norske stated that it will initiate a constructive collaboration with Lundin to progress towards a PDO for a unitized development of the two fields. Lundin stated that it has proposed to Det norske, prior to receipt of the letter from the Ministry, commercial solutions for a joint development. Lundin said it has completed front-end engineering for the Luno development, compromising the Luno and Tellus discoveries. A draft plan was completed, incorporating the provision for a joint development of the Draupne discovery. The plan of development is ready for submission prior to the end of this year. Lundin added that it has secured rig capacity for the Luno development and first oil is forecasted for late 2015.

May. 2011 - Lundin Petroleum has found additional oil in sidetrack well 16/1-15A on the Tellus prospect in the Norwegian North Sea. The well was drilled to a vertical depth of 6,516 feet (1,986 meters) below the sea level by the Bredford Dolphin semisub, and its objective was to further appraise the Tellus discovery in PL 338. 16/1-15A proved a 164-foot (50-meter) oil column including a thin lower Cretaceous sandstone with excellent reservoir quality overlaying fractured basement. Lundin estimates that the initial gross contingent resource range for the Tellus discovery lies between 11 to 55 MMboe of which nearly 90% is oil. Lundin plans to include Tellus in the Luno development program. Serving as operator of PL 338 is Lundin, holding a 50% interest; Wintershall holds 30%; RWE Dea holds the remaining 20%.

Apr. 2011 - Lundin Petroleum has discovered oil in well 16/1-15 on the Tellus prospect. The well was successfully tested and a comprehensive logging and coring program was acquired. Drilled by the Bredford Dolphin semisub, the well will be sidetracked to appraise Tellus to ensure it will be included in the Luno development program. Well 16/1-15 proved oil in a 164-foot (50-meter) column including a 10-foot (3-meter) thick lower Cretaceous sandstone with excellent reservoir quality overlying porous, fractured basement. The oil is of the same type as found in Luno, and the Tellus discovery is believed to be a northern extension of the Luno field. Thus far, two reservoir tests were completed. The first test was perforated in a fractured basement interval and produced 650 bopd through a 40/64-inch choke. This test showed very good flow properties and good pressure support. Lundin will give an estimate of the discovered resources once the sidetrack is completed. Serving as operator of the prospect with a 50% interest is Lundin Petroleum. Partners on the license include Wintershall Norge ASA with 30% and RWE Dea with 20%.

Jan. 2011 - Lundin Petroleum has spud exploratory well 16/1-15 in Production License 338. The well is targeting the Tellus prospect, which is situated immediately to the north of the Luno field. The main objective of the well is to test the Jurassic/Triassic age sandstones and conglomerates in a separate fault segment north of the Luno field. Lundin estimates the prospect contains gross unrisked prospective resources of 40 million barrels of oil equivalent, which could potentially prove additional volumes to the Luno development. Planned total depth of well 16/1-15 is 8,202 feet (2,500 meters), and the well will be drilled by the Bredford Dolphin semisub. Drilling should take about 45 days. Serving as operator with a 50% interest is Lundin Petroleum. Partners on the license include Wintershall Norge ASA with 30% and RWE Dea with 20%.

Jan. 2011 - Lundin Petroleum announced it will complete pre-development activities on the Luno field, including front end engineering, in 2011 to enable the submission of a Plan of Development in the second half of the year. The Luno field is situated in PL 338 on Block 16/1 in the Norwegian sector of the North Sea in 354 feet (108 meters) of water. Lundin Petroleum serves as the operator and holds a 50% interest; Wintershall holds 30%; and RWE Dea holds the remaining 20% interest.

Jan. 2011 - The Petroleum Safety Authority Norway granted consent to Lundin Norway AS to carry out exploratory drilling on well 16/1-15 in the Norwegian sector of the North Sea. Drilling of the well will take place in Production License 338 in a water depth of 364 feet (111 meters). Drilling is scheduled to start in January 2011 and last for about 39 days, but up to 96 days if discoveries are made that warrant formation testing and drilling of any sidetrack wells. The Bredford Dolphin semisub will perform the drilling operations. Lundin operates the license, holding a 50% interest.

Oct. 2010 - Lundin Petroleum has increased the gross proven and probable (2P) reserves for the Luno field from 95 million barrels of oil equivalent to 149 MMboe (136.7 million barrels of oil and 66.4 billion standard cubic feet of gas). The reserves were reevaluated to incorporate the results of the completed appraisal well 16/1-13. Additionally, the operator has completed the conceptual studies for a stand-alone development for the Luno field and will submit a Plan of Development in 2011. At this time Lundin is also considering a joint development of the Luno field with the nearby Draupne field. If a joint development solution is agreed, a Plan of Development will be submitted in 2011. The drilling results of the Apollo exploration well being drilled in PL 338 may also impact the development solution for Luno. The Luno field is situated in PL 338 on Block 16/1 in the Norwegian sector of the North Sea in 354 feet (108 meters) of water. Lundin Petroleum serves as the operator and holds a 50% interest; Wintershall holds 30%; and RWE Dea holds the remaining 20% interest.

Feb. 2010 - Sevan Marine will perform a study assessing the potential of applying a Sevan cylindrical floater for the Luno field development, during the first half of 2010. The Luno field is situated in PL 338 on Block 16/1 in the Norwegian sector of the North Sea in 354 feet (108 meters) of water. Lundin Petroleum serves as the operator and holds a 50% interest; Wintershall holds 30%; and RWE Dea holds the remaining 20% interest.

Jan. 2010 - A second appraisal well, 16/1-13, on the Luno field has successfully been completed, confirming the oil-water contact and the extension of the discovery. Drilled by the Transocean Winner semisub, the 16/1-13 well was drilled to a total vertical depth of 7,464 feet (2,275 meters) in a water depth of 358 feet (109 meters). Luno's appraisal well proved a 164-foot (50-meter) oil column in Jurassic sediments with excellent reservoir characteristics, so a production test is not needed. Data was gathered, including multiple cores and fluid samples, to further analyze how best to develop the field. Currently, the operator has certified 2P reserves of 95 MMboe for the Luno field. Lundin is the operator, holding a 50% interest; Wintershall holds 30%; and RWE holds the remaining 20% interest.

Oct. 2009 - RWE Dea has, together with Lundin Petroleum (Operator) and Wintershall, successfully completed production testing of the Luno field discovery well 16/1-8. The well was temporarily abandoned as a discovery well in 2007, with the objective to re-enter the well for future well testing and permanent abandonment. The well 16/1-8 was re-entered, perforated and tested in two intervals with flow rates of up to approximately 5,700 barrels of oil per day through a one inch (64/64") choke. The well will be permanently plugged according to plan. The production testing operation was carried out with the Transocean Winner, a 3rd generation, midwater semisubmersible, in a water depth of 354 feet (108 meters). A second appraisal well on Luno is now being planned in order to proceed with the field development plans.

Jul. 2009 - The NPD granted Lundin Norway AS a drilling permit for wellbore 16/1-12 on Block 16/1 in PL 338 in the North Sea. Wellbore 16/1-12 will be drilled from the Songa Dee semisub at position 58 degrees 48' 22.48" North and 02 degrees 15' 50.73" East. PL 338 was awarded in the Awards in Predefined Areas (APA) in 2004. This is the third well drilled in the production license.

Jul. 2009 - Lundin Norway AS was granted consent to conduct exploratory drilling in the southern part of the North Sea with the Songa Dee semisub. The consent applies to drilling of exploration well 16/1-12 in PL 338, which contains the Luno discovery. A sidetrack might also be drilled. According to the plan, the drilling activity is to start at the end of June 2009. The activity has a planned duration of 74 days, including well testing.

Apr. 2009 - Under an agreement between StatoilHydro and Lundin signed on April 2, StatoilHydro will farm-in to three North Sea licenses. StatoilHydro will acquire a 30% interest in exploration licenses PL359 and PL410, both located in the Utsira High area, plus a 10% interest in PL409. The licenses are located close to the Luno discovery in PL338, the Ragnarrock discovery in PL265 and existing StatoilHydro-operated infrastructure on Sleipner and Grane fields.

Nov. 2008 - Lundin announced the appraisal well 16/1-10 has spudded on the Luno prospect in the North Sea sector of the Norwegian Continental Shelf. Following the Luno oil discovery made in 2007 with estimated resources between 65 mmboe and 190 mmboe of gross recoverable oil from the Jurassic reservoir, the appraisal well 16/1-10 will target the lateral continuity of the Jurassic reservoir as well as the upside potential in the Triassic reservoir.