Bloomberg News

Lundin Petroleum Advances on Brynhild Purchase: Stockholm Mover

December 27, 2012

Lundin Petroleum AB (LUPE), a Swedish oil and natural-gas producer, advanced the most in more than two weeks in Stockholm trading after raising its stake in the Brynhild field off Norway.

Lundin rose as much as 2.4 percent, the biggest jump since Dec. 11, and traded up 1.9 percent at 151.30 kronor as of 2:44 p.m. local time, leading stocks in the OMX Stockholm 30 index.

The company increased its stake in Brynhild to 90 percent after acquiring 20 percent from Talisman Energy Inc., Stockholm- based Lundin said today in a statement. It expects to pump the field’s first oil in the fourth quarter of 2013 and achieve gross plateau output of 12,000 barrels of oil equivalent a day.

Lundin, whose operations are focused on Europe and Southeast Asia, received approval to develop the Brynhild deposit last year, when net peak production was estimated at about 6,000 barrels of oil equivalent a day.

The remaining 10 percent of the field is owned by Talisman Energy (TLM) Norge, part of Calgary-based Talisman Energy.

To contact the reporter on this story: Janina Pfalzer in Stockholm at jpfalzer@bloomberg.net.

To contact the editor responsible for this story: Christian Wienberg at cwienberg@bloomberg.net.


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