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UPDATE: Lundin Petroleum Sets 2013 Capital Expenditure Budget of $1.7 Billion, Spuds Appraisal Well 16/3-5

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Lundin Petroleum AB (LUP.TO) announced its 2013 development, appraisal and exploration budget which totals US$1,700 million.

The 2013 expenditure on development projects is budgeted at US$1,100 million, which represents approximately a 150% increase on forecast 2012 development expenditure. The 2013 budgeted expenditure on exploration activity is US$460 million, which represents approximately 40% increase on the forecast 2012 exploration expenditure.

The company also announced that its wholly owned subsidiary, Lundin Norway AS, has commenced the drilling of appraisal well 16/3-5 in PL501 on the Johan Sverdrup discovery, located in the North Sea sector of the Norwegian Continental Shelf.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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