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Gold/Mining/Energy : Lundin Petroleum LUPE Sweden

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To: Tomas who wrote (575)	8/5/2004 9:06:09 PM
From: Tomas	Read Replies (1) of 646

Broom starts pumping - Upstream, August 6 The first well at Lundin Petroleum's Broom field, in the UK North Sea, has come on stream. The Swedish-based company said that production well 2/05-19Y started pumping on 3 August 2004 at an average natural flow rate of 16,000 barrels of oil per day. Two additional pre-drilled production wells and a water injection well are set to completed by the end of the year, as is drilling of a further injection well. Plateau output from the field should come in at 20,000 bpd. Broom is being developed as a sub sea tie-back to the Heather platform, which lies 7 kilometres to the east of Broom. Oil reserves are estimated to be 36 million barrels for the first phase of the Broom development. There are further development opportunities in the vicinity and within the Broom field concession area which currently are being evaluated. Lundin, which holds a 55% stake in the field, is operator. Field partners are Challenger Minerals (16%) and Palace Exploration Company (29%).

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