UK GBA ticks Lundin boxes

The Swedish-headquartered producer says it is comfortable sticking with Norway. But could JOG’s farm-out process attract it over the median line?

“The core focus of our business is organic growth through the drillbit,” Nick Walker, CEO of Norwegian continental shelf (NCS) specialist Lundin Energy told a March investor virtual town hall. “But acquisitions can play a part, and we have done a number of smaller ones over the years, including Wisting last year.” An average finding cost of $0.80/bl oe across a 1bn bl/oe+ resource portfolio plays a role in preferring organic to inorganic growth—"you cannot buy reserves at that price”, says Walker. But alongside near-field exploration and drilling in both mature and frontier NCS areas, he sees a role for “opportunistic” acquisitions.    “We have to be able to create value from them. It is no