Lundin spent $127 millions on explorations that came up empty

Swedish energy company Lundin Petroleum said Tuesday it spent roughly $127 million on exploration programs during the first quarter of the year without success.

Lundin said two exploration wells drilled in Norway and two exploration wells completed in Indonesia during the first quarter came up empty. Expenses for both operations will be offset by tax credits, the company said.indo_lundin

Read more: Lundin Petroleum

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