Lundin takes loss on dry hole, currencies

April 22, 2015 1:11 PM

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Lundin takes loss on dry hole, currencies

The company in January cut nearly half of its budget for exploration.

The company said it will take a pre-tax exploration cost of $45 million because its Gemini well was found to be dry and there were no commercial prospects in the Zulu discovery. Both exploration wells are off the coast of Norway.

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