Lundin takes loss on dry hole, currencies

April 22, 2015 1:11 PM

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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.

Also read: Rhode Island on track for $32M budget surplus

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