Lundin Petroleum spent $127 million on exploration during the first quarter of 2014, the Swedish company reported Tuesday.
Lundin completed a total of four exploration wells in the first quarter, two in Norway and two in Indonesia.
All four wells were pronounced either non-commercially viable or dry holes.
The cost of drilling the two wells in Norway, Langlitinden and Torvastad, totaled $73 million.
The Indonesian wells, Balqis and Boni, cost $45 million.
Lundin said the expenses will be offset by a tax credit of $61 million, giving a post-tax net impact to its income statement for 1Q 2014 of $66 million.
