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(Image courtesy of Lundin Petroleum)

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.