2011-04-29-2011-04-15-2011-04-15

Transaction Type
Sellers
Buyers
Announce Date
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Close Date
Estimated Price
MM
Description

Acquired 40% interest in License PL609 coveing 1,180 square kilometers in the Norwegian North Sea.

Stockholm, Sweden-based Lundin Petroleum AB (Toronto: LUP; OMX: LUPE) reports that its wholly owned subsidiary Lundin Norway AS has been awarded a new exploration license interest in the 21st Norwegian Licensing Round. The awarded license, PL609 is located in the Barents Sea.

Lundin Norway will be the operator of PL609 with 40% interest. The partnership comprises RWE Dea Norge AS and Idemitsu Petroleum Norge AS, each with 30% interest.

PL609 covers an area of 1,180 km2, and is located immediately east of license PL532 where Statoil recently made a significant oil discovery on the Skrugard prospect (7220/8-1).

Lundin Norway AS has a strong acreage position in the area with four operated licenses and one partner-operated license in addition to the new award. Lundin Norway will drill a well on the Skalle prospect, well 7120/3-2, scheduled to be spudded in second-quarter 2011.