Lundin Petroleum increases ownership in the Brynhild field offshore Norway

12/27/2012

Lundin Petroleum increases ownership in the Brynhild field offshore Norway

STOCKHOLM, Sweden -- Lundin Petroleum, through its wholly owned subsidiary Lundin Norway, has completed an agreement with Talisman Energy Norge to acquire a 20% interest in the Brynhild field, offshore Norway. Following the acquisition, Lundin Petroleum will hold a 90% interest in the Brynhild field.

The original agreement, as announced on the 5th March 2012, did not close. Subsequently, the agreement has been amended such that Lundin Norway has acquired a 20% interest from Talisman Norge with Talisman Norge retaining 10% in the field.

The amended agreement, which has an effective date of 1 January 2012, has been approved by the Norwegian authorities. The Brynhild field is forecast to produce first oil in the fourth quarter of 2013 at a gross plateau production of 12,000 bopd.

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