Lundin Petroleum acquires interest in PL674, offshore Norway

8/12/2014

Lundin Petroleum acquires interest in PL674, offshore Norway

STOCKHOLM, Sweden -- Lundin Petroleum AB (Lundin Petroleum) through its wholly owned subsidiary Lundin Norway AS (Lundin Norway) reported that it has entered into agreements to acquire a 35% interest in PL674. Lundin Norway will acquire a 15% interest in PL674 from Petrolia Norway AS and a 20% interest of a carve out area of PL674 from E.ON. The effective date for both transactions is 1 January 2014.

PL674 is located east of PL501/265 where the Johan Sverdrup field is located, and covers an area of 1,027 sq kms. E.ON is currently the operator of PL674 with a 50% interest and Petrolia Norway AS holds the remaining 50% interest.

These transactions remain subject to Norwegian government approval.

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