Lundin Petroleum Acquires New Exploration Acreage in Norwegian Sea

Lundin Petroleum AB (Lundin Petroleum) announced that it has entered into an agreement with RWE Dea Norge AS to farm-in to PL330 located in the northern Norwegian Sea. Under the agreement Lundin Petroleum will acquire a 30 percent interest.

PL330 covers an area of approximately 740 km2 and comprises blocks 6608/1 & 2. PL330 is located in an underexplored part of the Norwegian Sea where structures with a significant hydrocarbon potential have been identified.

RWE Dea is the operator of the license with a 40 percent interest and Marathon Petroleum Norge AS will also acquire a 30 percent interest. The transaction is subject to approval by the Norwegian government.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, South East Asia, Russia and Africa. The Company is listed at the NASDAQ OMX, Stockholm (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (ticker “LUP”). Lundin Petroleum has proven and probable reserves of 187 million barrels of oil equivalent (MMboe).,

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Source:Lundin Petroleum , May 25, 2011; Image:RWE DEA