Norway: Lundin Petroleum Wins New Exploration Licence in Barents Sea

Lundin Petroleum AB announces that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) 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 percent interest. The partnership comprises RWE Dea Norge AS and Idemitsu Petroleum Norge AS, each with 30 percent 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 the second quarter 2011.

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. Lundin Petroleum has proven and probable reserves of 187 million barrels of oil equivalent (MMboe).

[mappress]

Source: Lundin Petroleum , April 15, 2011