Lundin Farms Out Gemini Prospect Offshore Norway

Sweden's Lundin Petroleum announced Tuesday that it has agreed to farm out a 30-percent working interest in the Norwegian PL338C license to Lime Petroleum.

PL338C, located on the Utsira High, contains the Gemini prospect that is currently being drilling with the rig Island Innovator (mid-water semisub).

Following the transaction, which is subject to Norwegian government approval, Lundin Norway will hold an operated 50-percent working interest in PL338C, with Lime and OMV Norge holding 30 percent and 20 percent respectively.

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