Lundin Completes Edvard Grieg Acquisition

Lundin Petroleum AB has completed the acquisition of an additional 15 percent interest in the Edvard Grieg field, PL338 and interests in associated pipeline assets, from Statoil Petroleum AS.

In consideration for the acquisition of these assets, Lundin Petroleum has issued 27,580,806 new shares of Lundin Petroleum to Statoil ASA. In addition, Lundin Petroleum has transferred 2,000,000 shares held in treasury and issued 1,735,309 new shares to Statoil ASA in exchange for a cash consideration of approximately $64 million.

Statoil ASA now owns approximately 68.4 million shares of Lundin Petroleum, representing 20.1 percent of the 340,386,445 issued and outstanding shares of Lundin Petroleum.

Lundin Norway AS is the operator of PL338 with a 65 percent working interest. The partners are OMV Norge with 20 percent and Wintershall Norge with 15 percent.



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