Lundin Petroleum Strengthens Exploration Position in Norway

Production License 304
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Lundin Petroleum has entered into an agreement with ExxonMobil Exploration and Production Norway AS to exchange license interests offshore Norway. Under the agreement Lundin Petroleum acquires a 60% interest in PL 304 in the South Viking Graben Area in Norway. In return ExxonMobil will have an option to acquire a 30% interest in Lundin Petroleum's recently awarded license PL 338. This agreement is subject to necessary government approval.

PL 304 contains a small area of Block 25/7 and most of Block 25/10. It bridges a gap between Lundin Petroleum's Jotun field and the PL 338 area license and represents a relatively under-explored area in close proximity to existing fields. Lundin Petroleum's partner in PL 304 will be Marathon (40%).

PL 338 was awarded 100% to Lundin Petroleum in the recent APA Round, and is located in Block 16/1 (part).

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