Lundin Takes Seven Licenses in Latest Norwegian Round

Lundin Petroleum's Norwegian subsidiary, Lundin Norway AS, has been offered seven new exploration license interests in the 2006 Norwegian APA Licensing Round. They include six licenses which will be operated by Lundin Petroleum. The license interests detailed below are located on the Norwegian Continental Shelf as well as one license located in the Barents Sea.

Block 2/8: Lundin Petroleum 50%*
Block 3/5 & 8: Lundin Petroleum 50%*
Block 16/7: Lundin Petroleum 100%*
Block 16/5: Lundin Petroleum 100%*
Block 25/5, 6, 8 & 9: Lundin Petroleum 30%
Block 25/1, 2 & 4: Lundin Petroleum 45%*
Block 7120/1, 2, 3, 4,5 & 6: Lundin Petroleum 35%*
*operator Lundin Petroleum

The work program associated with the acquired licenses includes the drilling of two exploration wells and acquisition/interpretation of new and old seismic data.

Ashley Heppenstall, President and CEO Lundin Petroleum comments, "We are very pleased with this latest licensing round where Lundin Petroleum is one of the most prominent companies in respect of operatorships and awarded licenses. We are committed to a proactive exploration program on the Norwegian Continental Shelf over the following years and to extend this to our new interest in the Barents Sea."

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