Lundin Petroleum Strengthens Exploration Position in Norway

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).