Lundin to Increase Stake in Lagansky License

Lundin Petroleum's subsidiary has signed an agreement with its minority partner in the Lagansky license in the Caspian Sea offshore Russia. The call option is to acquire an additional 30 percent effective interest in the Lagansky license. This would leave Lundin Petroleum with an indirect 50 percent minus one share interest in the Lagansky license in the event Gazprom exercises its option which was announced separately by Gazprom and Lundin Petroleum.