 Lundin
Petroleum enters into cooperation agreement
offshore Norway
Lundin Petroleum AB (“Lundin
Petroleum”) is pleased to announce that
it has entered into a cooperation agreement
with Norwegian Energy Company AS (NORECO) to
jointly pursue exploration, development and
production opportunities in the Southern North
Sea, offshore Norway (Quadrants 1-3 on Norwegian
Continental Shelf).
As part of the agreement, NORECO
will acquire a 25% interest in PL 006C in block
2/5 on the Norwegian Continental Shelf. NORECO
will carry Lundin Petroleum’s future
licence costs in an amount of NOK 220 million
to earn a 25% interest in PL006c. Lundin Petroleum’s
interest in the license will be 75% after the
farm out to NORECO. The license includes the
South East Tor discovery and is operated by
Lundin Petroleum.
The agreement is subject
to approval by Norwegian authorities.
Ashley Heppenstall, President and Chief Executive
Officer of Lundin Petroleum commented: “The
Southern North Sea is very attractive both
as an exploration area and as a mature production
province. Lundin Petroleum believes that this
agreement complements the strength of both
companies, and is looking forward to working
with NORECO to appraise and hopefully develop
the South East Tor discovery and to pursue
other opportunities in the area.”Lundin
Petroleum is a Swedish independent oil and
gas exploration and production company with
a well balanced portfolio of world-class assets
in Albania, France, Indonesia, Ireland, Netherlands,
Nigeria, Norway, Russia, Sudan, Tunisia, United
Kingdom and Venezuela. The Company is listed
on the O-list, Attract 40 at Stockholm Stock
Exchange, Sweden (ticker “LUPE”). |
