Lundin Petroleum To Increase Interest In Brynhild Field

To acquire additional 20% interest in Licence PL148 containing Brynhild Field offshore Norway.

Lundin Petroleum AB, Stockholm, (Toronto LUP) is pleased to announce that it has entered into an agreement with Norwegian Energy Company ASA (Noreco) to acquire an additional 20% interest in licence PL148 containing the Brynhild field, offshore Norway. Following the acquisition, Lundin Petroleum will hold a 70 percent interest in PL148.

The Plan of Development for Brynhild was approved by the Norwegian government in November 2011. The Brynhild field is forecast to produce first oil in late 2013 at a gross plateau production of 12,000 barrels of oil per day.

The transaction is subject to the approval of the Norwegian authorities.