Lundin Extends Avaldsnes Field with Second Appraisal Well

- Lundin Extends Avaldsnes Field with Second Appraisal Well

Wednesday, August 31, 2011
Lundin Petroleum AB

Lundin announced that the second appraisal well, 16/2-7, has confirmed the extension of the Avaldsnes field approximately 5.5 kilometers south of the 16/2-6 discovery well and 4.5 kilometers south-west of the first appraisal well 16/3-4. The Avaldsnes field is located in license PL501 on the Norwegian Continental Shelf and is in communication with the recently announced Aldous Major South discovery in PL265 to the west.

The second Avaldsnes appraisal well encountered a gross reservoir column of excellent quality Upper Jurassic age sandstone of approximately 35 meters of which seven meters was above the oil water contact. A comprehensive coring and logging program has been performed which has confirmed excellent quality reservoir characteristics.

The appraisal well will now be sidetracked to obtain further reservoir information. The sidetrack will be completed by mid September. The well was drilled to a total depth of 2,500 meters MD and in a water depth of 113 meters.

Lundin Petroleum is using the semi submersible drilling rig Bredford Dolphin to drill the well.

Ashley Heppenstall, President and CEO of Lundin Petroleum commented, "The second Avaldsnes appraisal well results have confirmed the extension of the field to the south. We will, following the sidetrack, incorporate the results of the two well appraisal program and Statoil's Aldous Major South well in PL265 into our geotechnical models. We will then release a revised resource range from the previously announced 100 - 400 million barrels of recoverable of oil equivalent contained within PL501. The Avaldsnes /Aldous Major South discovery is already the largest discovery on the Norwegian Continental Shelf since the mid 1980s and I am confident has the potential to grow as the field is appraised. It is likely that a third appraisal well will be drilled on Avaldsnes during the fourth quarter of 2011."

Lundin Norway AS is the operator of PL501 with a 40 percent interest. Partners are Statoil Petroleum AS with 40 percent interest and Maersk Oil Norway with 20 percent interest.

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Lundin Spuds Batu Hitam Well Offshore Malaysia

- Lundin Spuds Batu Hitam Well Offshore Malaysia

Friday, August 19, 2011
Lundin Petroleum AB

Lundin has commenced the drilling of the Batu Hitam prospect located in Block PM308A, offshore the east coast of Peninsular Malaysia.

The Batu Hitam-1 well will test the hydrocarbon potential of a large basement high structure located in the east of the PM308A block. The objectives of the well are Oligocene sandstones in a four-way dip closure and fractured pre-Tertiary basement in the underlying horst block.

The planned total depth is 2,450 meters subsea and the well will be drilled using the jackup drilling rig Offshore Courageous. The well is expected to take approximately 40 days.

Lundin Petroleum operates and holds 35 percent interest in PM308A through its subsidiary Lundin Malaysia BV. Partners in PM308A are JX Nippon Oil & Gas Exploration (Peninsular Malaysia) Limited with 40 percent interest and PETRONAS Carigali Sdn. Bhd. with 25 percent.

Lundin Malaysia BV operates 6 Blocks in Malaysia, namely PM308A, PM308B, PM307, SB303, SB307 and SB308.

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Lundin Hits Gas Pay Offshore Malaysia

- Lundin Hits Gas Pay Offshore Malaysia

Thursday, August 04, 2011
Lundin Petroleum AB

Lundin has made a second gas discovery with the Cempulut-1 well that was drilled in Block SB303, offshore Sabah, East Malaysia.

Cempulut-1 was drilled with the Offshore Courageous rig in a water depth of approximately 75 meters. The well was drilled to a total depth of 1,095 meters.

The Cempulut-1 well intersected a large Late Miocene carbonate reef with excellent reservoir properties.

The gross total vertical pay thickness encountered is approximately 50 meters. The deeper targeted oil leg however proved to be water bearing.

An extensive data acquisition program was completed including pressure measurements, sampling and a mini flow test.

The data recovered from the well will be analyzed further in order to determine a range of resource estimates.

Ashley Heppenstall, President and CEO of Lundin Petroleum commented, "This is the second gas discovery made by Lundin Petroleum in SB303 and the third in the contract area which also contains the Titik Terang discovery. All three discoveries are in close proximity to one another and with additional undrilled leads and prospects also in the block a clear opportunity to evaluate the potential for a cluster development now exists."

The rig will now move to drill the Batu Hitam prospect, in PM308A, the third well in Lundin Petroleum's five well drilling campaign in Malaysia in 2011.

Lundin Petroleum holds a 75 percent interest in SB303 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV's partner is PETRONAS Carigali Sdn Bhd with a 25 percent interest.

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Lundin Reports Strong 2Q Results, Boosts Output Forecast

- Lundin Reports Strong 2Q Results, Boosts Output Forecast

Wednesday, August 03, 2011
Lundin Petroleum AB

Lundin reported for the six month period ended June 30, 2011

Six months ended June 30, 2011

• Production of 32,300 boepd up 13% from the first six months 2010
• Profit after tax of MUSD 130.3 up 526% from the first six months 2010
• EBITDA of MUSD 505.3 up 96% from the first six months 2010
• Operating cash flow of MUSD 390.3 up 52% from the first six months 2010
• Net debt down to below MUSD 120 from MUSD 410 at year end
• Five exploration discoveries, four in Norway and one in Malaysia
• Ten Norwegian licenses awarded in the 2010 Norwegian licensing round, six as operator
• Operated license awarded in Barents Sea in the 21st Norwegian licensing round
• Operated Gurita block awarded in the Natuna Sea, offshore Indonesia

Second Quarter ended June 30, 2011

• Production of 31,100 boepd
• Profit after tax of MUSD 76.9
• EBITDA of MUSD 266.9
• Operating cash flow of MUSD 196.7
• Three exploration discoveries – Skalle and Earb South discoveries in Norway and Tarap discovery in Malaysia
• Appraisal well confirmed extension of the Avaldsnes discovery
• New operated block PM307 awarded in Malaysia
• Brynhild field plan of development (formerly called Nemo) submitted

Comments from C. Ashley Heppenstall, President and CEO

Lundin Petroleum achieved excellent results in the second quarter of 2011 with increased profitability and cash flow. What is extremely pleasing however, is the continued exploration success. I have always highlighted that the major valuation creation for our company will be achieved through increasing our oil and gas resources, and the best way to do that is through exploration.

Lundin Petroleum produced a net result for the first six months of MUSD 130.3. The strong production coupled with oil prices achieved of well over USD 100 per barrel resulted in operating cash flow of MUSD 390.3 and EBITDA of MUSD 505.3. Despite our significant exploration and development investment program net debt during the first half of the year has reduced from MUSD 410 to below MUSD 120.

The positive exploration news has continued during the second quarter with further discoveries at Skalle in PL438 in the Barents Sea, Earb South in PL505 in the northern Norwegian north Sea and Tarap in Block SB303 offshore East Malaysia. In addition the results of the first Avaldsnes appraisal well were extremely encouraging confirming the extension of the Avaldsnes field to the south east. We have now achieved five discoveries from our first five exploration wells this year following the Tellus and Caterpillar discoveries during the first quarter.

Our business is continuing to grow and I am confident we will continue to increase shareholder value. We are generating strong cash flow and profitability from our existing production which is outperforming, our development projects are proceeding well and our exploration success continues.

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Lundin, Partners Submit Field Development Plan for Brynhild Field

- Lundin, Partners Submit Field Development Plan for Brynhild Field

Monday, August 01, 2011
Lundin Petroleum AB

Lundin as operator has, with its partners Noreco and Talisman, submitted a plan for development and operation (PDO) for the Brynhild field (formerly called Nemo) to the Norwegian Ministry of Petroleum and Energy. The Brynhild field is an oil field located in the Norwegian sector of the North Sea. First production from the Brynhild field in PL148 is expected in late 2013.

The Brynhild field is located adjacent to the Norwegian – United Kingdom (UK) international border. The PDO includes three wells and pipelines/umbilical tied back to the existing Shell operated Pierce field infrastructure in the UK sector of the North Sea. Brynhild holds 22 million barrels of oil (MMbo) in gross proved and probable reserves with a forecast gross peak production of approximately 12,000 barrels of oil per day (bopd). The oil will be processed and stored on the Pierce floating production, storage and offloading (FPSO) vessel before offshore loading to shuttle tankers.

Lundin Petroleum has a 50 percent working interest in the Brynhild field. Talisman and Noreco hold a 30 percent and a 20 percent interest, respectively.

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Lundin Spuds Avaldsnes Appraisal Well

- Lundin Spuds Avaldsnes Appraisal Well

Wednesday, July 20, 2011
Lundin Petroleum AB

Lundin announced that drilling of the appraisal well 16/2-7 on the Avaldsnes discovery located in the North Sea sector of the Norwegian Continental Shelf (NCS), has commenced.

The planned depth is approximately 2,275 meters below mean sea level and the well will be drilled using the semisubmersible drilling rig Bredford Dolphin. The drilling operation is expected to take approximately 55 days.

The objective of the well is to appraise the Avaldsnes discovery following the 16/2-6 discovery well in 2010 and the recent successful appraisal well 16/3-4 with side-track 16/3-4A.

Lundin Petroleum is the operator of PL501 with 40 percent interest. Partners are Statoil Petroleum AS with 40 percent and Maersk Oil Norway with 20 percent interest.

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Lundin Finds Success with Avaldsnes Sidetrack

- Lundin Finds Success with Avaldsnes Sidetrack

Monday, July 18, 2011
Lundin Petroleum

Lundin Norway AS (Lundin Norway) a wholly owned subsidiary of Lundin Petroleum AB (Lundin Petroleum) has completed the sidetrack well 16/3-4A of the first appraisal well 16/3-4 on the Avaldsnes discovery in PL501 on the Norwegian Continental Shelf (NCS). A comprehensive data acquisition and sampling program has been acquired from the sidetrack well.

The objective of the sidetrack well 16/3-4A was to confirm lateral reservoir continuity and sand quality to the west of the first appraisal well. The results from the sidetrack well shows good lateral continuity of the reservoir with a proved oil column in excess of 4 meters with excellent quality sands.

The well 16/3-4A was drilled to a vertical depth of 1,934 meters below sea level using the drilling rig Bredford Dolphin. The rig will now move on to drill the second appraisal well, 16/2-7 over the Avaldsnes discovery.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments ' The results of the first Avalsdnes appraisal well and subsequent sidetrack are very positive having proven the lateral continuity of the Upper Jurassic Draupne reservoir with high porosity and permeability. Whilst the reservoir thickness across the Avalsdnes structure will be variable we now have a higher degree of confidence that the part of the structure previously assumed to be non hydrocarbon bearing will in fact be covered by Upper Jurassic hydrocarbon bearing reservoir. '

Lundin Norway is the operator with 40 percent interest. Partners are Statoil Petroleum AS with 40 percent interest and Mærsk Oil Norway with 20 percent.

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Lundin Spins Bit Offshore Malaysia

- Lundin Spins Bit Offshore Malaysia

Thursday, July 14, 2011
Lundin Petroleum AB

Lundin has commenced the drilling of the Cempulut prospect located in Block SB303, offshore Sabah in East Malaysia.

The main objective of the well is to test a large shallow late Miocene carbonate reef with a crestal seismic amplitude anomaly.

The planned total depth is 1,031 meters subsea and the well will be drilled using the jack-up drilling rig Offshore Courageous. The well is expected to take approximately 30 days.

Lundin Petroleum holds 75 percent interest in SB303 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV operates 6 Blocks in Malaysia, namely PM308A, PM308B, PM307, SB303, SB307 and SB308.

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Lundin Hits Gas Pay in Barents Sea

- Lundin Hits Gas Pay in Barents Sea

Friday, July 08, 2011
Lundin Petroleum AB

Lundin, operator of production license 438, has completed well 7120/2-3S on the Skalle prospect as a gas discovery. A comprehensive logging and coring program has been acquired.

The well is situated approximately 25 kilometers north of the Snohvit Field in the south western part of the Barents Sea. The primary target for the well was to prove hydrocarbons in reservoir rocks from both the Cretaceous and the Jurassic age. Gas was proven in three separate zones.

The initial gross contingent resource range for the Skalle discovery is estimated at between 88 to 280 billion cubic feet (bcf) (15 to 50 million barrels of oil equivalent (MMboe)). There is a potential for a deeper oil leg in the lower Cretaceous reservoir of Skalle and an upside potential in Skalle substructures.

The results of the well will be further analyzed to determine the appraisal program for the discovery.

Ashley Heppenstall, President and CEO of Lundin Petroleum commented, "The Skalle gas discovery is close to existing infrastructure with upside potential both in nearby substructures and other prospects on the license. We remain confident regarding the oil prospectivity of Lundin Petroleum's Barents Sea acreage."

The well 7120/2-3S is the first exploration well in PL438 and was drilled to a vertical depth of approximately 2,600 meters below sea level.

Well 7120/2-3S was drilled using the rig Transocean Leader, which now will move to PL265 in the Greater Luno Area in the Norwegian North Sea to drill the Aldous Major South exploration well 16/2-8. Statoil ASA is the operator of PL265 and Lundin Petroleum has a 10 percent interest.

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Lundin Confirms Avaldsnes Extension

- Lundin Confirms Avaldsnes Extension

Monday, June 27, 2011
Lundin Petroleum AB

Lundin announced that the first appraisal well, 16/3-4 has confirmed the extension of the Avaldsnes field to the south-east of the 16/2-6 discovery well in PL501 on the Norwegian Continental Shelf (NCS). The well was successfully tested and a comprehensive logging and coring program has been acquired.

Avaldsnes was confirmed as an oil discovery by the Lundin Norway operated well 16/2-6 in 2010 and is located approximately 25 km east of the Lundin Norway operated Luno discovery.

The first appraisal well 16/3-4 was drilled approximately 6.5 km south-east of the discovery well and has proved an oil column of 13,5 meters in excellent quality sandstone of Jurassic age. A high net to gross has resulted in net pay at the appraisal location in excess of that at the discovery well. The data acquired confirms excellent reservoir properties, with average porosity of approximately 30 percent and multi-Darcy permeability. The average production rate was in excess of 5,500 barrels of oil equivalent per day through a restricted choke size of 60/64 inch.

The well will now be side-tracked to confirm the lateral continuity of the reservoir towards the west.

The well will then be plugged and abandoned. The total depth of the well is 2020 meters.

Ashley Heppenstall, President & CEO of Lundin Petroleum commented, "We are very pleased with the results of the first Avaldsnes appraisal well which encountered oil bearing reservoir of thickness and quality which is better than the discovery well. We will now sidetrack the appraisal well to provide information regarding the lateral continuity of the reservoir towards the part of the structure we had assumed in our previous resource estimates was non- hydrocarbon bearing. We will update our Avaldsnes resource estimates following the sidetrack and second appraisal well."

Lundin Norway is using the semi submersible drilling rig Bredford Dolphin to drill the well. The rig will start drilling the second appraisal well on Avaldsnes, 16/2-7, immediately after 16/3-4.

Lundin Norway is the operator with 40 percent interest. Partners are Statoil Petroleum AS with 40 percent interest and Maersk Oil Norway AS with 20 percent interest.

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Lundin to Spin Bit in North Sea

- Lundin to Spin Bit in North Sea

Tuesday, June 14, 2011
Petroleum Safety Authority Norway

Lundin has received consent to carry out exploration drilling of well 16/2-7 in the North Sea with the Bredford Dolphin mobile facility.

The well will be drilled in production license 501, approx. 167 kilometers west of Stavanger.

The well has the coordinates N 58º 46' 47.79'', E 02º 39' 16.34''. The water depth at the site is approx. 113 meters.

The activity has an estimated duration of 53 to 67 days, depending on whether the well is dry or if a discovery is made.

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Lundin Primes Bit for North Sea Drilling

- Lundin Primes Bit for North Sea Drilling

Friday, June 10, 2011
Norwegian Petroleum Directorate

he Norwegian Petroleum Directorate has granted Lundin Norway AS a drilling permit for well 16/2-7, cf. Section 8 of the Resource Management Regulations.

Well 16/2-7 will be drilled from the Bredford Dolphin drilling facility at position 58°46'48"N 02°39'16"E after completing drilling of wildcat well 16/3-4 for Lundin in production license 501.

The drilling program for well 16/2-7 relates to drilling of a wildcat well in production license 501. Lundin is the operator with an ownership interest of 40 percent. The other licensees are Statoil Petroleum AS with 40 percent and Maersk Oil Norway AS with 20 percent.

The area in this license consists of parts of blocks 16/2, 3, 5 and 6. The well was drilled approximately five kilometers south of the oil discovery well 16/2-6 (Avaldsnes) in the central North Sea.

Production license 501 was awarded on 23 January 2009 (APA 2008). This is the third well to be drilled in the area of the license.

The permit is contingent upon the operator having secured all other permits and consents required by other authorities before starting the drilling activity.

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Lundin Adds Acreage Offshore Malaysia

- Lundin Adds Acreage Offshore Malaysia

Friday, June 03, 2011
Lundin Petroleum AB

Lundin announced that its wholly owned subsidiary, Lundin Malaysia B.V. has entered into an agreement with Petronas Carigali Sdn Bhd to farm-in to Block PM307 offshore Peninsula Malaysia. Under the agreement, Lundin Petroleum acquires a 75 percent interest and operatorship. Petronas Carigali Sdn Bhd holds the remaining 25 percent interest in the Block.

Block PM307 covers an area of approximately 6,126 km2 and contains a proven oil discovery.

Work commitments include 500 km2 of 3D seismic, an appraisal well on the discovery and an exploration well.

Lundin Petroleum now operates a total of 6 Blocks in Malaysia divided into 2 core areas. The Peninsula Malaysia core area consists of PM307, PM308A and PM308B which are contiguous. The Sabah core area consists of SB303, SB307 and SB308 which are also contiguous blocks.

Ashley Heppenstall, President and CEO of Lundin Petroleum commented, "The signing of this Block marks a further important step forward in Lundin Petroleum’s pursuit of organic growth opportunities in Malaysia and South East Asia. We are particularly encouraged by the recent announcement made by the Malaysian Government regarding fiscal incentives for small fields that when implemented could accelerate commercialization of the proven discovery that exists within the Block."

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Lundin Contracts Fred Olsen Semisub for NCS Drilling

- Lundin Contracts Fred Olsen Semisub for NCS Drilling

Thursday, May 19, 2011
Fred Olsen Energy ASA

Dolphin Drilling, a subsidiary of Fred Olsen, has entered into a Letter of Award for the provision of the semi-submersible drilling rig Bredford Dolphin with Lundin Norway AS for operation on the Norwegian Continental Shelf. The contract is for a six well drilling program with an estimated duration of one year, with commencement January 2012. Lundin have the option to extend the contract period with three additional wells within November 30, 2011. The estimated contract value for the firm period is approximately USD 133 million.

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Tellus Sidetrack Delivers Additional Oil Pay for Lundin

- Tellus Sidetrack Delivers Additional Oil Pay for Lundin

Thursday, May 19, 2011
Lundin Petroleum AB

Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB (Lundin Petroleum), operator of PL338, has completed the sidetrack well 16/1-15A on the Tellus prospect.

The objective of well 16/1-15A was to further appraise the Tellus discovery located in Block PL338. The well proved a 50 meter oil column including a thin lower Cretaceous sandstone with excellent reservoir quality overlaying fractured basement.

The initial gross contingent resource range for the Tellus discovery is estimated at between 11 to 55 million barrels of oil equivalent (MMboe) of which approximately 90 percent is oil. This contingent resource range has been independently audited by Gaffney Cline and Associates (GCA). The Tellus discovery will be included in the Luno development program.

Well 16/1-15A was drilled to a vertical depth of 1,986 meters below the sea level using the semi-submersible drilling rig Bredford Dolphin.

Lundin Petroleum is the operator of PL338 with 50 percent interest. Partners are Wintershall Norge ASA with 30 percent and RWE Dea Norge AS with 20 percent interest.

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NPD Gives Lundin Green Light for North Sea Drilling

- NPD Gives Lundin Green Light for North Sea Drilling

Wednesday, May 18, 2011
Norwegian Petroleum Directorate

The Norwegian Petroleum Directorate (NDP) has granted Lundin Norway AS a drilling permit for well 7120/2-3 S, cf. Section 8 of the Resource Management Regulations.

Well 7120/2-3 S will be drilled from the Transocean Leader drilling facility at position 71 47' 20.97" N and 20 21' 44.23" E.

The drilling program for well 7120/2-3 S relates to the drilling of a wildcat well in production license 438. Lundin Norway AS is the operator with an ownership interest of 25 percent. The other licensees are Petoro AS with 20 percent, RWE Dea Norge AS with 20 percent, Talisman Energy Norge AS with 17.5 percent and Marathon Petroleum Norge AS with 17.5 percent.

Well 7120/2-3 S is located approximately 30 kilometers northwest of the Snøhvit field. The production license consists of parts of blocks 7120/1, 7120/2, 7120/3, 7120/4, 7120/5 and 7120/6. The production license was awarded in APA 2006.

Wildcat well 7120/2-3 S is the first exploration well in production license 438.

The permit is contingent upon the operator having secured all other permits and consents required by other authorities before the drilling activity starts.

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Lundin Commences Malaysian Drilling Campaign

- Lundin Commences Malaysian Drilling Campaign

Tuesday, May 17, 201
Lundin Petroleum AB

Lundin has commenced its Malaysian drilling campaign with the spud of the Tarap-1 well in the SB 303 Block offshore Sabah, East Malaysia.

The well will target Miocene sandstones in the Kindu sub basin. The well will be drilled with the Offshore Courageous rig in a water depth of approximately 70 meters. It will be a deviated well, directionally drilled to intersect a series of stacked seismic anomalies, with a planned total depth of 2,140 meters subsea.

The well is the first of the five well program planned in 2011 by Lundin Malaysia BV in its Malaysian Blocks.

Lundin Petroleum holds 75 percent interest in SB303 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV's partner is PETRONAS Carigali Sdn Bhd with a 25 percent interest. Lundin Malaysia BV operates five blocks in Malaysia, namely PM308A, PM308B, SB303, SB307 and SB308.

Ashley Heppenstall, President and CEO of Lundin Petroleum commented, "We are very pleased to commence our five well drilling programme in Malaysia, a country where the Lundin Group achieved significant exploration success in the 1990's."

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Lundin Spins Bit at Avaldsnes Appraisal

Lundin Spins Bit at Avaldsnes Appraisal

Monday, May 16, 2011
Lundin Petroleum AB

Lundin announced that drilling of the first appraisal well 16/3-4 on the Avaldsnes discovery located in PL501, in the North Sea sector of the Norwegian Continental Shelf (NCS), has commenced.

The main objective of the well 16/3-4 is to delineate the Avaldsnes discovery made in 2010 with estimated recoverable resources between 100– 400 million barrels of oil in PL501. The target is to confirm the presence of late Jurassic sand approximately 5 km southeast of the Avaldsnes discovery well 16/2-6. The planned total depth is approximately 2,000 meters below mean sea level and the well will be drilled using the semi-submersible drilling rig Bredford Dolphin. Drilling is expected to take approximately 45 days. The second appraisal well, 16/2-7, will spud directly following the completion of well 16/3-4 using the same rig.

Lundin Petroleum is the operator of PL501 with 40 percent interest. Partners are Statoil Petroleum ASA with 40 percent and Mærsk Oil Norway AS with 20 percent.

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Lundin Spuds Skalle Well Offshore Norway

Lundin Spuds Skalle Well Offshore Norway

Monday, May 16, 2011
Lundin Petroleum AB

Lundin announced that drilling of exploration well 7120/2-3 in PL438 has commenced. The well will target the Skalle prospect, which is situated to the north of the Snohvit field in the Barents Sea, offshore Norway.

The main objective of well 7120/2-3 is to test Cretaceous and Jurassic/Triassic age sandstones of a multiple target structure. Lundin Petroleum estimates the Skalle prospect contains unrisked, gross, prospective resources of 250 million barrels of oil equivalent (MMboe).

The planned total depth is 2,650 meters below mean seal level and the well will be drilled using the semi-submersible drilling rig Transocean Leader. Drilling is expected to take approximately 60 days.

Lundin Petroleum is the operator of PL438 with 25 percent interest. Partners are RWE Dea Norge AS with 20 percent interest, Petoro AS with 20 percent, Spring Energy with 17.5 percent and Talisman Energy Norge with 17.5 percent interest.

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Lundin Expands Presence in Barents Sea

Lundin Expands Presence in Barents Sea

Friday, April 15, 2011
Lundin Petroleum AB

Lundin has been awarded a new exploration license interest in the 21st Norwegian Licensing Round. The awarded license, PL609 is located in the Barents Sea.

Lundin Norway will be the operator of PL609 with 40 percent interest. The partnership comprises RWE Dea Norge AS and Idemitsu Petroleum Norge AS, each with 30 percent interest.

PL609 covers an area of 1,180 km2, and is located immediately east of license PL532 where Statoil recently made a significant oil discovery on the Skrugard prospect (7220/8-1).

Lundin Norway AS has a strong acreage position in the area with four operated licenses and one partner-operated license in addition to the new award. Lundin Norway will drill a well on the Skalle prospect, well 7120/3-2, scheduled to be spudded in the second quarter 2011.