Lundin Petroleum To Buy New Exploration Acreage In Norway

Lundin Petroleum announced Wednesday that it has entered into an agreement with RWE Dea Norge AS to farm-in to PL330 located in the northern Norwegian Sea.

Under the agreement Lundin Petroleum will acquire a 30 percent interest.

PL330 covers an area of approximately 740 km2 and comprises blocks 6608/1 & 2. PL330 is located in an underexplored part of the Norwegian Sea where structures with a significant hydrocarbon potential have been identified.

RWE Dea is the operator of the license with a 40 percent interest and Marathon Petroleum Norge AS will also acquire a 30 percent interest.

The transaction is subject to approval by the Norwegian government.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a portfolio of world-class assets in Europe, South East Asia, Russia and Africa.