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Arctic Oil Exploration – Consent Given to Lundin Norway SA

Maritime Activity Reports, Inc.

May 31, 2012

'Tansocean Arctic': Photo credit NPSA

'Tansocean Arctic': Photo credit NPSA

The Norwegian Petroleum Safety Authority (NPSA) consents to Lundin Norway's application to drill with 'Transocean Arctic' rig in the Arctic

The consent relates to drilling and production testing of appraisal well 16/2-13 which belongs to production licence 501.

The planned position of Transocean Arctic during the drilling of well is in 16/2-13 is:

• N 58°49'59.5"
• E 02°39'12.25"

The drilling will start in June/July 2012. The operation is estimated to last for 43 days, depending on whether a discovery is made.

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