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Lundin Petroleum Ab News

14 Jan 2016

Statoil Acquires Minority Stakes in Lundin Petroleum

Statoil ASA has acquired 37,101, 561 shares in Lundin Petroleum AB (publ.), corresponding to 11.93 percent of the shares and votes, at a total purchase price of approximately SEK 4.6 billion. The investment in Lundin Petroleum will increase Statoil’s indirect exposure to core assets on the Norwegian Continental Shelf (“NCS”). “We consider this a long term shareholding. The Norwegian Continental Shelf is the backbone of Statoil’s business, and this transaction indirectly strengthens our total share of the value creation from core, high value assets on the NCS, ” says Eldar Sætre, president and CEO of Statoil ASA. Statoil is continuously looking to enhance value creation. In recent years Statoil has farmed down in certain mature assets on the NCS to realize value for new investments.

10 Oct 2014

Lundin Spuds Storm Wildcat

Lundin Petroleum AB, through its wholly owned subsidiary Lundin Norway AS, is pleased to announce that drilling of exploration well 33/2-1 in PL555 has commenced. The well will investigate the hydrocarbon potential of the Storm Prospect in PL555, which is located 200 km west northwest of Florø on the Norwegian west coast and approximately 65 km northwest of the Snorre Field. The main objective of well 33/2-1 is to test the reservoir properties and hydrocarbon potential of the Upper Jurassic Sandstones equivalent to the reservoir in the Magnus field on the UKCS approximately 35 km to the south. Lundin Petroleum estimates the Storm prospect to have the potential to contain unrisked, gross prospective resources of 89 million barrels of oil equivalent (MMboe).

08 Nov 2012

Lundin Petroleum Drills Offshore Malaysia

Lundin Petroleum AB has commenced the fourth well in its 2012 Malaysian exploratory drilling campaign. Tembakau-1 exploration well in PM307 Block, offshore east coast Peninsula Malaysia, is a vertical well to be drilled by the jackup rig West Courageous to a depth of 1,650 metres in approximately 80 metres water depth. The drilling of the well is expected to take two to three weeks. Lundin Petroleum holds 75 percent interest in PM307 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV's partner is PETRONAS Carigali Sdn Bhd with 25 percent interest. Lundin Malaysia BV operates six blocks in Malaysia, namely PM307, PM308A, PM308B, SB303, SB307 & SB308.

22 Aug 2006

Island Oil & Gas Wins Two New Licenses

Island Oil and Gas PLC said it has been granted two new licenses offshore Ireland. One license covers blocks in the Southern Slyne Trough. Island Oil, the designated operator, and Lundin Petroleum AB will each hold a 50 percent interest in the newly named Inishmore Licence. The second award is the newly named Inishowen licence in the Donegal Basin. Again, Island is the designated operator with a 40 pct stake, while Lundin will hold 40 pct and Endeavour Energy 20 pct. Source: Lifestyle Extra