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Orrön Energy — Capital/Financing Update 2008
Feb 11, 2008
2942_rns_2008-02-11_018aeac5-e22a-4a89-957b-f27bc45f3cc4.pdf
Capital/Financing Update
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Lundin Petroleum AB (publ) SE-111 48 Stockholm
Tel: +46-8-440 54 50 Fax: +46-8-440 54 59
Hovslagargatan 5 Nordic Exchange at Stockholmsbörsen: LUPE
E-mail: [email protected] 11 February 2008
LUNDIN PETROLEUM AWARDED SEVEN NEW LICENCES IN NORWEGIAN LICENCING ROUND
Lundin Petroleum AB ("Lundin Petroleum") is pleased to announce that its wholly owned subsidiary Lundin Norway AS has been awarded seven new exploration licence interests in the 2007 Norwegian APA Licencing Round. These include four licences which will be operated by Lundin Petroleum. The licence interests detailed below are located in the North Sea, the Norwegian Sea and the Barents Sea.
| Licence | Lundin Petroleum licence interest |
|---|---|
| Block 2/5 | 75%* |
| Block 8/4, 5, 7, 8, 9, 11 & 12 | |
| (blocks 8/8 & 8/11:200m below base jurassic and younger) | 30%* |
| Block 6507/11 | 30% |
| Block 6609/8 & 9 (all formations below base cretaceous) | 20% |
| Block 6609/8,9,10 & 11 | 30% |
| Block7120/1 & 2 | 40%* |
| Block 7120/4, 5 & 6 | 40%* |
| *operator Lundin Petroleum |
The work programme associated with the acquired licences includes the drilling of one exploration well and acquisition/interpretation of new and old seismic data.
Ashley Heppenstall, President and CEO Lundin Petroleum comments,
"We are again pleased with this latest licencing round which highlights our continued commitment to exploration in Norway. The awarded licences complement our existing Norwegian licence interests which together will ensure continued exploration drilling activity for Lundin Petroleum. Our objective is for further hydrocarbon discoveries to add to last years Luno find"
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, Africa, Russia and the Far East. The Company is listed at the Nordic Exchange, Sweden (ticker "LUPE"). Lundin Petroleum has existing proven and probable reserves of 184,2 million barrels of oil equivalent (mmboe) as at 1 January 2008.
For further information, please contact:
C. Ashley Heppenstall, President and CEO Tel: +41 22 595 10 00 or Maria Hamilton Head of Corporate Communications Tel: +46 8 440 54 50 Tel: +41 22 595 10 00
Visit our website: www.lundin-petroleum.com