Lundin Enters Farmout Agreements for Pl490 & Pl492

Lundin Petroleum AB's (Lundin Petroleum) wholly owned subsidiary Lundin Norway AS (Lundin Norway) is pleased to announce that it has entered into farmout agreements with Spring Energy Norway AS (Spring) and Norwegian Energy Company ASA (Noreco) in respect of licenses PL490 and PL492. Spring will acquire a 10 percent interest in PL490 and Noreco will acquire a 10 percent interest in PL492, both licenses located in the Barents Sea. The farmout agreements are subject to approval by Norwegian authorities.

Lundin Petroleum is the operator of both PL490 and PL492 and will have 50 percent working interest in PL490 and 40 percent working interest in PL492 after the farmout to Spring and Noreco.

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