Brynhild transaction between Lundin Norway and CapeOmega

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| Source: Lundin Petroleum AB
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Stockholm, 2017-06-28 08:22 CEST (GLOBE NEWSWIRE) --  

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly-owned subsidiary Lundin Norway AS (Lundin Norway) on 27 June 2017 entered into a sales and purchase agreement with CapeOmega AS (CapeOmega) to divest a 39 percent working interest in the Brynhild field in PL148 in the Norwegian North Sea.

Lundin Norway will retain operatorship and following the transaction will have a 51 percent working interest in the Brynhild field, a subsea tie-back oil field to the Shell operated Pierce field on the UK Continental Shelf.

Existing partner CapeOmega will increase its working interest in the Brynhild field from 10 to 49 percent.

The transaction involves a consideration of NOK 774 million, including historic tax and uplift balances and the effective date of the transaction is 1 January 2017.

The transaction is subject to customary Norwegian government, as well as Lundin Petroleum lender, approvals.




Lundin Petroleum is one of Europe's leading independent oil and gas exploration and production companies with operations focused on Norway and listed on NASDAQ Stockholm (ticker "LUPE"). Read more about Lundin Petroleum's business and operations at www.lundin-petroleum.com.



For further information, please contact:

Alex Budden
VP Communications & Investor Relations
Tel: +41 22 595 10 19
alex.budden@lundin.ch
Sofia Antunes
Investor Relations Officer
Tel: +41 22 595 10 00
sofia.antunes@lundin.ch
Robert Eriksson
Manager, Media Communications
Tel: +46 701 11 26 15
robert.eriksson@lundin-petroleum.se


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