Lundin Sells 15% Interest in PL350 to Wintershall Norge

Lundin Norway entered into an agreement to sell an additional 15% interest in PL350 to Wintershall Norge. The subsidiary of Lundin Petroleum acquired a 30% interest from Premier Oil in June and sold a 5% interest to OMV (Norge) AS.

‘Lundin Norway will sell a 15 percent interest to Wintershall Norge AS (Wintershall) on the same terms as the PL359 transactions announced on 17 June 2014,’ reads a note released on Friday. 

Lundin Petroleum acquired its 30% interest for a consideration of USD 17.5 million. 

As reported by the company, the Luno II discovery was made by Lundin Petroleum in 2013 and is located in PL359 in the central North Sea sector of the Norwegian Continental Shelf on the south western flank of the Utsira High approximately 15 kilometres south of the Lundin Petroleum-operated Edvard Grieg field.

“We are pleased to welcome Wintershall as a partner into PL 359 containing the Luno II discovery and additional interesting prospectivity. This deal ensures the equalisation of licence interests in PL359 and PL338 which includes the Edvard Grieg development project,” Ashly Heppenstall, President and CEO, commented.