Lundin Petroleum: LUNDIN PETROLEUM AWARDED 10 LICENCES IN NORWEGIAN LICENSING ROUND

Lundin Petroleum AB ("Lundin Petroleum") is pleased to announce that its wholly owned subsidiary Lundin Norway AS has been awarded 10 exploration licence interests in the 2011 Norwegian Licensing Round, (Awards in Predefined Areas, APA). The awarded licences include one licence in the Greater Luno Area and two licences in the Barents Sea. Four of the awarded licences will be operated by Lundin Petroleum.

The licence interests are detailed below.

Licence 

Lundin Petroleum licence interest

PL495B (Block 7/1)*:                    

60% - North Sea

PL609B (Blocks 7120/1,2)*:                                                 

40% - Barents Sea

PL625 (Block 25/10)*:                                                      

40% - Greater Luno Area

PL631 (Blocks 33/9, 11)*:                                                 

60% - North Sea

PL639 (Blocks 6201/7, 8, 10 & 11):                                    

20% - Norwegian Sea

PL641 (Blocks 6204/7, 8, 10 & 11):                                    

30% - Norwegian Sea

PL646 (Blocks 6507/8, 9):                                                 

20% - Norwegian Sea

PL653 (Block 6607/3):                                                        

30% - Norwegian Sea

PL654 (Block 6608/2, 3)                                                    

30% - Norwegian Sea

PL659 (Blocks 7121/2, 7122/1, 2, 7221/12, 7222/10, 11, 12):

20% - Barents Sea

*operator Lundin Petroleum 

 

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX) (Ticker “LUP”). Lundin Petroleum has proven and probable reserves of 211 million barrels of oil equivalent (MMboe).

 

For further information, please contact:

 

C. Ashley Heppenstall,

President and CEO

Tel: +41 22 595 10 00

 

or

 

Maria Hamilton

Head of Corporate Communications

maria.hamilton@lundin.ch

Tel: +41 22 595 10 00

Tel: +46 8 440 54 50

Mobile: +41 79 63 53 641

 

The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act.

 

FORWARD-LOOKING STATEMENTS

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities, ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.  No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be unduly relied upon.  These statements speak only as on the date of this news release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment and access, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, financial risks. These risks and uncertainties are described in more detail under the heading “Risk Factors” and elsewhere in the Company’s 2010 annual report.  Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements.   Forward-looking statements included in this new release are expressly qualified by this cautionary statement.

 

RESOURCES

The recovery and production estimates of the Company’s resources provided herein are only estimates and there is no guarantee that the estimated resources will be recovered or produced. Actual resources may be greater than or less than the estimates provided here. There is no certainty that it will be commercially viable for the Company to produce any portion of these resources.

Company information

Lundin Petroleum

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