Lundin, Talisman trade North Sea interests

Lundin Petroleum is acquiring Talisman's 10% interest in PL265 in the North Sea.

Offshore staff

STOCKHOLM -- Lundin Petroleum is acquiring Talisman's 10% interest in PL265 in the North Sea. The license contains the Ragnarrock oil and gas discovery close to Lundin's Luno discovery in PL338.

At the same time, Talisman will acquire a 10% interest in licenses PL438, PL490, and PL492 in the Barents Sea from Lundin. Following the deal, Lundin Petroleum will retain 25%, 30% and 30%, respectively, in the licenses.

The transactions are subject to approval by the Norwegian government.

12/16/2009

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