Lundin Petroleum farms into Genesis block 9/10C in the UK

Lundin Petroleum AB has entered into an agreement with Genesis Exploration and Production Ltd. to farm-in to block 9/10c offshore UK.

Lundin Petroleum AB has entered into an agreement with Genesis Exploration and Production Ltd. to farm-in to block 9/10c offshore UK. Under the agreement Lundin Petroleum acquires a 60% interest and operatorship should a decision be taken to drill in 2006.

Block 9/10c is in the South Viking Graben immediately to the west of the UK/Norway boundary. It is also within approximately 25 km of the Alvheim development area, where Lundin Petroleum has a 15% interest, and thus forms a continuation of the companies' core area in this prolific province close to existing infrastructure.

The deal is subject to approval by the UK Government.

"The acquired exploration interest in the UK Continental Shelf is close to licenses in Norway where Lundin Petroleum has had significant exploration success. We are keen to leverage off this technical knowledge to increase our exploration interests in both Norway and the UK," Ashley Heppenstall, president and CEO, Lundin Petroleum.

12/20/04

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