Lundin gains interest in North Sea Krabbe discovery

Lundin Petroleum has signed a sale and purchase agreement with Talisman Energy Norge for a license in the southern North Sea.

Offshore staff

STOCKHOLM -- Lundin Petroleum has signed a sale and purchase agreement with Talisman Energy Norge for a license in the southern North Sea.

Talisman will transfer a 40% license interest in Production License 301 (PL301) located north of the Ula field to Lundin Petroleum. The license holds the undeveloped oil discovery Krabbe.

Lundin Petroleum has an active focus in the area with the ongoing field development work on the nearby Nemo discovery in PL148. The two discoveries are of similar type and size and are both likely subsea development projects, the company says.

Both fields are regarded as likely tie-in candidates to existing infrastructure. However, additional potential for a common processing and export solution will be evaluated as an alternative for the area, the company says.

03/30/2009

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