StatoilHydro farms into Lundin Utsira High licenses

StatoilHydro has acquired a 30% interest in exploration licenses PL359 and PL410, both located in the Utsira High area, plus a 10% interest in PL409 from Lundin Petroleum.

Offshore staff

OSLO -- StatoilHydro has acquired a 30% interest in exploration licenses PL359 and PL410, both located in the Utsira High area, plus a 10% interest in PL409 from Lundin Petroleum.

The licenses are in the North Sea close to the Luno discovery in PL338, the Ragnarrock discovery in PL265, and existing StatoilHydro-operated infrastructure on the Sleipner and Grane fields.

The agreement also involves a swap of rig capacity between StatoilHydro and Lundin Petroleum.

The implementation of the agreement is subject to the approval of government authorities.

The present ownership structure is:
PL359: Lundin Petroleum 70% (operator), Premier Oil Norge AS 30%
PL409: Lundin Petroleum 100% (operator)
PL410: Lundin Petroleum 100% (operator)

04/03/2009

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