Sweden’s largest oil explorer
Lundin Acquires License Interests From Talisman (Update1)
Dec. 16 (Bloomberg) -- Lundin Petroleum AB, Sweden’s largest oil explorer, said it’s acquiring interests in production licenses in the North Sea and Barents Sea from Talisman Energy Inc.
Lundin will acquire Talisman’s 10 percent interest in production license 265, which contains the Ragnarrock oil and gas discovery located near the Luno find, the Stockholm-based company said in an e-mailed statement today.
At the same time, Lundin agreed to acquire a 10 percent interest from Talisman in each of the production licenses 438, 490 and 492 in the Barents Sea, according to the statement. This will give Lundin a 25 percent stake in license 438 and a 30 percent interest in both PL490 and PL492, it said.
The transactions are subject to approval by the Norwegian government.
Lundin said in July the Luno field holds 95 million barrels of oil equivalent in gross proven and probable reserves, increasing its reserve base by more than 20 percent to 265 million barrels of oil equivalent.
To contact the reporter on this story: Vibeke Laroi in Oslo at vlaroi@bloomberg.net
Last Updated: December 16, 2009 05:32 EST