Lundin Petroleum Provides Deal Updates in its Q1 2020 Report

Licence Awards and Transactions

In January 2020, the Company was awarded 12 licences in the 2019 APA licensing round, of which seven are as operator.

In March 2020, Lundin Energy entered into a sales and purchase agreement with Capricorn Norge AS involving the acquisition of a 30 percent working interest in PL1057. The transaction increases Lundin Energy’s working interest to 60 percent in PL1057 and the Company will become the operator of the licence. The transaction is subject to customary government approvals and is expected to complete in the second quarter of 2020.

Currently the Company holds 84 licences in Norway, which is an increase of approximately 25 percent from the beginning of 2019.