Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, Africa, Russia and the Far East. The Company is listed at the Nordic Exchange, Sweden (ticker "LUPE"). Lundin Petroleum has existing proven and probable reserves of 176.4 million barrels of oil equivalent (mmboe) as at 1 January 2007.
For further information, please contact:
C. Ashley Heppenstall,
President and CEO
Tel: +41 22 595 10 00
or
Maria Hamilton
Head of Corporate Communications
Tel: +46 8 440 54 50
Mobile: +41 79 63 53 641
LUNDIN PETROLEUM ENTERS INTO CALL OPTION AGREEMENT TO POTENTIALLY ACQUIRE AN ADDITIONAL 30 PERCENT IN LAGANSKY LICENCE.
Lundin Petroleum AB is pleased to announce that a wholly owned subsidiary of Lundin Petroleum AB ("Lundin Petroleum") has signed an agreement with its minority partner in the Lagansky licence in the Caspian Sea offshore Russia. The call option is to acquire an additional 30 percent effective interest in the Lagansky licence. This would leave Lundin Petroleum with an indirect 50 percent minus one share interest in the Lagansky licence in the event Gazprom exercises its option which has been announced by Gazprom and Lundin Petroleum in a separate press release today.
| Source: Orrön Energy AB