Lundin Petroleum, Talisman Buy Stakes In Norway Oil Licenses

Sweden's Lundin Petroleum AB (LUPE.SK) Wednesday said it has entered a deal with Talisman Energy AS (TLM) to obtain its 10% stake in the oil and gas license holding the Ragnarrock discovery while Talisman will pick up stakes in the Barents Sea.

Lundin Petroleum will acquire Talisman's 10% interest in production license 265 with the Ragnarrock oil and gas discovery, which is located very close to Lundin's own Luno discovery in production license 338.

Meanwhile, Lundin has entered a farm-out agreement relating to licenses 438, 490 and 492 in Norway's Barents Sea, giving Talisman 10% of each of them.

Following the deal, Talisman retains interests of 25%, 30% and 30% respectively in the three licenses.

The transaction is subject to government approvals.

Company Web site: www.lundin-petroleum.com

-By Elizabeth Adams, Dow Jones Newswires; +44 (0) 20 7842 9386; elizabeth.adams@dowjones.com

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