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Lundin Norway and CapeOmega enter Brynhild sales agreement

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Oilfield Technology,

Lundin Petroleum AB (Lundin Petroleum) has announced that its wholly-owned subsidiary, Lundin Norway AS (Lundin Norway), entered into a sales and purchase agreement with CapeOmega AS (CapeOmega) on 27 June 2017 to divest a 39% working interest in the Brynhild field in PL148 in the Norwegian North Sea.

Lundin Norway will retain operatorship and following the transaction will have a 51% working interest in the Brynhild field, a subsea tie-back oilfield to the Shell-operated Pierce field on the UK Continental Shelf.

Meanwhile, CapeOmega will increase its working interest in the Brynhild field from 10% to 49%.

The transaction involves a consideration of NOK 774 million, including historic tax and uplift balances and the effective date of the transaction is 1 January 2017.

The transaction is subject to customary Norwegian government, as well as Lundin Petroleum lender, approvals.

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