Lundin Petroleum LUPE Sweden Message Board

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Gold/Mining/Energy : Lundin Petroleum LUPE Sweden

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From: Greywolf	5/16/2005 5:39:18 PM
	of 646

Lundin Heather Limited North Sea, Sterling Resources announces that it has signed a letter agreement with Lundin Heather Limited, a wholly owned subsidiary of Lundin Petroleum AB,(Lundin) under which Lundin will acquire a 40% interest in Blocks 210/25b, 210/29 and 210/30 in the UK North Sea. Sterling currently has a 60% working interest in the Blocks which will reduce to 36% as a result of the farmout. Lundin will earn its interest by paying 61.54% of the first GBP10 million dry hole costs of a well to test an Upper Jurassic play on the Blocks and will become operator. Any costs in excess of this amount will be paid by the parties according to their working interests. Lundin is operator of the nearby Heather oilfield and platform, and brings valuable knowledge of the area to the joint venture and a facility through which a discovery could be produced. Sterling plans to farm out an additional 10 to 12.5% working interest prior to drilling and is currently in discussions with interested parties. The agreement is subject to the approval of the UK Department of Trade and Industry, a formal agreement and certain other conditions.

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