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Gold/Mining/Energy : Lundin Petroleum LUPE Sweden

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To: Tomas who wrote (577)	8/12/2004 8:50:38 PM
From: Tomas	Read Replies (1) of 646

BG Group to Buy Operatorship of Norwegian Blocks Dow Jones Newswires, August 12 LONDON - BG Group said Thursday that it has signed a Sale and Purchase Agreement with Lundin Petroleum AB, under which BG is to acquire 60% equity in Lundin's 100% owned license PL 292 in the Central Norwegian North Sea, with an option to acquire a further 10% interest. Licence Area PL 292 incorporates blocks N6/3 and N15/12d. Block N6/3 contains the Pi oil and gas discovery and is adjacent to existing U.K. Central North Sea infrastructure, including the BG-operated Armada complex. Under the transaction, BG will also acquire operatorship of the License Area by transfer effective from either Apr. 11, 2005 or the partners' decision to drill a well, whichever date is the earlier. Jon Wormley, Managing Director and Executive Vice President, North West Europe, said: "This deal is further evidence of BG's determination to build a material business in the Norwegian North Sea." The effective date for the transaction is Jan. 1, 2004. From that date, BG will assume the costs and liabilities relating to the interest. The transaction is subject to the approval of the Norwegian National Petroleum Directorate and the Ministry of Petroleum and Energy. Completion is expected in the fourth quarter of 2004.

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