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Gold/Mining/Energy : Lundin Petroleum LUPE Sweden -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (553)	6/18/2004 9:49:33 AM
From: Tomas	Respond to of 646

Lundin completes asset purchase Upstream, June 18 Swiss-based Lundin Petroleum has closed its purchase of all of Norwegian minnow DNO's UK North Sea oilfields, plus assets off Ireland and Norway. The transaction cost a total of $210 million due to adjustments of about $45 million made for working capital, cash flow generated and funding requirement to the agreed cash consideration of $165 million. This gives Lundin a DNO's 100% and 99% stakes in the producing Heather and Thistle fields in the northern North Sea and its 55% operating interest in the Broom project that is being developed as a subsea tie-back to Heather and is due on stream in the middle of this year. Lundin also acquires a 7% holding in ExxonMobil's producing Jotun field, plus stakes in Marathon-operated production licences 203, 088B and 036C, part of the US company's promising West of Heimdal project. This will add about proven and probable reserves of about 65 million barrels of oil equivalent to Lundin's assets along with production of more than 12,000 boe per day, rising to some 20,000 boe per day when Broom starts up.