Lundin in Barents farm-out deals

Frontier play: Barents Sea

NASA

Steve Marshall

 04 July 2012 07:32 GMT

Swedish independent Lundin Petroleum has struck farm-out deals with a pair of small Norwegian independents to cuts its stakes in two Barents Sea frontier licences.

Spring Energy will acquire a 10% stake in Production Licence 492 while Noreco will take a 20% interest in PL 490, where it will gain 10% each from Lundin and licence partner Det Norske, under the deals.

Lundin, which operates both licences, will hold interests of 50% in PL492 and 40% in PL490 on completion of the farm-out agreements, which are subject to the approval of the Norwegian authorities.

No value was disclosed by Lundin for the transactions.

Noreco said in a statement that an exploration well is being planned for 2013 or 2014…

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