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Lundin Sells Interest In Kaspiskoye Field, Russia

Source: www.gulfoilandgas.com 12/21/2009, Location: Asia

Lundin Petroleum AB is pleased to announce the sale of its 51 percent indirect interest in CJSC Kalmeastern which held the production license for the Kaspiskoye field, Republic of Kalmykia, onshore Russia. The transaction also includes the sale of Lundin Petroleum's 50 percent interest in the related rail terminal at Ulan Khol.

Lundin Petroleum has sold the interest to a private Russian investor for cash consideration of USD 500,000.

Prior to the sale, the Kaspiskoye field was producing approximately 280 barrels of oil per day net to Lundin Petroleum. Proven and probable reserves of the Kaspiskoye field as at 31 December 2008 were approximately 3 million barrels net to Lundin Petroleum.

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