Statoil ASA has acquired 37,101, 561 shares in Lundin Petroleum AB (publ.), corresponding to 11.93 percent of the shares and votes, at a total purchase price of approximately SEK 4.6 billion.
The investment in Lundin Petroleum will increase Statoil’s indirect exposure to core assets on the Norwegian Continental Shelf (“NCS”).

“We consider this a long term shareholding. The Norwegian Continental Shelf is the backbone of Statoil’s business, and this transaction indirectly strengthens our total share of the value creation from core, high value assets on the NCS, ” says Eldar Sætre, president and CEO of Statoil ASA.

Statoil is continuously looking to enhance value creation. In recent years Statoil has farmed down in certain mature assets on the NCS to realize value for new investments.

Through the acquisition of shares in Lundin Petroleum, Statoil increases its exposure to core field development projects and growth assets on NCS, including Johan Sverdrup and Edvard Grieg at attractive values. The investment underpins Statoil’s long term interest and commitment to the future of the NCS.

Lundin Petroleum has over the last decade successfully built a strong portfolio on the NCS, and internationally in Malaysia, and France. The company had 187.5 million barrels of oil equivalent of reserves at the end of 2014. From 2002 to 2014 it increased its reserves base four fold, and produced 24,900 barrels of oil equivalent per day in 2014. In 2015 it has booked net 2P reserves of 515 million barrels of oil equivalent for the full field development of Johan Sverdrup, based on its 22.60 percent working interest.

Statoil is supportive of Lundin Petroleum’s management, its board of directors and the strategy. There is no plan to increase Statoil’s shareholding in the company.

About Statoil

Statoil ASA (OSE: STL, NYSE: STO) is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. We are headquartered in Stavanger, Norway, with approximately 23,000 employees worldwide, and are listed on the Oslo and New York stock exchanges.

About Lundin Petroleum

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of worldclass assets primarily located in Europe and South East Asia. The Company is listed on NASDAQ Stockholm (ticker "LUPE"). Lundin Petroleum has proven and probable reserves of 187.5 million barrels of oil equivalents (MMboe) as at 31 December 2014 and 515 MMboe in respect of the Johan Sverdrup field as at 11 August 2015.