Lundin Petroleum AB to spin-off its Norwegian and UK businesses into new company

Nordic Business Report, March 22, 2007

NORDIC BUSINESS REPORT-22 March 2007-Lundin Petroleum AB to spin-off its Norwegian and UK businesses into new company(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Swedish independent oil and gas company Lundin Petroleum AB announced on Thursday (22 March) its intention to spin-off its Norwegian and UK businesses into a newly formed Norwegian company called Viking Oil and Gas ASA (Viking).

Lundin Petroleum intends to launch an initial public offering (IPO) of the Viking shares and to seek a listing of the shares on the Oslo Stock Exchange.

Viking is currently a wholly-owned subsidiary of Lundin Petroleum. Through the IPO Lundin Petroleum proposes to offer 50.01% of Viking's shares to the public at a price to be determined and retain a substantial shareholding, 49.99%, in the new company.

The IPO is expected to be completed before the end of the second quarter of 2007.

Viking would become a new Norwegian independent oil and gas exploration and production company, well-positioned to take advantage of growth opportunities on the Norwegian and United Kingdom continental shelves, Lundin Petroleum said.

Viking will have its head office in Oslo, Norway, with an office in Aberdeen, Scotland.

Lundin Petroleum is headquartered in Stockholm, Sweden. The company has assets in Albania, Congo Brazzaville, Ethiopia, France, Indonesia, Ireland, the Netherlands, Nigeria, Norway, Russia, Sudan, Tunisia, the United Kingdom, Venezuela and Vietnam. Lundin Petroleum is listed on the Nordic Exchange in Stockholm.

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