Sweden's Lundin Petroleum has agreed to farmout 10% equity in licence PL 490 to Spring Energy, leaving Lundin with 50% in PL490 where it remains as operator.

 Also Lundin has agreed to farm out 10% in PL492 to the Norwegian Energy company – Noreco – leaving Lundin with 40%.

 Both agreements are subject to approval by the Norwegian authorties.

 PL490 – where Spring Energy and Noreco each already hold 20% equity - contains the Juksa and Snurrevad prospects with net unrisked prospective resources of 201 million barrels of oil equivalent, according to Lundin, in a late Jurassic and Cretaceous stratigraphic play.

 Chances of drilling success are ranked at between 18 and 36% and well there is due to be drille by the Transocean Arctic in the fourth quarter this year.

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