Under the terms of the agreement, Lundin Norway will sell a 15% interest to Wintershall Norge on the same terms as the PL359 transactions signed in June 2014.
Discovered by Lundin Petroleum in 2013, the Luno II discovery is located in PL359 in the central North Sea sector of the Norwegian Continental Shelf on the south western flank of the Utsira High approximately 15km south of the Lundin Petroleum-operated Edvard Grieg field.
Currently, an appraisal well is being drilled.
PL359 comprises numerous drill-ready exploration prospects while the next exploration well on the license will focus on the stacked Luno II North and Fignon prospects, which are estimated to contain gross unrisked prospective resources of 46 MMboe.
Lundin Petroleum president and CEO Ashly Heppenstall said, "We are pleased to welcome Wintershall as a partner into PL 359 containing the Luno II discovery and additional interesting prospectivity."
"This deal ensures the equalisation of licence interests in PL359 and PL338 which includes the Edvard Grieg development project," Heppenstall added.
Following completion of the transaction, which is subject to approval by the Norwegian government, Lundin Norway will have a 50% interest.
Statoil Petroleum and Wintershall will own 15% interest while OMV Norge will have a 20% interest in the licenses.
