Lundin Petroleum has entered into farmout agreements for licenses PL490 and PL492, located in the Barents Sea.

"On completion of the farmout agreement, Lundin Petroleum will have 50% interest in PL490 and a 40% interest in PL492."

The value of the farmout agreements has not been disclosed.

The company signed a contract with Spring Energy Norway, which will acquire a ten percent interest in PL490, while Norwegian Energy Company will acquire a ten percent interest in PL492.

Licence PL492 is located on the south-western corner of the Loppa High and the primary target is sandstone reservoirs in the Triassic interval.

Noreco said that an exploration well is being planned for 2013 or 2014 in PL490 in the western Barents, which is on trend with earlier oil discoveries, including Skrugard located 65 kilometres to the north and Skalle to the south.

On completion of the farmout agreement, Lundin Petroleum will have 50% working interest in PL490 and a 40% working interest in PL492.