At the same time, Lundin is selling a 5% interest in the license to OMV Norge.
Lundin drilled the discovery well last year on the southwest flank of the Utsira High, 15 km (9.3 mi) south of its Edvard Grieg field development. Later this month the company is expected to spud an appraisal well on the structure.
Other prospects have been identified in the license, with the next exploration well likely to target the stacked Luno II North and Fignon prospects, with combined resources estimated at 46 MMboe.
These transactions remain subject to Norwegian government approval. Assuming the Norwegian government approves the transactions, Lundin will have a 65% interest in partnership with OMV (20%) and Statoil (15%).