Lundin Petroleum: Secures Production License for the Morskaya Field in the Russian Caspian Sea

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that Rosnedra, the Russian licensing authority has issued a production licence for Morskaya field located within the Lagansky Block in the Russian part of the Caspian Sea.

The production licence is valid until 2035 and covers approximately 50 km². The Morskaya field is estimated to contain gross contingent resources of 157 million barrels of oil equivalent.

The Morskaya field is owned by LLC Petroresurs. Lundin Petroleum holds a 70 percent shareholding in LLC Petroresurs with Gunvor Group holding the remaining 30 percent.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments: “We are very pleased to receive a production licence for the Morskaya field and will now work towards putting in place a plan to fully appraise this large discovery situated in the northern Caspian Sea.”