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Lundin Petroleum has agreed to acquire an additional 25% interest in the Norway offshore PL359, which contains the Luno II discovery, Lundin said in a press release.

Lundin will acquire a 30% interest from Premier Oil for a cash consideration of $17.5 million.

The company will simultaneously sell a 5% interest to OMV.

Lundin operates PL359 and will have a total interest of 65% following completion of the transactions.

Statoil holds a 15% interest, and OMV will hold a 20% after the deal.