Idemitsu Petroleum Norge has entered into an agreement with Lundin Energy Norway to sell a 10% participating interest in production licenses PL 537 & PL 537B including Wisting discovery and a 15% participating interest in production licenses PL 609, PL 609B, PL 609C, PL 609D and PL 851 including Alta discovery in the Barents Sea, Norway.

Idemitsu Petroleum Norge AS acquired a 20% participating interest in PL537 & PL537B, and a 30% participating interest in PL 609, PL 609B, PL 609C, PL 609D and PL 851 through the Norwegian licensing rounds. The Wisting and Alta discoveries were made in PL 537 in 2013 and PL 609 in 2014 respectively. Studies are ongoing with a view to progressing these discoveries to development.

The transaction is part of the Company's long-term business strategy, and capital and cash management plan. It will reduce development cost exposure in future. A cash consideration of 125 MUSD is to be paid on completion of the transaction.

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