Swedish Lundin buys Canadian oil company

Swedish oil company Lundin Petroleum said on Monday it had agreed to take over Canadian company Valkyries Petroleum in an all-share deal worth 700 million US dollars.

Valkyries specialises in oil and gas projects in Russia. It has interests in the Sotchemyu-Talyu Field in the Komi Republic, the Caspian Field in the Kalmykia Republic, the Ashirovskoye producing field in Orenburg and the Lagansky exploration block offshore in the Caspian Sea.

Lundin Petroleum said it hoped to create a new core area in Russia for itself by building on the existing Valkyries asset base and growing further through acquisitions.