From Baron Funds' first quarter letter: Lundin Petroleum AB (T.LUP, Financial) is an independent Oil & Gas company with operations primarily in the Norwegian sector of the North Sea and Asia. Lundin shares rose strongly in the fourth quarter 2011 following the discovery of one of the biggest new oil fields in Norway in decades. In January Lundin announced an unsuccessful appraisal well in that field, causing concern that field reserves might be lower than anticipated, and resulting in a drop in Lundin's shares.We think the company maintains an active and attractive exploration and development program that should generate gains over the next several years. (Jamie Stone)
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