Lundin is acquiring Statoil's 15% stake in the Edvard Grieg field offshore Norway. In return Statoil will receive an increased equity interest in Lundin. We calculate that each deal has been done at a premium to our underlying base case NPVs. But as a swap deal the net effect is more neutral; relative to our valuations Lundin has overpaid for Edvard Grieg using its own overvalued equity. The fact that both parties have validated higher valuations suggests confidence in key assets.