Lundin Petroleum Starts Jorvik Drilling (Norway)

February 11, 2013

Lundin Petroleum AB has started drilling of exploration well 16/1-17 in PL338. The well will target the Jorvik prospect, which is located east of the Edvard Grieg field in the North Sea, offshore Norway.

The main objective of well 16/1-17 is to prove the presence of oil-bearing sandstones and conglomerates in a separate basin directly east of the Edvard Grieg field. Lundin Petroleum estimates the Jorvik prospect to contain unrisked, gross, prospective resources of 46 million barrels of oil equivalent (MMboe).

The planned total depth is 2,075 metres below mean sea level and the well will be drilled using the semi-submersible drilling rig Transocean Winner. Drilling is expected to take approximately 50 days.

Lundin Petroleum is the operator and has a 50 percent working interest in PL338. Partners are Wintershall Norge AS with 30 percent and OMV (Norge) AS with 20 percent interest.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed at the NASDAQ OMX, Stockholm and at the Toronto Stock Exchange (TSX) (Ticker “LUP”). Lundin Petroleum has proven and probable reserves of 202 million barrels of oil equivalent (MMboe).

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Press Release, February 11, 2013