Lundin Spuds Appraisal Well on Johan Sverdrup Discovery

January 7, 2013

Lundin Petroleum AB (Lundin Petroleum) announced that the wholly owned subsidiary Lundin Norway AS has commenced the drilling of appraisal well 16/3-5 in PL501 on the Johan Sverdrup discovery, located in the North Sea sector of the Norwegian Continental Shelf (NCS).

The well is located in the south eastern part of the discovery. The objective of the well is to establish the depth, quality and thickness of the Jurassic reservoir sequences approximately 3 km south of appraisal well 16/3-4 and 3 km east of appraisal well 16/2-7. These successful wells were drilled in 2011 as the first appraisal wells in PL501 on the Johan Sverdrup discovery. Well 16/3-5 will investigate the thickness and quality of the Jurassic reservoir sequence on the south-eastern side of the Avaldsnes crest area. Well 16/3-5 is also expected to be an important calibration point for the depth to top reservoir in this part of the field as well as the nature of the sub-cropping sediments.

The planned total depth is approximately 2,025 meters below mean sea level and the well will be drilled by using the semi-submersible drilling rig Bredford Dolphin. The drilling operation is expected to take approximately 45 days.

Lundin Petroleum is the operator of PL501 with 40 percent interest. Partners are Statoil Petroleum AS with 40 percent and Mærsk Oil Norway ASA 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 (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (Ticker “LUP”). Lundin Petroleum has proven and probable reserves of 211 million barrels of oil equivalent (MMboe).

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Press Release, January 7, 2013