<p>
<strong>Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that
drilling of exploration well 7120/2-3 in PL438 has commenced. The well will
target the Skalle prospect, which is situated to the north of the Snøhvit
field in the Barents Sea, offshore Norway. </strong></p>
<p>
The main objective of well 7120/2-3 is to test Cretaceous and
Jurassic/Triassic age sandstones of a multiple target structure. Lundin
Petroleum estimates the Skalle prospect contains unrisked, gross, prospective
resources of 250 million barrels of oil equivalent (MMboe).</p>
<p>
The planned total depth is 2,650 meters below mean seal level and the well
will be drilled using the semi-submersible drilling rig Transocean Leader.
Drilling is expected to take approximately 60 days.</p>
<p>
Lundin Petroleum is the operator of PL438 with 25 percent interest. Partners
are RWE Dea Norge AS with 20 percent interest, Petoro AS with 20 percent,
Spring Energy with 17.5 percent and Talisman Energy Norge with 17.5 percent
interest.</p>
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 </p>
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 </p>
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 </p>
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 </p>
<p>
Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of world-class assets in
Europe, South East Asia, Russia and Africa. 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 187 million barrels of oil equivalent (MMboe).</p>
<p>
 </p>
<p>
For further information, please contact:</p>
<p>
 </p>
<p>
C. Ashley Heppenstall,</p>
<p>
President and CEO</p>
<p>
Tel: +41 22 595 10 00</p>
<p>
 </p>
<p>
or</p>
<p>
 </p>
<p>
Maria Hamilton</p>
<p>
Head of Corporate Communications</p>
<p>
maria.hamilton@lundin.ch</p>
<p>
Tel: +41 22 595 10 00</p>
<p>
Tel: +46 8 440 54 50</p>
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 </p>
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 </p>
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 </p>
<p>
<strong>FORWARD-LOOKING STATEMENTS</strong></p>
<p>
Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation). Such statements and information (together,
"forward-looking statements") relate to future events, including the
Company's future performance, business prospects or opportunities.
Forward-looking statements include, but are not limited to, statements with
respect to estimates of reserves and or resources, future production levels,
future capital expenditures and their allocation to exploration and development
activities, future drilling and other exploration and development activities,
ultimate recovery of reserves or resources are based on forecasts of future
results, estimates of amounts not yet determinable and assumptions of
management.</p>
<p>
All statements other than statements of historical fact may be forward-looking
statements. Statements concerning proven and probable reserves and resource
estimates may also be deemed to constitute forward-looking statements and
reflect conclusions that are based on certain assumptions that the reserves and
resources can be economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often,
but not always, using words or phrases such as "seek",
"anticipate", "plan", "continue", "estimate",
"expect", "may", "will", "project",
"predict", "potential", "targeting", "intend",
"could", "might", "should", "believe" and
similar expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements.  No assurance can be given that these
expectations and assumptions will prove to be correct and such forward-looking
statements should not be unduly relied upon.  These statements speak only
as on the date of this news release and the Company does not intend, and does
not assume any obligation, to update these forward-looking statements, except
as required by applicable laws. These forward-looking statements involve risks
and uncertainties relating to, among other things, operational risks (including
exploration and development risks), productions costs, availability of drilling
equipment and access, reliance on key personnel, reserve estimates, health,
safety and environmental issues, legal risks and regulatory changes,
competition, geopolitical risk, financial risks. These risks and uncertainties
are described in more detail under the heading “Risk Factors” and
elsewhere in the Company’s 2010 annual report.  Readers are
cautioned that the foregoing list of risk factors should not be construed as
exhaustive. Actual results may differ materially from those expressed or
implied by such forward-looking statements.   Forward-looking
statements included in this new release are expressly qualified by this
cautionary statement.</p>
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 </p>
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 </p>
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 </p>
