Lundin Closes Salawati Assets Sale

Lundin has completed the sale of its non-operated interests in the Salawati Basin and Island assets, located in the eastern part of Indonesia, to RH Petrogas ("RHP").

Lundin Petroleum and RHP, a company listed on the Singapore Stock Exchange, completed the transaction on December 29, 2010 for a consideration of MUSD 37.1 effective January 1, 2010 with additional payments due in the event of further field development of up to MUSD 3.9.

Ashley Heppenstall, President and CEO of Lundin Petroleum commented, "We are very pleased to have completed the sale of our Salawati Island and Basin assets in Indonesia to RHP. This will allow us to focus on our exploration driven growth strategy in SE Asia where we will commence a 5 well drilling program in 2011. Lundin Petroleum has also recently been awarded the South Sokang PSC in Indonesia."

Lundin Petroleum held 25.936 percent interest in the Salawati Basin asset (Kepala Burung Production Sharing Contract) and 14.5122 percent interest in the Salawati Island asset (Kepala Burung Production Sharing contract), both operated by PetroChina.


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