Lundin Sees 12% Increase in Reserves

Lundin Petroleum reports the results of its third party reserves certification of proven and probable reserves as of January 1, 2006.

The third party reserve certification completed by Gaffney Cline has resulted in net proven and probable reserves increase to 146.1 million barrels of oil equivalent (MMBOE) as at January 1, 2006. This equates to a 12% increase of reserves since January 1, 2005 taking into account actual 2005 production.

MMBOE

Gaffney Cline 01.01.2005 reserves

142.9
2005 Production
-12.1
Gaffney Cline 01.01.2005 reserves at 01.01.2006
130.8


Gaffney Cline 01.01.2006 reserves
146.1


Reserve increase
12%
Reserve replacement ratio 126%

The proven and probable reserves have been calculated using Society of Petroleum Engineers and World Petroleum Congress joint definitions.

Ashley Heppenstall, CEO & President of Lundin Petroleum commented:" We are very pleased to have continued to increase our reserves in 2005 particularly in our core areas in the UK and Norwegian North Sea."

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