Lundin Petroleum Acquires Additional Stake in Indonesian PSC

Lundin Petroleum has completed the acquisition of a further 0.936% working interest in the Salawati Basin Production Sharing Contract and a further 0.52% working interest in the Salawati Island PSC for a cash consideration of US $400,000. Both concessions are located onshore and offshore Papua, Indonesia and are operated by PetroChina.

These interests were previously held by Ross Energy LLC and American Energy Operations Indonesia Inc. The acquisition is effective as of 1 January 2003 and was completed following the receipt of all necessary partner and regulatory approvals.

The acquired interests will result in an increase to Lundin Petroleum's proven and probable reserves of 0.3 million barrels of oil equivalent (mmboe) and currently producing approximately 2,485 barrels of oil equivalent (boepd), net.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments: "The acquisition is in line with our strategy to consolidate around our existing producing interests. The Salawati concessions are solid producing assets which also have good upside potential from ongoing exploration."

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