Lundin Shareholders Okay Viking IPO

An extraordinary general meeting of Lundin Petroleum AB shareholders took place Monday in Stockholm.

As previously announced, Lundin proposes to launch an initial public offering (IPO) of the shares in its wholly owned subsidiary, Viking Oil and Gas ASA and to seek a listing of the Viking shares on the Oslo Stock Exchange (OSE). At the time of the IPO, Viking will hold all of Lundin Petroleum's Norwegian and UK business. Through the IPO, Lundin Petroleum proposes to offer 50.01 percent of the Viking shares to the public at a price to be determined.

The Extraordinary General Meeting resolved, in connection with the IPO of the Viking shares on the OSE, to approve the offer of approximately 50.01 percent of the Viking shares to the public; and to authorize the Board of Directors of Lundin Petroleum to take all appropriate actions in order to execute the transaction, including determining the terms and conditions, including price, on which the Viking shares will be sold.

Lundin Petroleum and Viking expect to announce the indicative price range for the Viking shares, by publishing a supplementary prospectus and releasing a press release on or about 18 April 2007. Viking expects that its application to list its shares on the OSE will be approved by the Board of the OSE on 25 April 2007, and Lundin Petroleum and Viking expect to announce the final offer price on or about 26 April 2007. Listing and trading in the Viking shares on the OSE is expected to commence on or about 27 April 2007 on an "if-and-when-sold" basis, and delivery of the Shares is expected to take place on or about 3 May 2007, the third trading day following the listing date.

Viking is an independent oil and gas exploration, development and production company whose activities are focused exclusively on the Norwegian Continental Shelf ("NCS") and the United Kingdom Continental Shelf ("UKCS"). Viking's assets include interests in four currently producing fields, Jotun on the NCS and Broom, Heather and Thistle, which it operates on the UKCS. In addition, the Alvheim field on the NCS is expected to commence production in the late second quarter or early third quarter of 2007. The Group's license interests also provide it with an extensive inventory of potential developments, discoveries and prospects. As at 1 January 2007, a total of 96.6 million barrels of oil equivalent (mmboe) of net proved and probable reserves were attributed to the NCS and UKCS assets to be held by Viking as well as 99.4 mmboe of net contingent resources and 934 mmboe of net unrisked prospective resources. Forecast production from Viking assets in 2007 is greater than 20,000 boepd.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, Africa, Russia and the Far East. The Company is listed at the Nordic Exchange, Sweden (ticker "LUPE"). Lundin Petroleum has existing proven and probable reserves of 176.4 million barrels of oil equivalent (mmboe) as at 1 January 2007.

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