Lundin Announces Viking IPO Withdrawal

Following the announcement of the intention to float on 22 March 2007, Lundin Petroleum AB (Lundin Petroleum) has announced the withdrawal of the initial public offering of its business in Norway and United Kingdom through Viking Oil and Gas.

"The public offering of Viking made strategic sense but only at the correct valuation for Lundin Petroleum shareholders," said Ashley Heppenstall, Lundin's President and CEO. "The UK and Norwegian businesses have strong management and include an extensive portfolio of producing assets, undeveloped discoveries and exploration opportunities. Lundin Petroleum plans to develop its UK and Norwegian businesses through a proactive investment program to unlock the significant upside value of the contingent and prospective resource portfolio."

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. It has existing proven and probable reserves of 176.4 million barrels of oil equivalent (mmboe) as at 1 January 2007.