Lundin Outlines 2003 Exploration Program

Lundin Petroleum plans to carry out an extensive exploration program in 2003 including the drilling of nine exploration wells as part of a total exploration budget of US $25 million. These nine wells will be drilled in Iran (1), Albania (1), France (1), The Netherlands (2) and Indonesia (4). In addition, two wells are planned in Sudan provided that the ongoing peace process in the country evolves sufficiently for operations to resume.

With regards to the development budget of US $18 million, particular focus is given on the drilling of development wells in Venezuela, Indonesia, France and The Netherlands in order to curtail the natural decline of existing fields and maintain production close to 15,000 boepd (barrels of oil equivalents per day).

Lundin Petroleum's President & CEO, C. Ashley Heppenstall, comments on next year work program: "Next year will be an exciting year for the company with an extensive exploration drilling program. The exploration and development program will be fully funded from internally generated funds and success in any one of the wells is likely to have a material value impact on a company of our size".