Lundin Petroleum Awarded 7 New Licenses in Norway

Lundin Petroleum AB announces that its wholly owned subsidiary Lundin Norway AS has been awarded seven new exploration license interests in the 2007 Norwegian APA Licencing Round. These include four licenses which will be operated by Lundin Petroleum. The license interests detailed below are located in the North Sea, the Norwegian Sea and the Barents Sea.

Lundin Petroleum license interest in: Block 2/5, 75% (operator); Block 8/4, 5, 7, 8, 9, 11 & 12 (blocks 8/8 & 8/11:200m below base jurassic and younger), 30% (operator); Block 6507/11, 30%; Block 6609/8 & 9 (all formations below base cretaceous), 20%; Block 6609/8, 9, 10 & 11, 30%; Block 7120/1 & 2, 40% (operator); Block 7120/ 4, 5 & 6, 40% (operator).

The work program associated with the acquired licenses includes the drilling of one exploration well and acquisition/interpretation of new and old seismic data.

"We are again pleased with this latest licensing round which highlights our continued commitment to exploration in Norway," President and CEO Lundin Petroleum Ashley Heppenstall comments. "The awarded licenses complement our existing Norwegian license interests which together will ensure continued exploration drilling activity for Lundin Petroleum. Our objective is for further hydrocarbon discoveries to add to last years Luno find."