Lundin Completes Sale of Sudan Block

Lundin Petroleum has completed the sale of 40.375% working interest in Block 5A, Sudan to Petronas Carigali Overseas Sdn Bhd. The cash consideration paid at Completion is US $142.5 million adjusted for working capital at March 31, 2003.

Block 5A is located in the Muglad Basin in Southern Sudan and contains the undeveloped Thar Jath field which contains gross proven and probable oil reserves of 149.1 million barrels. Lundin Petroleum will retain its 24.5% in Block 5B in Southern Sudan.