Lundin Wins New PSC for Gurita Block Offshore Indonesia

March 22, 2011

Lundin Petroleum AB nnounces that it has been awarded a new production sharing contract (PSC) for the Gurita Block by MIGAS, the Indonesian oil and gas regulating authority, in Jakarta on 18 March 2011. The block is located in the Natuna Sea, offshore Indonesia.

The Gurita Block covers an area of approximately 8,018 km2. The Gurita PSC lies adjacent to the main oil and gas producing area in the Natuna Sea and contains a portfolio of exploration opportunities that will be further delineated by the planned 3D seismic acquisition programme. Lundin Petroleum holds a 100 percent interest in the block.

During the first three year exploration phase Lundin Petroleum plans to shoot 400km2 of 3D seismic.

The PSC is expected to be signed in April 2011.

Ashley Heppenstall President and CEO of Lundin Petroleum comments “The award of the Gurita PSC further emphasizes the continued expansion of Lundin Petroleum’s exploration portfolio within the Natuna Sea area of Indonesia and Malaysia. This new block is a further addition to Lundin Petroleum’s activities in the area, following the acquisition of the South Sokang PSC secured in December 2010.”

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, Russia, South East Asia and Africa. The Company is listed at the NASDAQ OMX, Stockholm (ticker “LUPE”). Lundin Petroleum has proven and probable reserves of 187 million barrels of oil equivalent (MMboe).

[mappress]

Source: Lundin Petroleum, March 22, 2011;