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2016-05-18

Lundin Norway awarded five licences in 23rd Norwegian Licensing Round

nces in 23rd Norwegian Licensing Round

Stockholm, 2016-05-18 14:28 CEST (GLOBE NEWSWIRE) --

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly
owned subsidiary Lundin Norway AS (Lundin Norway) has been awarded five
exploration licences in the 23rd Norwegian Licensing Round. All the licences
are located in the southern Barents Sea with three of the licences being
operated by Lundin Norway.

Loppa High awards
PL609C and PL851 are both located on the Loppa High, east and northeast of the
Lundin Norway’s operated Alta discovery. PL609C is operated by Lundin Norway
and is located immediately to the east of the Alta discovery. This licence has
been secured as protection acreage in the event that the Alta play fairway is
shown to extend east and northeast wards.

PL851 is operated by Lundin Norway and is located immediately to the north of
PL609C. This acreage is mapped as containing exploration potential on the
eastern flank of the Loppa High.

Southeastern Barents Sea awards
PL857 is located in the newly opened south eastern Barents Sea area close to
the Russian border and around 150 km from the northern coast of Norway. The
PL857 acreage is mapped containing a large dome-like structure with several
stacked prospects at Jurassic and Triassic levels with in excess of a billion
barrels of oil equivalents in total resource potential. The PL857 licence has 1
committed exploration well.

PL859 is located north of PL857 and around 420 km from the northern coast of
Norway. The PL859 acreage is mapped as containing two dome-like structures with
stacked prospects at Jurassic and Triassic levels with each prospect having the
potential to contain several billion barrels of oil equivalents in resources.
The PL859 licence has 2 committed firm exploration wells.

Kristin Faerovik, Managing Director of Lundin Norway comments:
"I am very pleased that the Norwegian Ministry of Petroleum and Energy has
awarded us what we regard as high impact exploration acreage in the southern
Barents Sea. Through this 23rd licensing round we have further consolidated our
leading acreage position in the Loppa High where we hold the Alta and Gohta oil
discoveries. I am particularly excited about the billion barrel prospectivity
on the acreage awarded in the southeastern Barents Sea. This acreage is for the
first time being made available for oil and gas exploration and with the new 3D
seismic data we have available means that these prospects are drill-ready."

The five licence awards are detailed below:

License Lundin Norway licence interest
PL609C *: 40%
PL851*: 40%
PL853*: 60%
PL857: 20%
PL859: 15%
*operator Lundin Norway

Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of world-class assets
primarily located in Europe and South East Asia. The Company is listed on
NASDAQ Stockholm (ticker "LUPE"). Lundin Petroleum has proven and probable
reserves of 685 million barrels of oil equivalents (MMboe) as at 31 December
2015.

For further information, please contact:

Maria Hamilton Teitur Poulsen
Head of Corporate Communications VP Corporate Planning & Investor Relations
E-mail: maria.hamilton@lundin.ch Tel: + 41 22 595 10 00
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50

This information has been made public in accordance with the Securities Market
Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).

Forward-Looking Statements
Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable securities
legislation). Such statements and information (together, "forward-looking
statements") relate to future events, including the Company's future
performance, business prospects or opportunities. Forward-looking statements
include, but are not limited to, statements with respect to estimates of
reserves and/or resources, future production levels, future capital
expenditures and their allocation to exploration and development activities,
future drilling and other exploration and development activities. Ultimate
recovery of reserves or resources are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking
statements. Statements concerning proven and probable reserves and resource
estimates may also be deemed to constitute forward-looking statements and
reflect conclusions that are based on certain assumptions that the reserves and
resources can be economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often,
but not always, using words or phrases such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe" and
similar expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
statements. No assurance can be given that these expectations and assumptions
will prove to be correct and such forward-looking statements should not be
relied upon. These statements speak only as on the date of the information and
the Company does not intend, and does not assume any obligation, to update
these forward-looking statements, except as required by applicable laws. These
forward-looking statements involve risks and uncertainties relating to, among
other things, operational risks (including exploration and development risks),
productions costs, availability of drilling equipment, reliance on key
personnel, reserve estimates, health, safety and environmental issues, legal
risks and regulatory changes, competition, geopolitical risk, and financial
risks. These risks and uncertainties are described in more detail under the
heading "Risks and Risk Management" and elsewhere in the Company's annual
report. Readers are cautioned that the foregoing list of risk factors should
not be construed as exhaustive. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Forward-looking
statements are expressly qualified by this cautionary statement.

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