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2016-11-22

LUNDIN PETROLEUM AB: Oil discovery in the Neiden prospect in the southern Barents Sea

Lundin Petroleum AB
Company Announcement

Oil discovery in the Neiden prospect in the southern Barents Sea

Stockholm, 2016-11-22 08:30 CET (GLOBE NEWSWIRE) --

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly
owned subsidiary Lundin Norway AS (Lundin Norway) has completed the Neiden
exploration well 7220/6-2R as an oil and gas discovery. The well is located in
PL609 approximately 60 km northeast of the Alta discovery on the Loppa High in
the southern Barents Sea.

The main objectives of the well were to prove oil in Triassic sandstone and
Permian carbonate reservoirs.

The well encountered a gross 31 metres hydrocarbon column, with 21 metres of
oil and 10 metres gas in the Permian target. The total gross resource estimate
for the Neiden discovery is between 25 and 60 million barrels of oil
equivalents (MMboe).

Extensive data acquisition and sampling was carried out including coring,
logging and light oil and gas sampled from the wireline tools. The well
demonstrates high quality karstified carbonate reservoir which reduces the risk
of the Børselv prospect, located 15 km north and up dip from the Neiden
discovery in PL609. The Børselv prospect is a candidate for drilling in 2017.

The semisubmersible drilling rig Leiv Eiriksson will now move to the Filicudi
prospect in PL533 to the northwest of the Alta discovery and south of the
Statoil operated Johan Castberg discovery. The Filicudi prospect is expected to
contain Jurassic sandstone reservoir analogous to the Johan Castberg discovery.
The Filicudi prospect is estimated to contain gross unrisked prospective
resources of 258 MMboe.

Lundin Norway is the operator of both PL609 and PL533 and holds a 40 percent
and 35 percent working interest in these respective licences.

Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of worldclass 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 716.2 million barrels of oil equivalents (MMboe) as at 1 January
2016.

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 is information that Lundin Petroleum AB is required to make
public pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the contact persons set out above, at 08.00
CET on 22 November 2016.

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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