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2016-10-19

LUNDIN PETROLEUM AB: Update on third quarter 2016 financial results

Lundin Petroleum AB
Company Announcement

Update on third quarter 2016 financial results

Stockholm, 2016-10-19 08:30 CEST (GLOBE NEWSWIRE) --

Lundin Petroleum AB (Lundin Petroleum) will recognise a net foreign exchange
gain of approximately MUSD 136 for the third quarter of 2016.

The profitability for the third quarter of 2016 will be impacted by a largely
non-cash net foreign currency exchange gain mainly related to the revaluation
of loan balances. This item will have no impact on the reported operating cash
flow or EBITDA for the period.

Foreign Exchange
Lundin Petroleum will recognise a net foreign exchange gain of approximately
MUSD 136 in its income statement for the third quarter of 2016. The Norwegian
Krone strengthened against the US Dollar by approximately 4 percent during the
third quarter of 2016 and the foreign exchange gain mainly relates to the
revaluation of loan balances at the prevailing exchange rates at the end of the
reporting period.

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
CEST on 19 October 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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