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Lundin Petroleum AB: Johan Sverdrup PL265 Appraisal Wells 16/2-19 and 16/2-19A Completed

STOCKHOLM, SWEDEN -- (Marketwired) -- 05/02/14 -- Lundin Petroleum AB (Lundin Petroleum) (TSX:LUP)(OMX:LUPE), through its wholly owned subsidiary Lundin Norway AS (Lundin Norway), announces that the Johan Sverdrup appraisal well 16/2-19 found 6 metres of good quality oil filled sandstone of lower Jurassic/upper Triassic age in the Geitungen area in the north eastern part of the Johan Sverdrup discovery. Well 16/2-19A was drilled as a side-track approximately 1,000 metres towards south west finding 13 metres gross of low to excellent quality upper Jurassic sandstone in a more central position within the Geitungen area. The Johan Sverdrup field is located in PL501, PL265 and PL502 on the Norwegian Continental Shelf (NCS).

Appraisal well 16/2-19 was drilled approximately 2.1 kilometres north of appraisal well 16/2-12 and 3.2 kilometres south east of appraisal well 16/2-9S, both in PL265. The purpose of the well was to investigate the Jurassic presence, reservoir thickness, quality and distribution on the north-eastern edge of Johan Sverdrup discovery. The well found 12 metres of upper Jurassic spiculitic silty sandstone with no reservoir quality and 6 metres of good quality sandstone of most likely lower Jurassic/upper Triassic age. Fluid sampling indicates an oil water-contact approximately at 1927-1929 metres below sea level. These sediments are resting on a 37 metre sequence of low/non quality sediments of most likely Triassic Permian age before entering granitic basement.

Well 16/2-19A was drilled as a side-track approximately 1,000 metres south west of the main well, with objectives to investigate the presence of upper Jurassic Draupne high quality reservoir sandstone in a more central position within the Geitungen area. The well found 10 metres of oil filled low to medium quality upper Jurassic spiculitic silty sandstone above an oil filled 3 metre sandstone of excellent quality, most likely Draupne sandstone facies, of upper Jurassic age. These sediments are resting on a 20 metre sequence of non reservoir quality carbonate and sandstone, most likely Permian age, before entering granitic basement. No oil water contact was established.

Wells 16/2-19 and 16/2-19A were drilled using the semi submersible drilling rig Ocean Vanguard which will continue to drill a shallow gas pilot hole within PL265.

Lundin Norway has a 10 percent interest in PL265 with Statoil Petroleum as the operator with 40 percent interest. The partners are Petoro with 30 percent interest and Det Norske Oljeselskap with 20 percent interest.

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 at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX) (Ticker "LUP"). Lundin Petroleum has proven and probable reserves of 194 million barrels of oil equivalent (MMboe).

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.

Reserves and Resources

Unless otherwise stated, Lundin Petroleum's reserve and resource estimates are as at 31 December 2013, and have been prepared and audited in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook")."). Unless otherwise stated, all reserves estimates contained herein are the aggregate of "Proved Reserves" and "Probable Reserves", together also known as "2P Reserves". For further information on reserve and resource classifications, see "Reserves, Resources and Production" in the Company's annual report.

Contingent Resources

Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. There is no certainty that it will be commercially viable for the Company to produce any portion of the Contingent Resources.

Prospective Resources

Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both a chance of discovery and a chance of development. There is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the Prospective Resources. Unless otherwise stated, all Prospective Resource estimates contained herein are reflecting a P50 Prospective Resource estimate. Risked Prospective Resources reported herein are partially risked. They have been risked for chance of discovery, but have not been risked for chance of development.


BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf : 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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