28 July 2003

LUNDIN PETROLEUM ACQUIRES FURTHER PRODUCING INTERESTS IN SALAWATI PSC’S, INDONESIA

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that it has completed the acquisition of a further 0.936% working interest in the Salawati Basin Production Sharing Contract (“PSC”) and a further 0.52% working interest in the Salawati Island PSC for a cash consideration of 400,000 USD. Both concessions are located onshore and offshore Papua, Indonesia and are operated by PetroChina.

These interests were previously held by Ross Energy LLC and American Energy Operations Indonesia Inc. The acquisition is effective as of 1 January 2003 and was completed following the receipt of all necessary partner and regulatory approvals.

The acquired interests will result in an increase to Lundin Petroleum’s proven and probable reserves of 0.3 million barrels of oil equivalent (mmboe) and currently producing approximately 2,485 barrels of oil equivalent (boepd), net.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments: “The acquisition is in line with our strategy to consolidate around our existing producing interests. The Salawati concessions are solid producing assets which also have good upside potential from ongoing exploration.”

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Albania, France, Indonesia, Iran, Netherlands, Norway, Sudan, Tunisia and Venezuela. The Company is listed on the New Market at Stockholmsbörsen, Sweden (ticker “LUPE”).

For further information, please contact:
C. Ashley Heppenstall,
President and CEO
Tel: +41 22 319 66 00
or
Maria Hamilton
Head of Corporate Communications
Tel:+46 8 440 54 50