7 November 2003

LUNDIN PETROLEUM: OER ACQUIRES AKER ENERGY

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that OER Oil AS (OER), in which Lundin Petroleum owns a 75% interest, has agreed to acquire 100% of the shares in Aker Energy AS (Aker). The closing of the transaction is subject to the approval of the Norwegian Ministry of Oil and Energy.

Aker is a Norwegian independent oil company, which owns a 49% interest in Licence PL270 consisting of the undeveloped Agat gas/condensate discovery, as well as certain tax assets.

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 O-list 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