08 June 2004

Lundin Petroleum completes sale of Tunisia onshore assets

Lundin Petroleum AB (“Lundin Petroleum”) is pleased to confirm the completion of the previously announced sale of its 50% shareholding in Compagnie Franco Tunisienne des Petroles (“CFTP”) to Spyker Energy (“Spyker”), a private French company, for a consideration of USD 3 million. The sale was completed following the receipt of regulatory approvals.

The acquisition price was settled by a cash payment previously made by Spyker on signing of the acquisition agreement and by a loan facility extended to Spyker. This loan has now been


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, Ireland, Netherlands, Norway, Sudan, Tunisia, United Kingdom, Venezuela and Albania. 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