Lundin Petroleum is an independent Swedish oil and gas exploration and production company. Production is generated from assets in France, Tunisia, Netherlands, Norway, Russia and Indonesia. In addition there is significant upside potential within these areas of operation including undeveloped oil and gas discoveries and ongoing exploration programmes. Together with the exploration assets in Vietnam, Malaysia, Congo (Brazzaville) and Ireland, Lundin Petroleum has a balanced portfolio of world-class assets. Lundin Petroleum has existing proven and probable reserves of 177 million barrels of oil equivalent (MMboe) and a forecast net production range for 2010 of 29,000-33,000 barrels of oil equivalent per day (boepd).

Congo (Brazzaville)
Lundin Petroleum has interests in two exploration licences, Marine XI and XIV, offshore Congo. An exploration program is currently ongoing on the blocks.

France
With 9 production licences the Paris Basin has proven and probable reserves of nearly 18 MMboe. Lundin Petroleum also holds 8 exploration licences in the Paris Basin. The Aquitaine Basin assets consist of 1 exploration licence and 5 producing fields. Proven and probable reserves are 3.9 MMboe. The operator is Vermillion.

Indonesia
The current producing fields in Indonesia are located in the Salawati Basin and Salawati Island licences. Lundin Petroleum also has an interest in the Singa gas field development which is due to come onstream in 2010. With the signing of two new exploration licences in the Natuna Sea in November 2008, Lundin Petroleum now has interests in four exploration licences. Proven and probable reserves are 15.2 MMboe.

Ireland
Lundin Petroleum has two exploration licences located offshore Ireland.

Malaysia
Lundin Petroleum has signed Production Sharing Contracts (PSCs) for the exploration and production of oil and gas in two blocks located offshore Peninsular Malaysia and one offshore Sabah.

Netherlands
The Netherlands is a mature gas region with stable offshore and onshore production offering attractive fiscal terms. Lundin Petroleum has proven and probable reserves of 3.4 MMboe.

Norway
Lundin Petroleum has a portfolio of exploration, production and development licences on the Norwegian Continental shelf including the Barents Sea. The assets have reserves of 121 MMboe. Lundin Petroleum has a 15% interest in the Alvheim field which came on stream in the second quarter 2008. The Volund field is planned to come on stream in 1H 2010 through a tie-back to the Alvheim FPSO. The Luno discovery made in 2007, has proven and probable reserves of 95 MMboe. Appraisal and further exploration drilling in 2010 will further evaluate the potential of the Greater Luno Area.

Russia
Lundin Petroleum has an interest in the highly prospective Lagansky exploration block in the Caspian Sea. The first exploration well, Morskaya-1, resulted in a major oil discovery and tested a combined flow rate of 2,500 bopd. Other assets in Russia include an interest in the producing Sotchemyu-Talyu and North Irael Fields in the Komi Republic. Proved and probable reserves in Russia are 16.9 MMboe.

Tunisia
Lundin Petroleum has been producing from the Oudna field via an FPSO since 2006. Despite late life the field continues to produce at relatively stable rates. Lundin Petroleum also has interests in two discoveries offshore Tunisia; Birsa and Zelfa. Proved and probable reserves in Tunisia are 0.3 MMboe.

Vietnam
Lundin Petroleum has been awarded a 33.33% interest in Block 06/94 in the Nam Con Son Basin, offshore southern Vietnam. Several large prospective structures have been mapped across the block and exploration drilling will continue in 2010 to test the potential.