Lundin Petroleum holds an interest in two licences offshore Ireland which were awarded in the 2006 Licensing Round.

Exploration - Inishowen licence
Frontier Exploration Licence 3/06 (Donegal Basin) was acquired in the March 2006 licensing round, to provide upside potential in the event of a successful exploration well in Donegal Basin in 2006. However, following the dry hole, the area has been reviewed and it is currently slated for relinquishment.

Exploration - Inishmore licence
Frontier Exploration Licence 4/06 (Slyne Basin) was also acquired in the March 2006 licensing round. It contains at least one well-defined structural closure, probably gas prone, at relatively shallow depth. A 3D seismic commitment exists, although at this stage there is no drilling commitment. Plans to acquire 3D seismic in 2010 and progressing.

A one or two year extension to the first exploration phase has been granted subject to the results of ongoing work.