Financial Presentation - First Quarter 2011

C. Ashley Heppenstall, President & CEO Geoff Turbott, VP Finance & CFO

Disclaimer

DISCLAIMER Certain statements made in this presentation involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating to Lundin Petroleums business and operations are based on managements expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. Lundin Petroleum makes no commitment, and disclaims any duty, to update or revise any of these statements. This presentation is for informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The information contained in this presentation is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to Lundin Petroleum and should not be relied upon for the purpose of making investment decisions concerning any securities of Lundin Petroleum.

WF8278

First Quarter 2011 Highlights

First Quarter 2011 Production (boepd) Average Brent oil price (USD/boe) Cost of operations (USD/boe) Prot after tax (MUSD) EBITDA (MUSD) Operating cash ow (MUSD) 33,500 105.43 7.70 53.4 238.4 193.6

WF11284 p1 02.11

Financial Results - First Quarter 2011

320 300 280 260 240 220 200 MUSD 180 160 140 120 100 80 60 40 20 0
WF11284 p2 02.11

REVENUE 33,500 boepd USD 95.86/boe

Financial Results - First Quarter 2011

320 300 280 260 240 220 200 MUSD 180 160 140 120 100 80 60 40 20 0
WF11284 p2 02.11

OPERATING COSTS Cost of operations USD 7.70/boe

Financial Results - First Quarter 2011

320 300 280 260 240 220 200 MUSD 180 160 140 120 100 80 60 40 20 0
WF11284 p2 02.11

DEPLETION MUSD 40.6

EXPLORATION COSTS MUSD 10.0

Financial Results - First Quarter 2011

320 300 280 260 240 220 200 MUSD 180 160 140 120 100 80 60 40 20 0
WF11284 p2 02.11

G&A + Financial MUSD 11.4

TAX MUSD 136.9 Effective rate 72%

Financial Results - First Quarter 2011

320 300 280 260 240 220 200 MUSD 180 160 140 120 100 80 60 40 20 0
WF11284 p2 02.11

NET PROFIT MUSD 53.4

Financial Results - First Quarter 2011

240

240

200

200

MUSD

160

160

MUSD

120

120

80
53.4

80

40
24.5

293%
13.6

40

UK Q1
0

Net Profit First Quarter 2010

Net Profit First Quarter 2011

WF11285 q1 p1 04.10

10

Financial Results - First Quarter 2011

240

240

200

193.6

200

MUSD

160
145.7

61%

160

MUSD

UK Q1
120

120.5

120

80
53.4

80

40
24.5

293%
13.6

40

UK Q1
0

Net Profit First Quarter 2010

Net Profit First Quarter 2011

Operating Cash Flow First Quarter 2010

Operating Cash Flow First Quarter 2011

WF11285 q1 p1 04.10

11

Financial Results - First Quarter 2011

240

238.4

240

200

193.6

200

101%
160

MUSD

160
145.7

61%
151.0

MUSD

UK Q1
120

120.5

UK Q1
118.8

120

80
53.4

80

40
24.5

293%
13.6

40

UK Q1
0

Net Profit First Quarter 2010

Net Profit First Quarter 2011

Operating Cash Flow First Quarter 2010

Operating Cash Flow First Quarter 2011

EBITDA First Quarter 2010

EBITDA First Quarter 2011

WF11285 q1 p1 04.10

12

Netback - First Quarter 2011

USD/boe
Average Brent oil price

105.43

Revenue Cost of operations Taris Royalty and direct taxes Changes in inventory/overlift Other Cash Margin Cash taxes Operating Cash Flow General and administration costs EBITDA

96.83 -7.70 -1.98 -3.86 0.62 -0.19 83.72 -19.47 64.25 -4.60 79.12

Development capex Exploration capex

WF11284 p5 02.11

37 MUSD 72 MUSD

13

General & Administration / Financial Items - First Quarter 2011

General & Administration

General & administration expenses LTIP non-cash charge

MUSD

(8.5) (6.3) (14.8)

Other Income Net Financial Items

Gain on sale of AOC loan conversion shares Foreign exchange loss Others

0.2

15.6 (8.5) (3.9) 3.2

WF11284 p10 02.11

14

Tax - First Quarter 2011

USD/boe Current tax charge Deferred tax charge

Eective tax rate

31% 41% 72%

19.47 25.95 45.42

WF11284 p8 02.11

15

Liquidity [MUSD]

at 31 March 2011

Debt Outstanding Cash Balances Net Debt Position

324 27 297

Total Credit Facility

850

Q2 2011 Items:

Sale of remaining AOC shares Etrion loan repayment

~ MUSD 25 ~ MUSD 80

WF11284 p11 02.11

16

Debt Position - First Quarter 2011

MUSD
500
OPENING LOAN 1 Jan 2011 MUSD 459
G&A MUSD 8 FINANCIAL MUSD 3 WORKING CAPITAL MUSD 32 SALE AOC SHARES MUSD 29 EXPLORATION MUSD 72

400

Loan Reduction MUSD 135

CLOSING LOAN 31 Mar 2011 MUSD 324

300

OPERATING CASH FLOW MUSD 194

DEVELOPMENT MUSD 37

200

WF11284 p13 02.11

17

Lundin Petroleum - Secondary Listing

Lundin Petroleum obtained a secondary listing on Toronto Stock Exchange in March 2011 Ticker: LUP Traded in Canadian Dollars Toronto Stock Exchange oers exposure to one of the largest resource based exchanges in the world

WF11286 p3 01.11

18

Q1 2011 - Highlights

Strong production and cashow

WF11286 p1 01.11

19

Q1 2011 - Highlights

Strong production and cashow Development programme

Gaupe development on schedule, first production Q4 2011 Luno standalone development, FEED ongoing, PDO submission 2011 Nemo and Byla PDOs submission in 2011

WF11286 p1 01.11

20

Q1 2011 - Highlights

Strong production and cashow Development programme

Gaupe development on schedule, first production Q4 2011 Luno standalone development, FEED ongoing, PDO submission 2011 Nemo and Byla PDOs submission in 2011

Exploration focus to continue

Two successful discoveries in the Greater Alvheim Area and Greater Luno Area - Caterpillar - Tellus Four well Avaldsnes appraisal drilling programme to commence in next couple of weeks Barents Sea drilling activity to commence in mid-year - New Statoil discovery, Skrugard 150-250 MMboe - Lundin Petroleum new licence award, PL609 SE Asia drilling programme to commence Lundin Petroleum new licence award in Natuna Sea, Gurita, Indonesia
WF11286 p1 01.11

21

2011 Production
France 11% Netherlands 8% Indonesia 3%

Strong Q1 production 33,500 boepd Outperformance of Volund and Alvheim

Alvheim ~12,700 boepd Volund ~10,800 boepd

Norway 64%

Russia 11% Tunisia 3%

40

2011 production guidance 28,000 - 33,000 boepd

40 35 30 25

33,500 boepd

35 30 25

Thousand boepd net

Gaupe production start-up

20 15 10 5 0
WF11211 p4 01.11

SAGE Shutdown

20 15 10 5

CMD High CMD Low

Q1 Actual

Q2

Q3

Q4

22

Norway - Solid Production Underpins Growth

Alvheim net Lundin 2P reserves
Alvheim field latest 2P (gross) ultimate recovery : 276 MMboe

Cumulative Production End of Year Reserves

Alvheim Field
Hydrocarbon Volume [MMboe]

40 35 30 25 20 15 10 5

65% increase in reserves 2.3 32.2 28.4 25.1 33.4 7.3 29.7 12.0

40 35 30 25 20 15 10 5 0

Lundin Petroleum 15%

29.4

Marathon 65%, ConocoPhillips 20%

Gross 2P reserves: 196 MMboe Q1 2011 Production at 12,700 boepd net Costs of operations USD 4.5/boe for Q1 2011 Drilling Three wells to be completed in 2011 One inll well in 2012
BOA 09 BOA 11 BOA 12

2005

2006

2007

2008

2009

2010

EKAM 02

Boa
KAM 02 KAM 03 KAM 04

East Kameleon
EKAM 03 EKAM 01

Kameleon
KN 03 KAM 01 KN 02

Other tie-in opportunities

Kneler
KN 07

KN 06

KN 05

Drilled Development Wells

Phase 2 & 2b Targets

WF11213 p3 04.11

23

Norway - Solid Production Underpins Growth

Volund Field
Alvheim Field

Lundin Petroleum 35% Marathon 65% (operator) Gross 2P reserves: 38 MMboe Strong production Q1 2011 net production of 10,800 boepd Minimum contracted production capacity 8,700 bopd net Operating cost Cost of operations 3.4 USD/boe Tariff to Alvheim 4.9 USD/boe

Volund Field

Gekko Viper Discovery

Volund Manifold

Injector

VOLUND FIELD

0
WF10969 p5 01.11

400

24

Increase of Production

Gaupe Onstream

Byla Nemo Onstream Onstream

Krabbe Onstream

Luno Onstream

Apollo Avaldsnes Tellus

boepd

+100% increase in production

2011
WF10925 p7 01.11

28-33,000

2012

2013

2014

2015

25

Greater Luno Area - Luno Development

Lundin Petroleum interest: 50% (operator) Wintershall 30%, RWE 20% Subsurface work completed Certied 2P reserves of 148 MMboe gross Plateau production forecast >60,000 boepd gross Stand alone development concept selected FEED ongoing PDO submission in 2011 First oil 2014/15
008

Peik eld Alvheim eld Volund eld

009

PL036c PL203 PL505BS PL150B PL150 PL547S PL340 PL340BS PL505

0025

0026

UK

0024 PL570

PL546

Tellus discovery Apollo discovery

PL167 PL167B

Avaldsnes discovery
PL501B

Luno Field
PL338 PL359 PL265 PL410 PL501

015

016

0015

PL544

0016

0017

PL409

Norway

WF10018 p4 02.11

Lundin Petroleum Operator Lundin Petroleum Partner

KM

20

26

Greater Luno Area - Luno Development

Luno Subsurface Development

Central drilling location 9 producers (3 horizontals) 3 water injectors Reserves (2P): 148 MMboe
Apollo
Water Injectors Oil Producers

Tellus

Luno Field
Luno South
WF11115 p3 04.11

27

Greater Luno Area - Luno Development

Luno stand alone development concept selected

Dry wellheads Flexibility regarding oil/gas export FEED studies ongoing
Oil export to Grane or offshore loading

Gas export to Sleipner or Sage

WF10766 p13 04.11

28

Byla & Nemo Developments

PL088

9/14a-6

PL088
9/15a-1
P090

PL413

PL088 bs
PL088 BS

PL036C
PL292

KM

10

Lundin Petroleum Operator Lundin Petroleum Partner

UK
9/15b-3

9/15a-2

PEIK
24/6-1
PL036C PL088

24/6-3
PL088 BS

HEIMDAL

9/15b-4

009

P1283

ALVHEIM
24/6-2 25/4-7
PL203

NORWAY
0025
25/4-8 25/4-3

9/14b-2B 9/19-12

0024
25/7-5

GEKKO
25/7-6 24/9-6

PL495

24/9-5

VOLUND
PL150

28km

Nemo 07
PL203 PL505BS
PL148

PL150B PL340
SKENE

PL148

Norway

PL547S

PL340

24/9-4

GAMMA PL505

35km

PL301D

Byla A Discovery
PL340BS
0 KM 4

Pierce (UK)
Lundin Petroleum Operator Lundin Petroleum Partner APA 2010
COD

Krabbe
PL301

Caterpillar Discovery

Mime

Ula

Byla & Caterpillar Lundin Petroleum interest: 15% Marathon 65% (Operator), ConocoPhillips 20% Plateau production: 2,000 boepd net Tie-back to Alvheim PDO 2011 First oil end 2013/2014
WF11292 04.11

Nemo Lundin Petroleum interest: 50% (Operator) Talisman 30%, Noreco 20% Plateau production: 6,000 boepd net Tie-back to Pierce PDO 2011 First oil end 2013

29

Exploration 2011 Drilling

2011 exploration and appraisal drilling - 21 wells 10 wells in Norway 5 wells in Malaysia 4 wells in Netherlands 2 wells in Congo (Brazzaville)
Netherlands, 3 Congo (Brazzaville), 20

LUPE 2011 Net Unrisked Exploration Targets

2011 drilling is targetting net prospective resources of 483 MMboe

Malaysia, 136 Norway(1), 324
WF10880 p3 01.11

(1)

Prospective numbers exclude upside in Avaldsnes

30

Norway Exploration - 2011 Exploration WP & Budget

Greater Luno Area Total: MUSD 116 5 wells (3 appraisal + 2 expl. wells)

10 exploration wells

Greater Alvheim Area Total: MUSD 35 2 wells Barents Sea Area Total: MUSD 32 2 wells Others Total: MUSD 34 1 well
(71% of total 2011 exploration budget)

Barents Sea Area

Norway Total: MUSD 217

Bredford Dolphin

Greater Alvheim Area

Transocean Winner

Transocean Arctic

Greater Luno Area

Rigs secured for all 2011 proposed drilling prospects

WF10538 p3 11.10

2010 APA award

31

Greater Luno Area - Apollo Discovery & Tellus Prospect

0 2.5 Kilometers 5
16/1-6 S

PL 338 - Lundin Petroleum 50% operator Wintershall 30%, RWE 20%

Apollo Discovery (PL338)

Lower Cretaceous/Upper Jurassic discovery Paleocene Discovery Gross Contingent Resources range 15-65 MMboe gross (PL338) 2012 Appraisal Programme

16/1-7 16/1-11

16/1-2

Aldous North
16/1-9

Draupne

Tellus discovery Apollo, Lower Cretaceous discovery

16/1-14 16/2-1 16/2-3

Tellus Discovery (PL338)

Pre-drill resources estimates 40 MMboe gross unrisked Well being sidetracked

Apollo, Paleocene discovery

16/1-4 16/1-13 16/1-10

Luno
16/1-8

Ragnarrock

16/2-5 16/1-12 16/1-5

Lower Cretaceous / Fractured Basement discovery The Tellus discovery will be part of the Luno development
WF10988 p14 04.10

Luno South

Lundin Petroleum Operator Lundin Petroleum Partner

32

Greater Luno Area - Avaldsnes - Appraisal Programme

PL546 PL501

Torvastad prospect

Aldous Major North Prospective resources gross (unrisked): 110-260 MMboe

16/2-6

Avaldsnes post-drill Contingent resource gross 100-400 MMboe (on block)

PL501 Avaldsnes drilling to commence in May 2011 1st appraisal (16/3-4) 2nd appraisal (16/2-7) Additional prospectivity in Torvastad prospect in PL501 PL265 Aldous Major North and Aldous Major South wells in 2011. Drilling start up mid year 2011

Aldous Major South (PL265) Prospective resources gross (unrisked) 160-360 MMboe

(33m Jurassic Gross Thickness)

16/3-4 appr.
Triassic pinchout ? Rotliegendes potential
(30m Jurassic Gross Thickness)

16/2-7 appr.

16/3-2 OWC
1922 mss

PL265 PL502

PL410

PL501B

WF11111 p13 11.10

33

Greater Luno Area - Additional Exploration Potential

Oil Gas Prospect Lead

PL304
Tellus Discovery Pre-drill resources estimates gross: 40 MMboe PL546 Drilling: sidetrack

LundinPetroleum Operator LundinPetroleum Partner 2010 APA Award

Draupne
Torvastad Prospect

PL501

Apollo Luno

Aldous Major North Prospect Prospective resources gross: 110-260 MMboe Aldous Major South Prospective resources gross: 160-360 MMboe
16/2-6

PL501B

Luno South

Ragnarrock

PL338
PL359 Pre and Post Cretaceous leads and prospects

PL265 PL502
Avaldsnes

PL410

PL359

0015
WF11111 p16 02.11

PL544

0016

PL410 Pre and Post Cretaceous leads and prospects

KM

20

2 exploration wells and 3 appraisal wells to be drilled in 2011

34

Barents Sea - Drilling to Commence in 2011

Numerous multi-stacked prospects matured in the portfolio
PL438 Lundin Petroleum 25% (operator) 3 prospects Skalle to be drilled in mid year 2011, 250 MMboe gross prospect size in multiple targets
7316 PL533 Lundin Petroleum 20% 7318 Rauto & Pulk (Salinas) prospects Pulk 500 MMboe gross prospect size in multiple targets to be drilled in Q4 2011 7216 7317 7319 7320 7321 7323
April 2011 Skrugard Discovery 150-250 MMboe
Lead Prospect Oil eld Gas eld Licenced Area (NPD) Lundin Norway Licences Operated Non-Operated 7221 st 21 licencing round award
0 5 KM 20

PL609

PL532
7219

7220

7324

7325
Rauto

PL533
7226
PL492

Pulk (Salinas)

7227 Bieksu & Geres

Rein

7228

7221 7218 7219

PL533

7222

7223

7224

7225
Gohta

Lavvo

PL438

Juksa

Skalle 7120

7121

PL490 Lundin Petroleum 30%7215 (operator)7217 Juksa and Snurrevad prospects likely drilling in 2012 PL609 Lundin Petroleum 40% (operator) Adjacent to Skrugard discovery
7116
WF9900 p5 04.11

7119

7220
32 PL5

PL609

PL490 PL563 Snurrevad

7126 7125

7127 Snoehvit Area

PL492

Barents Sea
7121 7122

7124

PL438
PL563

7123

7118

7120 PL490 7119 Snoehvit

Area

Goliat

7022

35

Greater Alvheim Area

Discoveries
PL340 & PL340BS (15%) Byla oil discovery 20-30 MMboe Caterpillar oil discovery 5-10 MMboe Byla PDO submission 2011 Caterpillar likely development with Byla PL203 (15%) Viper oil discovery 5-10 MMboe Tie back to Alvheim FPSO South Kneler gas discovery
LundinPetroleum Operator LundinPetroleum Partner 2010 APA Award
9/14a-6

PL088
PL088

KM

4
9/15a-1
P090

PL088 bs
PL088 BS

Alvheim Deep Prospect PL036C

PL036C

UK
9/15b-3

9/15a-2

PEIK
24/6-1
PL088

24/6-3
PL088 BS

HEIMDAL

9/15b-4

24/6-2

009

P1283

ALVHEIM
PL203

25/4-7

Viper Oil Discovery

9/14b-2B 9/19-12

South Kneler Gas Discovery

0025
25/4-8 25/4-3

0024
25/7-5

GEKKO
25/7-6

24/9-5

24/9-6

VOLUND
PL150

PL505BS

PL150 PL150B PL340 PL203

Norway

Further Exploration
PL505 (30%) EARB South prospect Unrisked gross resource potential 81 MMboe Drilling ongoing

PL340

SKENE

GAMMA

24/9-4

Padde Prospect

PL547S

Byla C Prospect

EARB North Prospect

PL505

Frosk Prospect Byla B Prospect

PL340BS

PL150B (15%) Volund play extension. Work in progress PL203 (15%) Alvheim Deep prospect
WF10819 p6 04.11

Byla Discovery

EARB Prospect

Caterpillar Discovery
PL570

EARB south Prospect

36

Exploration - South East Asia - Building a New Core Area

THAILAND

TOTAL
CAMBODIA VIETNAM

Exploration Licences: Production Licences:

WI 33.3% WI 75% SB303 Sabah Area
SABAH

11 1

Basin Margin Play WI 100% Cakalang

MALAYSIA

Block 06/94 Baronang WI 100%

SARAWAK

SB307/308 WI 42.5%

BRUNEI

South Sokang Gurita WI 60%

Borneo

PM308A & B
SUMATRA

WI 35% & 75% WI 100% Lematang WI 25.88% Rangkas WI 51%

JAVA

KALIMANTAN SULAWESI

WEST PAPUA

Sareba
INDONESIA

PAPUA

WI 100%

Lundin Petroleum Licence

WF10611 p5 01.11

2009-2010 Large 3D seismic areas acquired (Total: 4,083km2 acquired in SB303, SB307/308, Baronang, Cakalang, PM308A&B).
AUSTRALIA

37

Malaysia 2011 Drilling Programme

On schedule for mid-May spud 5 exploration wells to be drilled in 2011, total net unrisked potential resources 136 MMboe
Unrisked PR (MMboe)
Rig secured and drilling to commence towards mid year 2011
Kemaman Harbor

PM308B-A prospect COS18%, P50 25 MMbbl

Kuantan New Port

Beli

Rhu 1A

Sembilan

Indonesia

PM308A-B Malaysia prospect COS24%, P50 27 MMbbl PM308A-A prospect COS26%, P50 43 MMbbl

Prospect
SB303-A SB303-B PM308A-A PM308A-B PM308B-A

Block
SB303 SB303 PM308A PM308A PM308B

Gross
51 75 43 27 25

Net
37 56 15 9 19
0 5 KM 20

PM308B

PM308A
SB303-B prospect COS20%, P50 75 MMbbl
SB303
Titik-Terang 1

Lundin Petroleum Licences Operated Non-operated Hydrocarbon fields/discoveries Oil Gas Condensate

Total
Cambodia
Ho Chi Minh City

221

136
0 75 KM 300

SB303-A prospect COS30%, P50 51 MMbbl South

China Sea

Vietnam Philippines
Thailand

South China Sea

Malaysia
Brunei

Tiga Papan 1 Emerald SW 1 SF 30 Sugut 1 Barton

Kudat

SB303
Kota Kinabalu

SB307/308

Furious South Tembungo

Bambazon 1 Saint Joseph

SB307

MalaysiaKemaman Harbor
Kuala Lumpur

Indonesia

Malaysia

Bandar Seri Begawan

PM308A
Kuching
Lundin Petroleum Licences Operated Non-operated Hydrocarbon fields/discoveries Oil Gas Condensate

Kebabangan 1

PM308B
Singapore

Erb West Erb South 1 Ketam Lokan 1 Deluar 1 Collins SE 1

SB308

Malaysia
Kota Kinabalu
0 10 KM 40

WF11116 p1 10.10

Indonesia

Indonesia

38

Targeted Prospective Resources 2011 Drilling Schedule

2011 Country Licence - Prospect Operator LUPE% NURPR CoS% NRPR
(1) (2)

Q1
Discovery

Q2

Q3
Ongoing

Q4

1 Norway 2 Norway 3 Norway 4 Norway 5 Norway 6 Norway 7 Norway 8 Norway 9 Norway 10 Norway 11 Malaysia 12 Malaysia 13 Malaysia 14 Malaysia 15 Malaysia

PL340 - Caterpillar PL505 - Earb South PL338 - Tellus PL501 - Avaldsnes 16/3-4 App. PL501 - Avaldsnes 16/2-7 App. PL265 - Aldous Major South PL265 - Aldous Major North PL438 - Skalle PL533 - Pulk (Salinas) PL519 - Albert SB303 - SB303-A SB303 - SB303-B PM308A - PM308A-A PM308A - PM308A-B PM308B - PM308B-A

Marathon Marathon Lundin Lundin Lundin Statoil Statoil Lundin ENI Lundin Lundin Lundin Lundin Lundin Lundin SOCO SOCO
non operated
(2)

15.00 30.00 50.00 40.00 40.00 10.00 10.00 25.00 21.30 (3) 40.00 75.00 75.00 35.00 35.00 75.00 21.55 18.75

2 24 20 25 18 63 102 70 37 56 15 9 19 8 12 480(4)

45 18 40 39 39 19-41 14-19 26 30 20 26 24 18 32 23

1 4 8 10 7 22 15 18 11 11 4 2 3 2 2 120
(3)

Discovery

16 Congo (Brazzaville) Block Marine XIV - Makouala 17 Congo (Brazzaville) Block Marine XI - Lideka
operated
(1) (4)

Net Unrisked Prospective Resources (MMboe)

Net Risked Prospective Resources (MMboe)

Prospect split between PL533 (20% equity) and PL 492 (30% equity)

Excludes Netherlands prospective resources (3 MMboe)

WF11117 p1 04.11

39

Proven & Probable Reserves

Gas 16%
Tunisia 0.5 Russia 16.7 France 22.3 Indonesia 4.3 Netherlands 3.6

Oil 84% PSC 2% Tax Royalty 98%

Alvheim 29.4 Volund 13.2 Nemo 10.2 Gaupe 12.5 Luno 73.9

Total 186.7 MMboe

End 2009 MMboe - Produced + New Reserves (excl sales/acquisitions) - Sales End 2010 MMboe 255.9 11.9 28.3 85.5 186.7

Norway 139.2

2010 Reserves Replacement Ratio 237% 2010 Increase in Reserves

WF11210 p1 01.11

18%

Oil Price (Brent) USD 85/bbl flat + 2% escalation on oil price and costs

40

Reserves Growth
383% reserves increase in Norway No decline in French reserves
200 200

150

150

MMboe

Russia 100 100 Norway Tunisia Netherlands Indonesia 50 50 France

0 2002
WF11210 p2 01.11

2003

2004

2005

2006

2007

2008

2009

2010

0 (end of year)

Excludes divested assets

41

Contingent Resources

Total 259.2 MMboe

Oil 90%

Gas 10%

Russia 110.1

Avaldsnes 80.1

Norway 139.9

Apollo 17.5 Others 32.5 Krabbe 9.8

France 7.3 Indonesia 1.9

WF11210 p4 01.11

End year 2010

42

Lundin Petroleum 2011 - Continued Growth

Strong production and cashow Development programme Exploration focus to continue

WF11286 p2 01.11

43

Financial Presentation - First Quarter 2011

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