Lundin Petroleum Presentation

11338 10.11

December 2011

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

Lundin Petroleum - Asset Overview

Norway
- Reserves : 139.2 MMboe - 13 exploration/appraisal wells in 2011/2012
(1)

Core Areas: Europe, SE Asia

Russia
- Reserves (1): 16.7 MMboe

Ireland
- 1 exploration licence

Netherlands
- Reserves (1): 3.6 MMboe - 3 exploration wells in 2012

France
- Reserves (1): 22.3 MMboe - 3 exploration wells in 2012

Tunisia
- Reserves (1): 0.5 MMboe

Vietnam
- 1 exploration licence

Malaysia Congo (Brazzaville)

- 2 exploration wells in 2011/2012 - 6 exploration blocks - 7 exploration/appraisal wells in 2011/2012

Indonesia

TOTAL
First 9 months 2011 production: 32,800 boepd 2P reserves: 186.7 MMboe (1) Contingent resources: 259 MMboe (2)
WF11304 p5 11.11

- Reserves (1): 4.3 MMboe - 6 exploration blocks

(1 )

End 2010 Reserves

(2 )

Only includes 80 MMboe of the Avaldsnes CR

First Nine Months 2011 Highlights

Third 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) 33,900 113.41 8.20 38.9 262.0 196.5

First Nine Months 2011 32,800 111.89 8.27 169.3 767.3 586.8

WF11377 p1 10.11

Netback - First Nine Months 2011

Third Quarter 2011

Average Brent oil price USD/boe

First Nine Months 2011

111.89

113.41

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 (1) EBITDA

105.07 -8.20 -1.67 -4.53 -0.89 -0.18 89.60 -26.56 63.04 -5.56 84.04

105.60 -8.27 -1.97 -4.41 -1.47 -0.19 89.29 -23.82 65.47 -3.68 85.61

WF11377 p14 10.11

(1)

Adjusted for depreciation

Liquidity [MUSD]

at 30 September 2011

Debt Outstanding Cash Balances Net Debt Position

222 98 124

Availability Under Credit Facility(1)

740

(1)

Loan facility MUSD 850 with reducing availability to 2014

WF11377 p11 10.11

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 Brynhild 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 + 2% escalation on oil price and costs

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

Historic Contingent Resources

300

300

250

250

200

200 Russia

MMBoe

150

150

Congo Indonesia

100

100

France Norway

50

50

2005

2006

2007

2008

2009

2010

0 (end of year)

WF11210 p5 01.11

10

Reserves and Resources Increase

End 2010 Reserves & Contingent Resources + Avaldsnes & Aldous Major South (1) mid case net contingent resources

End 2010 Reserves & Contingent Resources

446 MMboe
WF11210 p7 10.11

1006 MMboe
(1)

Statoil estimate for Aldous Major South

11

Strong Production in First Nine Months 2011 Strong 9 month production 32,800 boepd Outperformance of Volund and Alvheim
Alvheim ~10,800 boepd Volund ~11,900 boepd

2011 production guidance remains at to 31,000 - 34,000 boepd

40 35 30 25 20 15 10 5 0
WF11211 p4 01.11

40

33,500 boepd

31,100 boepd

33,900 boepd

35 30 25 20 15 10 5

Thousand boepd net

Q1

Q2

Q3

Q4

12

Increase of Production

Luno/Tellus Onstream Brynhild Onstream Gaupe Onstream Byla Onstream

+100% increase in production

Avaldsnes/Aldous Apollo Skalle Caterpillar Tarap Cempulut

Discoveries not included in production forecast

boepd

2011
WF10925 p7 08.11

31-34,000

2012

2013

2014

2015

13

Norway - Solid Production

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 0

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% Marathon 65%, ConocoPhillips 20% Gross 2P reserves: 196 MMboe 9 months 2011 Production at 10,800 boepd net Alvheim cost of operations ~USD 5/boe for 2011 Drilling 2 new development wells onstream in October 2011 1 additional well to come onstream in 2011 Phase 3 drilling likely in 2012/2013
BOA 09

29.4

2005

2006

2007

2008

2009

2010

BOA 12

EKAM 02

East Kameleon
EKAM 03 EKAM 01 KAM 02 KAM 04

BOA 11

Boa
KAM 03

Kameleon
KN 03 KAM 01 KN 02

Kneler
KN 07

KN 06

KN 05

Drilled Development Wells Phase 3 Targets

WF11388 p1 10.11

14

Norway - Solid Production Underpins Growth

Volund Field
Lundin Petroleum 35% Marathon 65% (operator) Gross 2P reserves: 38 MMboe 9 months 2011 Production at 10,800 boepd net Strong production ahead of forecast 9 months 2011 net production of 11,900 boepd Minimum contracted production capacity 8,700 bopd net Operating cost Cost of operations 3.2 USD/boe Tari to Alvheim 3.2 USD/boe Development drilling Additional development well in 2012
Injector

Alvheim Field

Volund Field

Gekko Viper Discovery

Volund Manifold

VOLUND FIELD

400

Drilled Development Wells Additional Development Well

WF11388 p2 10.11

15

Greater Luno Area - Luno /Tellus Development

0 KM 20

Lundin Petroleum interest: 50% (operator) Wintershall 30%, RWE 20% Development Plan substantially complete FEED completed PDO submission in 2011 First oil 2015 Incorporates the Tellus discovery Estimated Luno/Tellus reserves: 188 MMboe gross Plateau production rate >60,000 bopd gross
015 016 008 009

PL036c PL203 PL505BS PL150B PL150 PL547S PL340 PL340BS PL505

Alvheim Area
0025 0026

UK

0024 PL570

PL546

PL167 PL167B

Luno/Tellus
PL338 PL359 PL544

Draupne
PL501B

PL265 PL501

0015

0016

PL410

0017

Greater Luno Area

PL409

Norway

WF11387p1 10.11

Lundin Petroleum Operator Lundin Petroleum Partner

16

Greater Luno Area - Luno / Tellus Development

Luno Subsurface Development

Central drilling location 11 producers (7 horizontals) 4 water injectors Estimated Luno/Tellus reserves: 188 MMboe gross

Water Injectors

Oil Producers

Tellus

Luno

WF11115 p5 04.11

17

Greater Luno Area - Luno / Tellus Development

Luno development concept selected

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

Gas export to Sleipner or Sage

WF10766 p13 08.11

18

Brynhild Development Plan Approved

0 KM 20
MARIA

SEYMOUR
PL292

Lundin Petroleum interest: 70% (operator) Talisman 30% PDO submitted in August 2011 Tie-back to Haewene Brim FPSO located at Shell Pierce eld in the UK Gross reserves 20 MMbo Plateau production: 8,400 boepd net First oil end 2013

Gaupe

PL292B

Lundin Petroleum Operator Lundin Petroleum Partner

SHELLEY

PL292
022/08 (Area 2)

NORWAY
PL495

EVEREST N;S AND CATS

MALLORY HOWE 022/15 (Area 2)

BANKS 022/14 (Area 3)

022
MONTROSE ARBROATH WOOD CARNOUSTIE FIDDICH

Brynhild 07
PHYLLIS
PL148

PL148

MORTIMER

MONAN

COLUMBUS

ARKWRIGHT

BRECHIN

MIRREN

LOMOND

Marnock
SKUA MILLBURN KATE

UK
022/28 (Area 2)

EGRET SEAGULL HERON

MERGANSER

023

38 km

PL301

Pierce

Ula
COD

WF11292 p1 11.11

19

France - Growth Potential

Reims
Plivot La Motte Noire Est Champagne Vert-la-Gravelle Fontaine-au-Bron Villeperdue Merisier Val-desMarais Soudron Courdemanges Dommartin Lettre Grandville Nemours Oil field Production licence Exploration licence 0 KM 40 Pays du Saulnois

Major operated portfolio Production: 3,000+ boepd 2P reserves: 22.3 MMboe Stable low decline production Attractive scal regime 33% corporation tax Contingent resources 7.3 MMboe Large acreage position Paris Basin 1.1 million net acres Plaines du Languedoc 0.6 million net acres Exploration potential
Toulouse

Paris

Nancy

Paris Basin
0 KM 10

Courbey Les Pins Les Mimosas

AQUITAINE

Les Arbousiers Les Tamaris

France

Oil field Production licence Exploration licence

Aquitaine Basin Plaines du Languedoc

Plaines du Languedoc
Montpellier

Nimes

Bziers

Carcassone

Narbonne

Gulf of Lion
Exploration licence

WF11015 p1 09.11

KM

40

20

Russia - Lagansky
Lundin Petroleum working interest 70% - Gunvor 30% Drilled 3 exploration wells Morskaya discovery in 2008 3D seismic in 2009 2010 157 MMboe gross contingent resources on block

Discussions with state owned companies ongoing to full Foreign Strategic Investment Law

Exploration Prospects

KM

20

Morskaya Discovery
Northern Caspian
Petrovskaya-1
Lundin Concession Oil Field Gas Field

GA LA

LO YB SK

CK

Morskaya Discovery
Morskaya-1 COC well
Rakushechnoye Field 4.4 TCF Viktor Filanovski 600 MMbbls 1.2 TCF

Laganskaya-1

Rak-4

Rak-1 Rak-2

Lagansky Block
WF10896 p19 10.10

Yuri Korchagin

21

Exploration 2012 Drilling

2012 drilling is targetting net unrisked prospective resources of 548 MMboe

2012 exploration and appraisal drilling - 24 wells Norway 8 exploration wells 5 appraisal wells Malaysia 5 exploration wells Netherlands 3 exploration wells France 2 exploration wells Congo (Brazzaville) 1 exploration well

WF11384 p1 11.11

22

Exploration in Norway - Organic Growth

Major position built through organic growth

50 45 40 35 30 25 20 15 10 5 0
08 09 10 03 04 05 06 07 20 20 20 20 20 20 20 20 20 11

Norway number of licences

Includes 11 new licences awarded in 2011

WF10757 la p2 01.10

23

Why Invest in Norway?

Excellent exploration potential remains No independents until recently Lower drilling density than UK Close to existing infrastructure Stable and attractive scal regime 78% tax rate (e ective rate ~73% with capital uplift) 93% tax deduction on development expenditures due to tax uplift 78% tax deduction on exploration expenditures. Refund in cash if there is a taxable loss No ring-fencing of licences

WF11320 p1 06.11

24

Norway - Proven Track Record

Exploration capex Development capex

400 300 200 100 0

400 300 200 100 0

MUSD

MUSD

2004

2005

2006

2007

2008

2009

2010

2011 Budget

Exploration Wells Drilled up to End 2010 Commercial Discoveries up to End 2010 Cumulative E&A Spend up to End 2010, MMUSD Finding Cost USD/boe Finding Cost USD/boe - post tax Success Rate (commercial successes)
(1)

18 7 600 (1) 2.9 0.65 39%

Volund, Luno, Gaupe, Byla, Viper, Avaldsnes, Apollo

Includes USD 130 Million investment in 3D Seismic Only includes 80 MMboe of the Avaldsnes CR

WF11339 p1 10.11

25

Avaldsnes - A New Giant in Norway

0 15 KM 60

In the heart of the North Sea Located in the southern Utsira High Close to existing infrastructure 35 km south of Grane - signicant spare capacity in the Grane oil export pipeline Water depth: 115m Reservoir depth: ~1900m PL501 licence operated by Lundin Petroleum (40%) Partners: Statoil 40%, Maersk 20% PL265 licence operated by Statoil (40%) Partners: Petoro 30%, Det Norske 20%, Lundin Petroleum 10%
Norway
Sweden

Snorre Stat ord Gullfaks

Troll Oseberg

Bergen "

UK NORWAY
Grane

Avaldsnes
Utsira High
Sleipner

Mapped area

WF11366 p1 09.11

26

The Southern Utsira High - A Sleeping Giant

0 KM 20

Oil Gas
APA 2010

PL546

A 4th generation exploration and a major oil province 45 years after the rst award: PL001 in 1965 Major acreage position built by Lundin Petroleum since 2004

APA 2009

PL501

PL501B
APA 2004

APA 2011

PL338 PL410

PL265
APA 2007

APA 2006

PL359

0015
WF11366 p2 09.11

PL544
APA 2010

0016Utsira High
LundinPetroleum Operator LundinPetroleum Partner

Southern Utsira High Area > over 900km2

27

The Luno/Apollo Discoveries - PL338

0 KM 20

Oil Gas

PL546

Lundin Petroleum 50% (operator) Partners: RWE Dea 20%, Wintershall 30%
Tellus

PL501

Luno/Tellus discoveries: Estimated gross reserves: 188 MMboe PDO submission Dec. 2011 First Oil: 2015 Apollo discovery: 15-65 MMboe gross Appraisal planned in 2012

Apollo Luno
2007 Discovery well

PL501B PL265 PL410

PL338

PL359

0015
WF11366 p2 09.11

PL544

0016Utsira High
LundinPetroleum Operator LundinPetroleum Partner

28

Avaldsnes / Aldous - A New Giant in Norway

PL546 PL501

PL501 (40% operator)

Avaldsnes Discovery 2010 (16/2-6) 1st appraisal (16/3-4) & sidetrack completed 2nd appraisal (16/2-7) & sidetrack completed

16/2-9S

Aldous Major North

16/2-10 appr.

Structure Closure: ~184km

Updated gross contingent resources on block 800 - 1,800 MMbo PL265 (10%)

16/2-8 appr.

Avaldsnes (PL501)
16/2-6 16/3-4 appr.

Aldous Major South (PL265)

16/2-7 appr.

16/3-2 OWC

PL265 PL502

Aldous Major South Discovery 16/2-8 , 65 metre oil column, excellent quality reservoir 1st appraisal (16/2-10) completed: 60 metre column Aldous Major North Requires further appraisal

PL410

PL501B

Updated gross contingent resources on block 900 - 1,500 MMbo (1)

WF11366 p6 09.11

(1)

Statoil estimate for Aldous Major South

29

Avaldsnes and Aldous Major South is One Giant Field

Aldous Major South PL265

Avaldsnes PL501

1,700 - 3,300 MMbo

Lundin Petroleum Interest: 10% PL265 & 40% PL501

WF11366 p13 09.11

Contingent resources are gross

(1)

Statoil estimate for Aldous Major South

WF11366 p12 10.11

Recoverable Oil (Million bbl)

1,000 1,500 2,000 2,500 3,000 3,500 500

Largest Discovery since 1980s on Norwegian Continental Shelf

Source oil eld size: NPD

(1)

Stat ord Eko sk Oseberg Gullfaks Troll Snorre Heidrun Valhall Draugen Eld sk Grane Asgard Norne Ula Balder Tordis Vigdis Brage Veslefrikk Gullfaks Sr Oseberg Sr Stat ord Nord Gyda Stat ord st Alvheim Tyrihans Goliat Visund Oseberg st

(3,300)

(1,700)

30

Avaldsnes & Aldous Major South(1)

Statoil estimate for Aldous Major South

31

Aldous / Avaldsnes - A World Class Reservoir

Excellent reservoir quality

High porosity & permeability sands Normal pressure & temperature

Easily producible oil

Oil dripping out of the cores 2 full scale production tests completed Highly mobile & low viscosity oil 28 API oil Low gas/oil ratio

Resources easily accessible

Water depth: 115m Reservoir depth: ~1900m 35km to Grane pipeline

WF11375 10.11

32

Avaldsnes Further Appraisal Programme

Avaldsnes / Aldous Major South will be developed as one eld PL338 Pre-Unit Agreement discussions ongoing PL265
Luno

16/2-9S Aldous Major North Discovery

16/2-10 (Aldous Major South appr.) Discovery 16/2-8 Aldous Major South Discovery

16/2-7 & 7A (Avaldsnes 2nd appr.+ST) Discovery 7 7A 4A 4

OWC -1922m
16/2-6 Avaldsnes Discovery

16/5-2 appr.
Ongoing

16/3-4 & 4A (Avaldsnes 1st appr.+ST) Discovery

By end 2011 7 wells will be drilled on Avaldsnes/Aldous

WF11366 p16 11.11

PL501

16/3-2 (Drilled 1976) Dry Hole

Further appraisal in both Aldous Major South & Avaldsnes in 2012

2012 preliminary appraisal wells

2H11 appraisal well

33

Norway 2012 Exploration Drilling

Barents Sea

8 exploration wells in 2012 in 4 core areas

Norway
6205 6204 6108 6107

North Sea
6203 216 217 218 6106 6103 6105 6104 213

Albert

219

220

6201

6202

6203

6204

Lundin Petroleum Licences Operated Non-operated

North Sea
6008 6007 6006 6005 6004

214

Mre Basin Area

208 209 207

0033 211 0034 0035

210

0036

Hydrocarbon fields/discoveries Oil Gas Condensate

205 174 175 204 176

206

001

002

003

0030

0031

0032

Bergen

2012 prospect (Drilling)

164 165 166

163

Norway
005 202 203 006 007 008 009 0025 0026 0027

Barents Sea
155 154 156 Lundin Petroleum Licences
Operated Non-operated
7224

201

011 7226

7225

PL609
7219 7218 7220 7221

7223 7222

Hydrocarbon fields/discoveries Oil Gas Condensate

7126

012

013

Jorvik Luno II
014 015 016

0024

Stavanger

0015

Greater Luno Area

0016 0017 0018 0019 0020

Russia
7217

144

Biotitt
018 019 020

Kristiansand

PL533

burg

Pulk
PL492 PL563
7120 7118 7117 7119

PL438
Snhvit

Barents Sea
7123 7122 7121

7125 7124

017

North Sea
022 023 0007 0008

0013 0012

Aberdeen Aberdeen

Carlsberg
021

Ogna
0009 0003

0010

0011

570 5707

PL490

134 135

United Quadrant 8 Area Kingdom

025 026 027 028
7022 7021

0004 0001 0002 5607

De
5606

029

WF11383 p1 10.11

20

KM

40

125
7020

Hammerfest Glasgow Glasgow

Edinburgh Edinburgh
034 035

Clapton
030 031 5603

5605 5604

0 25 KM
5506

100
5507

34

Greater Luno Area & the Southern Utsira High

2012 Exploration Drilling
PL544 (Lundin 70% operated) Biotitt prospect Gross unrisked prospective resources: 124 MMboe PL359 (Lundin 40% operated) Luno II prospect Gross unrisked prospective resources: 139 MMboe PL338 (Lundin 50% operated) Jorvik prospect Gross unrisked prospective resources: 46 MMboe Targetting a total of 166 MMboe net unrisked prospective resources
0 4
0024

KM

0025

16

Lundin Petroleum Operator Lundin Petroleum Partner

Tellus discovery Aldous Major North discovery Avaldsnes discovery

Apollo discovery Luno discovery Luno South discovery

Jorvik prospect
Lundin (50%) Lundin (10%)
0016

Lundin (40%)

PL501B

0015

Lundin (40%) Lundin (70%)

PL338 PL265 PL359 PL410

Aldous Major South discovery

Lundin (40%)

PL501

Lundin (70%)

PL544

Luno II prospect

Biotitt prospect
wf11380 10.11

Lundin (70%)

PL409

35

Greater Luno Area & the Southern Utsira High

2012 Exploration Drilling PL359 (Lundin 40% operated) Luno II prospect
Avaldsnes play type Reservoir: Upper Jurassic Gross unrisked prospective resources: 139 MMboe
Avaldsnes/Aldous discovery

N
Luno discovery

So

ut

he

rn

Ut

0024

KM

0025

16

Lundin Petroleum Operator Lundin Petroleum Partner

Tellus discovery Aldous Major North discovery Avaldsnes discovery

L338

sir

aH

igh

Apollo discovery Luno discovery Luno South discovery

Luno II prospect

Jorvik prospect
Lundin (50%) Lundin (10%)
0016

Lundin (40%)

PL501B

0015

Lundin (40%) Lundin (70%)

PL338 PL265 PL359 PL410

Aldous Major South discovery

Lundin (40%)

PL501

PL544

Lundin (70%)

U Jurassic sandstone

Luno II prospect

5 PL3

Biotitt prospect
Lundin (70%)

PL409

WF11381 10.11

36

Mre Basin Area - A New Core Area

2012 Exploration Drilling PL519 (Lundin 40% operated)

Albert prospect Gross unrisked prospective resources: 177 MMboe Further prospectivity identied for 2013 drilling campaign Storm prospect
0 5 10 KM
6201 220

20

PL519

Albert
6202

219

UK
Tybalt Discovery

Storm
PL555 PL579

Jordbr Discovery
Jordbr Beta

Tybalt
210

0033

Zeta
0034

Blbr

Lundin operated block

PL519 PL555 PL579

Magnus Penguin West

211

Beta Discovery

Penguin

Lundin 40% (Operator) Lundin 60% (Operator) Lundin 50% (Operator)

WF11277 p3 04.11

NORWAY
7221
37

Barents Sea Area

6915 6914 6917
Tromso

7220 7219
PL532
Rauto

PL609 PL533
Bieksu & Geres

KM

20

2012 Exploration Drilling 6916

PL533 (Lundin 20%) Pulk (Salinas) prospect Gross unrisked prospective 7317 resources: 500 MMboe 7316 On trend with Skrugard discovery 7318 play type Further drilling in 2013 in PL490 7216
7215 7217

Pulk (Salinas)

Rein
7323 7319 7320 7321

6814 6813

Gohta 7325 PL492 7324 SWEDEN Lavvo

PL438
7226

Juksa
7227

Lead Prospect Oil eld Gas eld Licenced Area (NPD) Lundin Norway Licences Operated 7223 Non-Operated 7222st 21 licencing round award

7119

Skalle discovery
7224 7225

7228

7121

PL490

PL563 Snurrevad

April 2011 Skrugard Discovery 150-250 MMboe

Snhvit Area
7127

7221 7220
PL53 2

7218

7219
PL533

PL609

7126

PL492

Barents Sea
7123 7122

7125 7124

PL438
PL563

~25

km

7121
Goliat

7118 7116
WF9900 p7 07.11

Snhvit 7120 7119 Area PL490

7022

Hammerfest

38

South East Asia - 2012 Exploration Drilling

THAILAND

TOTAL
CAMBODIA VIETNAM

Peninsular Malaysia

Exploration Licences: Production Licences:

Block 06/94 SB303 Sabah Area

12 1

Cakalang Baronang PM307

MALAYSIA
BRUNEI
SABAH

SB307/308

PM308A & B
SUMATRA

Gurita

South Sokang
SARAWAK

Borneo

KALIMANTAN SULAWESI

WEST PAPUA

Lematang Rangkas
JAVA

INDONESIA

Sareba

PAPUA

Lundin Petroleum Operator Lundin Petroleum Partner

WF10611 p5 07.11

5 exploration wells in Peninsular Malaysia & Sabah Area

AUSTRALIA

39

Malaysia - Sabah Area

Tarap/Cempulut discoveries in 2011 + Titik-Terang discovery. Gross contingent resources >250 bcf. Potential cluster development.
0 15 KM 60

SB303
South China Sea
Titik-Terang Cempulut Discovery Tarap Discovery

2012 Drilling Campaign

SB307/308 (Lundin 42.5% operated) Tiga Papan-5 prospect Gross unrisked prospective resources: 21 MMboe Existing discovery SB303 (Lundin 75% operated) Berangan prospect Gross unrisked prospective resources: 28 MMboe
Kebabangan Cluster

Berangan-1 Tiga Papan-5

Sulu Sea

SB307
km
Kota Kinabalu

7 13

km

SB308
km

61

km

142

Kimanis: Sabah Oil & Gas Terminal

Kinabalu Area

145

Malaysia
Bandar Seri Begawan
WF11386 p1 07.11

40

Peninsular Malaysia

Lundin Petroleum Licences

Janglau oil discovery

Operated Non-operated Hydrocarbon fields/discoveries Oil Gas Prospect / lead 3D seismic acquisition

2011/2012 Drilling Campaign

PM307 (Lundin 75% operated) Bertam appraisal PM308B (Lundin 75% operated) Beserah prospect Gross unrisked prospective resources: 46 MMboe PM308A (Lundin 35% operated) 2 exploration wells Final location to be determined

Sotong Field Field Bertam Appraisal Malong

South China Sea

Bertam Oil Discovery Belida Field

Lundin (75%)
Kemaman Harbor

PM307

Malaysia
Kuantan New Port

Beserah

Rhu Oil Discovery

Janglau Oil Discovery

PM308A
Lundin (35%)

PM308B
Lundin (75%)

Indonesia

KM

50

Gurita
Lundin (100%)

WF11334 p2 11.11

41

2011 - 2012 Drilling Schedule

1 Norway 2 Norway 3 Norway 4 Norway 5 Norway 6 Norway 7 Norway 8 Norway 9 Norway 10 Norway 11 Norway 12 Norway 13 Norway 14 Norway 15 Norway 16 Malaysia 17 Malaysia 18 Malaysia 19 Malaysia 20 Malaysia 21 Malaysia 22 Malaysia 23 France 24 France 25 Congo (Brazzaville) 26 Congo (Brazzaville) 27 Congo (Brazzaville)
(1)

Country

PL265 - Aldous MS App. 16/2-10 PL501 - Avaldsnes 16/5-2 App. PL501 - Avaldsnes 16/2-11 App. PL501 - Avaldsnes 16/2-12 App. PL265 - Aldous App. PL519 - Albert 6201/11-3 PL501 - Avaldsnes 16/5-3 App. PL359 - Luno II PL338 - Jorvik PL544 - Biotitt PL453 - Ogna PL495 - Carlsberg PL338 - Apollo App. PL533 - Pulk PL440S - Clapton PM308A - PM308A-B (Janglau) PM307 - Bertam App. SB307/308 - Tiga Papan-5 SB303 - Berangan-1 PM308B - Beserah-1 PM308A - PM308A-3 PM308A - PM308A-4 Val des Marais - Pierre Morains East Champagne - Contault Block Marine XI - Mindu Marine Block Marine XIV - Makouala Block Marine XI - Lideka East
operated
(2)

Licence - Prospect

Operator

Statoil

LUPE%

10.00

NUPR

(1)

Lundin Lundin Lundin Statoil Lundin Lundin Lundin Lundin Lundin Lundin Lundin Lundin ENI Faroe Lundin Lundin Lundin Lundin Lundin Lundin Lundin Lundin Lundin SOCO SOCO SOCO

40.00 40.00 40.00 10.00 40.00 40.00 40.00 50.00 70.00 35.00 60.00 50.00 20.00 18.00 35.00 75.00 42.50 75.00 75.00 35.00 35.00 100.00 100.00 18.75 21.55 18.75

71 56 23 87 55 40 102 12 9 9 21 35 (2) (2) 2 9 21 8 12

26% 35% 49% 29% 22% 15-24% 14-19% 29% 24% 50% 23% 24% (2) (2) 50% 27% 32% 23%

CoS %

NRPR

(3)

18 19 11 25 12 9 15 3 2 4 5 8

2011 Q4
Discovery

2012 Q1
Ongoing

Q2

Q3

Q4

Discovery Ongoing

(2) (2) 1 2 2 3

Dry Ongoing

non operated

586

144

WF11117 p1 12.11

(3)

Net Unrisked Prospective Resources (MMboe) Net Risked Prospective Resources (MMboe)

Awaiting completion of ongoing prospect analysis and results of current well

Netherlands 3 exploration wells not included

42

Lundin Petroleums Shareholders

Number of shares in issue: 317.9 million Owned by Lundin Petroleum: approx. 6.9 million shares Average traded volume per day: approx. 2 million Part of OMX30, NASDAQ OMX Stockholm Secondary listing on Toronto Stock Exchange from March 2011

Shareholder structure
Retail , 12% Lundin Family, 31%

Geographically
USA , 7% Others , 6%

International Institutions, 32%

Europe, 51%(1) Sweden, 36% Swedish Institutions, 25%

WF11003 p1 12.11

(1)

Including Lundin family shares

43

Lundin Petroleum 2011 - Continued Growth

Strong production and cashow Development programme. Production to double in 5 years Avaldsnes - a new giant oil eld in Norway Major exploration/appraisal programme in 2012

WF11286 p2 01.11

Lundin Petroleum Presentation

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