Lundin Petroleum awarded 10 licences in Norwegian Licensing Round

Source: Lundin Petroleum AB

Lundin Petroleum AB ("Lundin Petroleum") (TSX: LUP.TO) (Stockholm: LUPE.ST) is pleased to announce that its wholly owned subsidiary Lundin Norway AS has been awarded 10 exploration licence interests in the 2011 Norwegian Licensing Round, (Awards in Predefined Areas, APA). The awarded licences include one licence in the Greater Luno Area and two licences in the Barents Sea. Four of the awarded licences will be operated by Lundin Petroleum.

The licence interests are detailed below.

License Lundin Petroleum license interest
PL495B (Block 7/1) (i): 60% - North Sea
PL609B (Blocks 7120/1,2) (i): 40% - Barents Sea
PL625 (Block 25/10) (i): 40% - Greater Luno Area
PL631 (Blocks 33/9, 11) (i): 60% - North Sea
PL639 (Blocks 6201/7, 8, 10, & 11): 20% - Norwegian Sea
PL641 (Blocks 6204/7, 8, 10, & 11): 30% - Norwegian Sea
PL646 (Blocks 6507/8, 9): 20% - Norwegian Sea
PL653 (Block 6607/3): 30% - Norwegian Sea
PL654 (Block 6608/2, 3) 30% - Norwegian Sea
PL659 (Blocks 7121/2, 7122/1, 2, 7221/12, 7222/10, 11, 12): 20% - Barents Sea

(i)operator Lundin Petroleum

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX) (Ticker "LUP"). Lundin Petroleum has proven and probable reserves of 211 million barrels of oil equivalent (MMboe).

The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act.

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