Offshore Norway oil field begins production for Lundin Petroleum

Source: Lundin Petroleum AB

Lundin Petroleum AB (TSX: LUP.TO) (Stockholm: LUPE.ST ) (Lundin Petroleum) is pleased to announce that the Gaupe field, located in the Southern North Sea, offshore Norway, commenced production on 31 March 2012.

The Gaupe field is located in PL292 and is adjacent to the Norway - United Kingdom (UK) border, some 225 km from the Norwegian mainland. The Gaupe field has estimated gross recoverable reserves of approximately 31 million barrels of oil equivalent (boe) and expected net peak production of 6,000 barrels of oil equivalents per day (boepd).

The Gaupe field is a cross-border subsea tie-back to the Armada production facilities, located in the UK central North Sea.

Ashley Heppenstall, President and CEO of Lundin Petroleum, commented: "First production from the Gaupe field is another milestone for Lundin Petroleum. The production from Gaupe will contribute to the doubling of production to 70,000 boepd in late 2015."

Lundin Norway AS has a 40 percent working interest and BG Norge AS, the operator, has the remaining 60 percent working interest.

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).

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