Johan Sverdrup offshore installation completed

Lundin Petroleum AB (Lundin Petroleum) announces that the offshore installation of the Johan Sverdrup development project has been completed.

Following the installation of the riser and drilling platforms in 2018, the remaining topside facilities, consisting of the processing platform and living quarters and the relevant bridge links, have now been successfully installed offshore at the field location, using the single lift Pioneering Spirit vessel. The fully installed Johan Sverdrup offshore facility consists of four jackets and topsides, three bridges to link the platforms, oil and gas pipelines connected to onshore facilities and the cable to connect the field with power from shore.

With all infrastructure now installed, hook-up and commissioning of all four platforms will take place alongside the tie-back of the eight pre-drilled production wells, ahead of expected first oil in November 2019.

During phase 1, Johan Sverdrup will produce 440 Mbopd when plateau production is reached, increasing to 660 Mbopd after phase 2 commences in the fourth quarter 2022. At phase 2 plateau, Johan Sverdrup will contribute up to 25 percent of Norway’s total production of oil and gas, while power from shore gives the field carbon emissions intensity of just 0.67 kg CO2 per barrel, which is among the lowest in the world and 25 times lower than the oil and gas industry average. Lundin Petroleum’s production guidance when Johan Sverdrup Phase 1 reaches plateau in mid-2020, is above 150 Mboepd and increases to over 170 Mboepd when Johan Sverdrup Phase 2 reaches plateau in 2023; this will be achieved whilst maintaining an industry leading low operating cost per barrel of between USD 3.2 to USD 4.2 per boe.

Alex Schneiter, CEO and President of Lundin Petroleum commented:

"What a remarkable achievement and journey Johan Sverdrup has been. The completion of the offshore installation on schedule and significantly below budget is a major project milestone and we can now focus on the offshore commissioning and tieback of the pre-drilled wells. The record single lift installation using the Pionneering Spirit vessel, has allowed the project to greatly optimise and reduce the offshore commissioning phase, to firmly put the project on track for first oil, expected in November this year. I’m very pleased with the progress of this world class project; Johan Sverdrup will be simply transformational for Lundin Petroleum and all its stakeholders and will generate outstanding long-term value creation”.

Equinor, the operator of Johan Sverdrup, has released images and a video to accompany the installation, which can be found using this link: https://www.equinor.com/en/news/2019-03-22-record-breaking-lift-johan-sverdrup.html

Lundin Petroleum is one of Europe’s leading independent oil and gas exploration and production companies with operations focused on Norway and listed on Nasdaq Stockholm (ticker "LUPE"). Read more about Lundin Petroleum’s business and operations at www.lundin-petroleum.com

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Forward-Looking Statements

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

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Attachment

• Lundin Petroleum - Johan Sverdrup Topsides installed V5-280319en