Johan Sverdrup Update

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce an update on the Johan Sverdrup development project in relation to a number of key metric improvements and submission of the Phase 2 plan for development and operation (PDO).

A summary of the key updated metrics was provided by the operator Equinor, this morning; 27 August 2018:

*Resource range has increased due to full-field inclusion of water alternating gas injection (WAG) in the Phase 2 development.

Operational progress
Phase 1 of the Johan Sverdrup project continues to progress according to plan and is now approximately 80 percent complete. All subsea installations are now in place, the final two jackets have been installed and the laying of the oil and gas export pipelines is ongoing, due to be completed in autumn 2018. With the good project progress the operator Equinor this morning updated the expected schedule for Phase 1 first oil to November 2019.

The PDO of Phase 2 will be submitted to the Norwegian Ministry of Petroleum and Energy today, 27 August 2018.

Lundin Norway has a 22.6 percent working interest in the Johan Sverdrup field and Equinor is the operator with 40.0267 percent. The remaining partners are Petoro with 17.36 percent, Aker BP with 11.5733 percent and Total with 8.44 percent.

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.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon.  These statements speak only as on the date of the information and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading "Risks and Risk Management” and elsewhere in the Company’s annual report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement.

Attachment

• Lundin Petroleum - Johan Sverdrup update - V5-20180827en