Three licences awarded in the 24th licensing round in Norway

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has been awarded three exploration licences in the 24^th licensing round in Norway. All of the licences are located in the southern Barents Sea with one of the licences operated by Lundin Norway. 

The awarded licences are all located in the southern Barents Sea and close to licences already held by Lundin Norway. PL962 and PL965 are located in the Fingerdjupet Sub-basin/Hoop area close to PL722/PL853 and PL960 is located in the Harstad Basin in the southwestern part of the Barents Sea, close to PL695.

Nick Walker, COO of Lundin Petroleum, comments:
"I am very pleased with the licences awarded in the 24^th licensing round that will further strengthen our significant acreage position in the southern Barents Sea. With these new licences we are expanding our access to key exploration areas where we already hold licences, continuing the same core area exploration strategy that led to a track record of company making discoveries in Norway”.

The licence awards are detailed below and a map of their location are provided on the following page:

Licence                          Lundin Norway licence interest
PL960                                              20%
PL962                                              20%
PL965*                                            60%

*operator Lundin Norway

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 - 24th licensing round - V5-20180618en