Lundin Petroleum spuds the Salina Exploration well in the Barents Sea

August 13, 2012
Lundin Petroleum announces that its wholly owned subsidiary Lundin Norway has commenced the drilling of well 7220/10-1 in PL533 on the Salina prospect (formerly referred to as Pulk) in the Barents Sea.

The well is located 54 km to the south west and on geological trend with the Skrugard and Havis discoveries. The main objective of the well is to prove the presence of hydrocarbons in the reservoir.

Lundin Petroleum holds 20 percent interest in PL533. Partners are Eni Norge (operator) with 40 percent interest, Det norske oljeselskap ASA with 20% and RWE Dea Norge AS with 20% 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 and at the Toronto Stock Exchange. Lundin Petroleum has proven and probable reserves of 211 million barrels of oil equivalent (MMboe).

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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