14 October 2005

LUNDIN PETROLEUM’S NOMINATION COMMITTEE

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce the formation of a Nomination Committee in accordance with a Resolution adopted at the Lundin Petroleum Annual General Meeting (AGM) on the 19 May 2005 to set up such a committee before the AGM in 2006.

The members of the newly constituted Nomination Committee are:
- Björn Lind, SEB Trygg-Liv
- Magnus Bakke, Robur Fonder
- Ossian Ekdahl, Första AP-fonden
- Ian H. Lundin, Chairman of the Board, Lundin Petroleum
- Magnus Unger, member of the Board, Lundin Petroleum

At the constituting meeting members unanimously voted Magnus Unger as Chairman of the Committee.

The main tasks of the Committee shall be to make recommendations to the AGM regarding:
- Election of Chairman
- Election of board members
- Fees for the Chairman
- Fees for board members
- Fees for board committee work
- Auditors fees
- Election of the Chairman to the AGM

The Chairman of Lundin Petroleum, Ian Lundin, stated as follows: "I'm very pleased that Mssr. Björn Lind, Magnus Bakke and Ossian Ekdahl have agreed to join the Nomination Committee and look forward to a close cooperation with all the members of the committee. The formation of this Committee brings us one step closer to be in full compliance with the Swedish Code of Corporate Governance which is our stated objective this year."

Shareholders who whish to present a motion to the AGM 2006 regarding the above-mentioned issues should contact the chairman of the Nomination Committee, Magnus Unger Nomination Committee, at nomcom@lundin.ch prior to 28 February 2006.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Albania, France, Indonesia, Iran, Ireland,  Netherlands, Nigeria, Norway, Sudan, Tunisia, United Kingdom and Venezuela. The Company is listed on the O-list, Attract 40, at Stockholm Stock Exchange , Sweden (ticker “LUPE”).