8 November 2005

FRANCE - EXPLORATION WELL SUCCESSFULLY COMPLETED

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that the exploration well "La Tonnelle-1" in the Nemours concession, Paris Basin onshore France, was successfully drilled to its anticipated total depth of 2,390 meters.

Core and logs in the main reservoir were acquired. The core data as well as the log data confirm the presence of oil in the main reservoir, the Chaunoy formation with net pay of 4.6 meters. The well has been suspended awaiting testing. It is anticipated that testing operations will resume at the end of the year once the current drilling rig is demobilised and replaced with a workover rig.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments "The results of the exploration well are very encouraging and if the testing program confirms a discovery it can easily be brought on production through existing nearby infrastructure."

Lundin Petroleum is operator of the well and holds a 33.3 percent working interest. Participants in the "Permis de Nemours" are Vermilion Rep S.A. (33.3 percent) and Madison Energy France SCS (33.3 percent).

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”).

For further information, please contact:

C. Ashley Heppenstall,
President and CEO
Tel: +41 22 319 66 00
or
Maria Hamilton
Head of Corporate Communications
Tel:+46 8 440 54 50