30 August 2006

LUNDIN PETROLEUM COMPLETES WELL OFFSHORE IRELAND

Lundin Petroleum AB (Lundin Petroleum) has completed the drilling of the Inishbeg exploration well 13/12-1, offshore Ireland. The well has been plugged and abandoned without testing due to lack of reservoir development.

Participants in Frontier Exploration Licence 1/05 are Lundin Petroleum, (30.00% and operator), Island Oil and Gas (31.00%), Lansdowne Oil & Gas (19.25%), Petroceltic International (16.25%) and Sunningdale (3.50%).


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, Ireland, Netherlands, Nigeria, Norway, Russia, 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:
Maria Hamilton
Head of Corporate Communications
Tel:+46 8 440 54 50