Lundin Petroleum is an independent Swedish oil and gas exploration and production company. Production is generated from assets in France, Tunisia, Netherlands, Norway, Russia, Indonesia and UK. In addition there is significant upside potential within these areas of operation including undeveloped oil and gas discoveries and ongoing exploration programmes. Together with the exploration assets in Sudan, Ireland, Vietnam, Congo (Brazzaville) and Ethiopia, Lundin Petroleum has a balanced portfolio of world-class assets. Lundin Petroleum has existing proven and probable reserves of 184.2 million barrels of oil equivalent (mmboe) and a forecast net production for 2008 of 36,500 barrels of oil equivalent per day (boepd).

Cambodia
Lundin Petroleum has farmed into a Production Sharing Contract (PSC) for the exploration and production of oil and gas in Block E, located in the Pattani Basin offshore Cambodia.

Congo (Brazzaville)
Lundin Petroleum has acquired an 18.75% working interest in Congo Marine XI Block. Previous exploration activity on the Block has resulted in four undeveloped oil discoveries. A 1,200 km2 of 3D seismic acquisition programme has been completed to define future drilling activity.

Ethiopia
Lundin Petroleum has signed PSCs with the Minister of Mines and Energy of the Federal Democratic Republic of Ethiopia. The PSCs cover Blocks 2, 6, 7 and 8 in the Ogaden Basin and the Agidala Area located in the Afar basin. Assessments of these areas are to be carried out.

France
With 9 production licences the Paris Basin has proven and probable reserves of over 20.9 million barrels. The largest field is the Villeperdue field. Lundin Petroleum also holds 6 exploration licences in the Paris Basin. In parallel, development optimisation is ongoing with the objective to increase production.

The Aquitaine Basin consists of 5 producing fields, the largest being Courbey. Proven and probable reserves is 4.9 million barrels. The operator is Vermillion.

Indonesia
The current producing fields in Indonesia are located in the Salawati Basin and Salawati Island. Lundin Petroleum also has an interest in the Singa gas field development which is due to come onstream in 2009 and interests in two other prospective exploration licences and in two Direct Joint Study Areas. Proven and probable reserves are 16.1 million barrels.

Ireland
Lundin Petroleum has two exploration licences located offshore Ireland.

Kenya
Lundin Petroleum has signed a Production Sharing Contract (PSC) for the exploration and production of oil and gas in Block 10A, located in the Anza Basin of Northwest Kenya. An aerogravity study will commence in 2008.

Netherlands
The Netherlands is a mature gas region with stable offshore and onshore production offering attractive fiscal terms. Lundin Petroleum has proven and probable reserves of 4.9 million barrels.

Norway
Lundin Petroleum has a portfolio of exploration and development licences on the Norwegian Continental shelf. The assets have reserves of 57.0 million boe. Lundin Petroleum has a 15% interest in the 215 million boe development of the Alvheim project. The development project is ongoing with first oil expected during the end of the first quarter 2008. A development plan has been approved by the Norwegian government for the Volund discovery in PL150 with first oil in 2009 through a tie-back to the Alvheim production facilities. The Luno discovery in Q3 2007, has estimated recoverable reserves of 65–190 mmboe in the Jurassic reservoir. An appraisal programme will commence in 2008 to further prove up the potential in the Jurassic and Triassic reservoirs.

Russia
Lundin Petroleum’s assets in Russia include an interest in the producing Sotchemyu-Talyu and North Irael Fields in the Komi Republic; an interest in the producing Caspian Field in the Kalmykia Republic; an interest in the producing Ashirovskoye field in Orenburg; and an interest in the highly prospective Lagansky exploration block offshore in the Caspian Sea. Drilling operations are planned to begin in Q2 2008.

Sudan
Lundin Petroleum has a 24.5% non-operated interest in Block 5B. The Block is situated in the prolific Muglad Basin where over one billion barrels of oil have been discovered to date and approx. 300,000 bopd are being produced from blocks north of Block 5B. The Block 5B contains numerous large prospects and leads identified from earlier seismic acquisitions. New seismic acquisition is ongoing and a 4 well drilling programme has commenced with the first exploration well, Nyal-1, on dry land being drilled.

Tunisia
The Oudna field was successfully completed and production came on stream in November 2006. Lundin Petroleum also has interests in two discoveries offshore Tunisia; Birsa and Zelfa. These discoveries have the potential to be developed into producing reserves. Proved and probable reserves in Tunisia are 1.9 MMboe.

United Kingdom
Lundin Petroleum is the operator of three producing fields in the UKCS; Heather, Thistle and Broom. There is an ongoing drilling programme of infill wells and workovers to further optimise the production and reserves in the fields. Lundin Petroleum made the Scolty discovery in Q4 2007 which is estimated to hold approximately 10 million barrels in gross reserves. Further exploration drilling is planned on Scolty look-alike prospects identified on the licence. Proven and probable reserves are 53.8 million barrels.

Vietnam
Lundin Petroleum has been awarded a 33.33% interest in Block 06/94 in the Nam Con Son Basin, offshore southern Vietnam. Seven large prospective structures have been mapped across the block with an exploration drilling programme expected to commence in 2008.