November 13, 2008

Lundin Petroleum Commences Drilling of Well on PL 338, Offshore Norway

Lundin Petroleum has commenced the drilling of the appraisal well 16/1-10 on the Luno prospect located in Block PL 338, in the North Sea sector of the Norwegian Continental Shelf.

Following the Luno oil discovery made in 2007 with estimated resources between 65 million barrels of oil equivalent (mmboe) and 190mmboe of gross recoverable oil from the Jurassic reservoir, the appraisal well 16/1-10 will target the lateral continuity of the Jurassic reservoir as well as the upside potential in the Triassic reservoir.

The planned depth is approximately 2,300m below mean sea level and the well will be drilled by using the semi-submersible drilling rig Bredford Dolphin. Drilling is expected to take approximately 60 days, including testing.

Lundin Petroleum is the operator of PL 338 with 50% interest. Partners are Revus Energy with 30% and RWE Dea Norge with 20% interest.