EXPLORATION WELL IN PL400 SPUDDED, OFFSHORE NORWAY

29 october 2010
             
Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that drilling of  
exploration well 3/8-1 on the Barchan prospect has commenced. The well is       
located in licence PL400 in the Norwegian North Sea.                            
PL400 is located some 12km east of the Trym Discovery in the Southern North
Sea, close to the boundarybetween the Norwegian and Danish sectors. The well
will target sandstones of Permian age in a four way dip and fault bounded
structural closure. 

The Barchan 
prospect is estimated to contain gross unrisked prospective resources of 150    
million barrels of oil equivalent (MMboe).                                      
The planned total depth is approximately 4,000 metres below mean sea level. The
well will be drilled from the jack-up drilling rig Maersk Guardian. Drilling is
expected to take approximately 60 days. 
                                                         
Lundin Petroleum is the operator of PL400 with 50                               
percent interest. Partners are Norwegian Energy Company ASA (Noreco) with 30    
percent and Petoro AS with 20 percent interest.                                 


Lundin Petroleum is a Swedish independent oil and gas exploration and production
company with a well balanced portfolio of world-class assets in Europe, Russia, 
South East Asia and Africa. The Company is listed at the NASDAQ OMX, Stockholm  
(ticker "LUPE"). 

Lundin Petroleum has proven and probable reserves of 177       
million barrels of oil equivalent (MMboe).                                      

                    For further information, please contact:                    

                             C. Ashley Heppenstall, 
                               President and CEO                               
                             Tel: +41 22 595 10 00 
                                       or                                       
                                 Maria Hamilton                                 
                        Head of Corporate Communications                        
                             Tel: +46 8 440 54 50 

                  Visit our website: www.lundin-petroleum.com