LUNDIN PETROLEUM: LUNDIN PETROLEUM COMPLETES EXPLORATION WELL IN NORWAY

LUNDIN PETROLEUM: LUNDIN PETROLEUM COMPLETES EXPLORATION WELL IN NORWAY
L3undin Petroleum AB (Lundin Petroleum) announces the completion of the
exploration well 3/8-1 on the Barchan prospect located in Block 3/8, (PL400),
in the southern part of the North Sea sector of the Norwegian Continental
Shelf. 
The exploration well 3/8-1 was targeting the Barchan prospect and reached
Target Depth at approximately 4020 meters. The target reservoir, of Permian
age, showed poor reservoir quality. The well encountered no hydrocarbons and is
being plugged and abandoned as a dry hole. 

Lundin Petroleum is the operator of PL400 with 50 percent working interest.
Partners are Noreco ASA with 30 percent interest and Petoro AS with 20 percent
working 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