LUNDIN PETROLEUM: LUNDIN PETROLEUM CAPITAL EXPENDITURE BUDGET OF USD 540 MILLION IN 2011.

LUNDIN PETROLEUM: LUNDIN PETROLEUM CAPITAL EXPENDITURE BUDGET OF USD 540
MILLION IN 2011. 
Lundin Petroleum AB (“Lundin Petroleum”) is pleased to announce the details of
its USD 540 million development and exploration budget for 2011. The budget
represents a 38 percent increase on the forecast 2010 capital expenditure. 
The development budget for 2011 is USD 240 million with a major focus on
development activities in Norway and France. 

1.	In Norway the development of the Gaupe field (WI 40%) will be completed with
the drilling of two development wells and the installation of a subsea system
for the tieback of the Gaupe field to the Armada platform in the United
Kingdom. The Gaupe field will commence production in the fourth quarter of
2011. 

The development of Phase 2 of the Alvheim field (WI 15%) will be completed in
2011 with the drilling of a further three development wells. The first Alvheim
Phase 2 development well was successfully brought on production in the fourth
quarter 2010. 

The pre-development activities including front end engineering for the Luno
field in PL338 (WI 50%) will be completed in 2011 to enable the submission of a
Plan of Development in the second half of the year. 

2.	In the French Paris Basin the redevelopment of the Grandville field involves
the drilling of eight new wells, in-field pipelines and new production
facilities. 
 
The exploration and appraisal budget for 2011 is USD 300 million with a
continued major focus upon Norway which accounts for USD 220 million of this
amount. The work programme involves the drilling of 21 exploration and
appraisal wells in Norway, Malaysia, Congo (Brazzaville) and Netherlands. 

1.	Norway.
Ten exploration wells will be drilled in 2011 of which five will be operated by
Lundin Petroleum. Five of the wells will be drilled in the Greater Luno Area on
PL501 (WI 40%), PL265 (WI 10%) and PL338 (WI 50%) of which three of the wells
will appraise the Avaldsnes discovery made in 2010. Two exploration wells will
be drilled in the Greater Alvheim Area on PL340 (WI 15%) and PL505 (WI 30%).
Two exploration wells will be drilled in the Barents Sea on PL438 (WI 25%) and
PL533 (WI 20%). One further exploration well will be drilled on PL519 (WI 40%). 

2.	Malaysia.
Five exploration wells will be drilled in Malaysia of which two will be drilled
offshore Sabah in licence SB303 (WI 75%) and three offshore Peninsular Malaysia
on licence PM308A (WI 35%) and PM308B (WI 75%). 

3.	Congo (Brazzaville).
Two exploration wells will be drilled offshore Congo (Brazzaville) on licences
Marine XI (WI 18.75%) and Marine XIV (WI 21.55%). 

4.	Netherlands
Four exploration wells will be drilled in licences onshore Netherlands
targeting small near infrastructure accumulations (WI 7.23% - 7.75%). 

Ashley Heppenstall, President & CEO of Lundin Petroleum comments: "Our
Norwegian production will continue to increase in 2011 and we are also
confident that our exploration and appraisal programme, particularly in the
Greater Luno Area and Barents Sea in Norway, will lead to further resource
additions." 



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 

Maria Hamilton
Head of Corporate Communications 
Tel: +46 8 440 54 50

Visit our website: www.lundin-petroleum.com