LUNDIN PETROLEUM: LUNDIN PETROLEUM SPUDS TELLUS EXPLORATION WELL IN PL338, OFFSHORE NORWAY

LUNDIN PETROLEUM: LUNDIN PETROLEUM SPUDS TELLUS EXPLORATION WELL IN PL338,
OFFSHORE NORWAY 
Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that drilling of
exploration well 16/1-15 in PL338 has commenced. The well will target the
Tellus prospect, which is situated immediately to the north of the Luno field. 
The main objective of well 16/1-15 is to test Jurassic/Triassic age sandstones
and conglomerates in a separate fault segment north of the Luno Field. We
estimate the Tellus prospect to contain gross unrisked prospective resources of
40 million barrels of oil equivalent (MMboe), which could prove additional
volumes to the Luno development. 

The planned total depth is approximately 2,500 meters below mean seal level and
the well will be drilled using the semi-submersible drilling rig Bredford
Dolphin. Drilling is expected to take approximately 45 days. 

Lundin Petroleum is the operator of PL338 with 50 percent interest. Partners
are Wintershall Norge ASA with 30 percent and RWE Dea Norge 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 187 million barrels of oil equivalent (MMboe) as per 2011.01.01. 


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