Lundin Petroleum is an independent Swedish oil and gas exploration and production company. Production is generated from assets in France, Tunisia, Netherlands, Norway, Russia, Indonesia and UK. In addition there is significant upside potential within these areas of operation including undeveloped oil and gas discoveries and ongoing exploration programmes. Together with the exploration assets in Sudan, Ireland, Vietnam, Congo (Brazzaville), Kenya, Malaysia, Cambodia and Ethiopia, Lundin Petroleum has a balanced portfolio of world-class assets. Lundin Petroleum has existing proven and probable reserves of 184.2 million barrels of oil equivalent (MMboe) and a forecast net production for 2008 of 32,500 barrels of oil equivalent per day (boepd).

Cambodia
Lundin Petroleum has farmed into a Production Sharing Contract (PSC) for the exploration and production of oil and gas in Block E, located in the Pattani Basin offshore Cambodia.

Congo (Brazzaville)
Lundin Petroleum has interests in two exploration licences, Marine XI and XIV, offshore Congo. A two well drilling programme is planned for Marine Block XI in 2009.

Ethiopia
Lundin Petroleum has PSCs covering Blocks 2, 6, 7 and 8 in the Ogaden Basin and the Agidala Area located in the Afar basin. Assessments of these areas are being carried out.

France
With 9 production licences the Paris Basin has proven and probable reserves of over 20.9 MMboe. Lundin Petroleum also holds 6 exploration licences in the Paris Basin. The Dordives 1-D exploration well on the Ferrières licence was completed as an oil discovery in September 2008.

The Aquitaine Basin consists of 1 exploration licence and 5 producing fields, the largest being Courbey. Proven and probable reserves is 4.9 million barrels. The operator is Vermillion.

Indonesia
The current producing fields in Indonesia are located in the Salawati Basin and Salawati Island. Lundin Petroleum also has an interest in the Singa gas field development which is due to come onstream in 2009. With the signing of two new exploration licences in the Natuna Sea in November 2008, Lundin Petroleum now has interests in four exploration licences and two Direct Joint Study Areas. Proven and probable reserves are 16.1 MMboe.

Ireland
Lundin Petroleum has two exploration licences located offshore Ireland.

Kenya
Lundin Petroleum has working interests in two Production Sharing Contract (PSC) for the exploration and production of oil and gas in Block 10A and in Block 9, located in the Anza Basin of Northwest Kenya. An exploration well is planned to be drilled in Block 9 during 2009 and an aerogravity study over Block 10A has been completed.

Malaysia
Lundin Petroleum has signed Production Sharing Contracts (PSCs) for the exploration and production of oil and gas in two blocks located offshore Peninsular Malaysia and one offshore Sabah.

Netherlands
The Netherlands is a mature gas region with stable offshore and onshore production offering attractive fiscal terms. Lundin Petroleum has proven and probable reserves of 4.9 million barrels.

Norway
Lundin Petroleum has a portfolio of exploration and development licences on the Norwegian Continental shelf. The assets have reserves of 57.0 MMboe. Lundin Petroleum has a 15% interest in the 215 MMboe development of the Alvheim project which came on stream in the second quarter 2008. A development plan has been approved by the Norwegian government for the Volund discovery in PL150 with first oil in 2009 through a tie-back to the Alvheim production facilities. The Luno discovery made in 2007, has estimated recoverable reserves of 65–190 MMboe in the Jurassic reservoir. Development plans are being pursued for the Pi and Nemo discoveries.

Russia
Lundin Petroleum has an interest in the highly prospective Lagansky exploration block in the Caspian Sea. The first exploration well, Morskaya-1, resulted in a major oil discovery and tested a combined flow rate of 2,500 bopd. A Morskaya appraisal well and an exploration well are scheduled for 2009. Other assets in Russia include an interest in the producing Sotchemyu-Talyu and North Irael Fields in the Komi Republic; an interest in the producing Caspian Field in the Kalmykia Republic; an interest in the producing Ashirovskoye field in Orenburg.

Sudan
Lundin Petroleum has a 24.5% non-operated interest in Block 5B. A three well exploration programme was completed in Q3 2008. The wells were plugged and abandoned as dry holes. The 5B partnership are undertaking detailed well data analysis to determine future plans.

Tunisia
Lundin Petroleum is producing from the Oudna field, offshore, via an FPSO. The Oudna field came on stream in November 2006. Lundin Petroleum also has interests in two discoveries offshore Tunisia; Birsa and Zelfa. These discoveries have the potential to be developed into producing reserves. Proved and probable reserves in Tunisia are 1.9 MMboe.

United Kingdom
Lundin Petroleum is the operator of three producing fields in the UKCS; Heather, Thistle and Broom. There is an ongoing drilling programme of infill wells and workovers to further optimise the production and reserves in the fields. Proved and probable reserves in the UK are 53.8 MMboe. Lundin Petroleum have been awarded six new exploration licences in the 25th Licensing Round.

Vietnam
Lundin Petroleum has been awarded a 33.33% interest in Block 06/94 in the Nam Con Son Basin, offshore southern Vietnam. Several large prospective structures have been mapped across the block with an exploration drilling programme to commence in 2009.