Lundin Petroleum AB

Vollgrav South Exploration Well, Offshore Norway Has Been Completed As a Dry Well

STOCKHOLM, SWEDEN--(Marketwired - Oct. 17, 2014) - Lundin Petroleum AB (TSX:LUP)(OMX:LUPE) (Lundin Petroleum), through its wholly owned subsidiary Lundin Norway AS (Lundin Norway), has completed the drilling of wildcat well 33/12-10 S. The well investigated the hydrocarbon potential of the Vollgrav South prospect in PL631, which is located 150 km west of Florø on the Norwegian west coast and between the Gullfaks and Statfjord fields.

The main objective of well 33/12-10 S was to test the reservoir properties and hydrocarbon potential of the Upper Jurassic Sandstones equivalent to the reservoir in the Borg Field.

The well encountered no hydrocarbons and is being plugged and abandoned as a dry hole.

The license was awarded in APA 2011 and the well is the first exploration well in PL631.

The well was drilled to total depth of 3,072 metres below mean sea level using the drilling rig Bredford Dolphin.

Lundin Norway is the operator and has a 60 percent working interest in PL631. The partners are Bayerngas Norge with a 30 percent working interest and Fortis Petroleum Norway with a 10 percent working interest.

The drilling rig will permanently plug and abandon the well and continue to the Lundin Norway operated PL584 in the Norwegian Sea to drill the Lindarormen prospect.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX) (Ticker "LUP"). Lundin Petroleum has proven and probable reserves of 194 million barrels of oil equivalent (MMboe).

This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).

Forward-Looking Statements

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.