Lundin Energy announces total resource additions of 200 percent of 2021 production

Lundin Energy AB (Lundin Energy) is pleased to announce that as at 31 December 2021, its proved plus probable net reserves (2P reserves) are 639 million barrels of oil equivalent (MMboe^1,2) and its proved plus probable plus possible net reserves (3P reserves) are 799 MMboe. 2P reserves plus best estimate net contingent resources (total resources) are 1,019 MMboe, with a total resource replacement ratio³ for 2021 of 202 percent.

Lundin Energy’s 2P reserves include a positive revision of 39 MMboe, and the 3P include a positive revision of 44 MMboe compared to year end 2020. The best estimate net contingent resources (2C resources) as at 31 December 2021 are 380 MMboe, which is an increase of 105 MMboe from year end 2020. The total resources as at 31 December 2021 are 1,019 MMboe, which reflects additions of 144 MMboe from year end 2020, including asset acquisitions.

	2P Reserves	3P Reserves	Total Resource
			(2P + 2C)
End 2020	670.9	826.0	946.4
- Produced4	71.0	71.0	71.0
- Sales/+ Acquisitions	-	-	+ 136.9
+ Revisions / Discoveries	39.3	44.4	6.9
End 2021	639.1	799.4	1,019.2
Replacement Ratio3,5	55%	63%	202%

The increase in 2P reserves relates primarily to the Edvard Grieg and Solveig fields. The Edvard Grieg reservoir continues to outperform and together with a successful infill well campaign, reserves have increased by 17 percent. The gross ultimate recovery for Edvard Grieg is now 379 MMboe, which is an increase of over 100 percent since the PDO. Drilling results and early production performance on the Solveig phase 1 development has resulted in an increase of 20 percent in 2P reserves. Overall, the Greater Edvard Grieg Area has a gross ultimate recovery of 450 MMboe with a 97 percent replacement ratio of its production in 2021.