LUNDIN PETROLEUM INCREASES RESERVES FOR THE LUNO FIELD, OFFSHORE NORWAY

28 november 2010                      

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that the gross    
Proven and Probable (2P) reserves for  the Luno field have increased from 95    
million barrels of oil equivalent (MMboe) to 149 MMboe. The Luno field is       
located in production licence PL338, offshore the Norwegian North Sea.          

The reserves have been re-evaluated incorporating the results of the appraisal  
well 16/1-13 completed in early 2010. The independent reserves auditor Gaffney, 
Cline and Associates (GCA) has increased the estimated 2P reserves to 136.7     
million barrels of oil and 66.4 billion standard cubic feet of gas.             

Lundin Petroleum has substantially completed the conceptual studies for a       
standalone development for the Luno field and will be ready to submit a Plan of 
Development in 2011. In parallel we are reviewing the possibility of developing 
the Luno field jointly with the nearby Draupne field. 

Whilst works on joint     
development studies are ongoing initial indications are that this will have     
economic benefits to both the Luno and Draupne partners. If a joint development 
solution is agreed a Plan of Development will be submitted in 2011. The drilling
results of the Apollo exploration well currently being drilled in PL 338 may    
also impact the development solution for Luno.                                  

Ashley Heppenstall, President and CEO of Lundin Petroleum comments: “We are very
pleased to announce an increase to Luno reserves of over 50 percent. Luno is    
clearly a commercial project located in the heart of the Norwegian North Sea. We
are making good progress in relation to the development options either alone or 
in conjunction with the nearby Draupne discovery. In addition with the recent   
announcement of our Avaldsnes discovery in PL501 we believe the Greater Luno    
Area will emerge as a material new production hub on the Norwegian Continental  
Shelf.”                                                                         

Lundin Petroleum is the operator of PL338 with a 50 percent interest with       
partners Wintershall Norge ASA with 30 percent and RWE Dea Norge ASA 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 177       
million barrels of oil equivalent (MMboe).                                      

                    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