Lundin Petroleum announced that Statoil has provided an update in relation to the Johan Sverdrup project.

Lundin Petroleum is pleased to announce a summary of the following positive updates regarding the Johan Sverdrup project that were announced by Statoil this morning:

Phase I capital expenditure (nominal)    :

– Previous Guidance: NOK 108.5 billion

– Statoil Revised Guidance: NOK 99 billion

Phase I & II capital expenditure (real)

– Previous Guidance: NOK 160 to 190 billion

– Statoil Revised Guidance: NOK 140 to 170 billion

Phase I production capacity

– Previous Guidance: 440,000 bopd

– Statoil Revised Guidance: 440,000 bopd (In line with Lundin Petroleum's latest guidance)

Phase I & II production capacity

– Previous Guidance: 550,000 to 650,000 bopd

– Statoil Revised Guidance: 660,000 bopd

Resource range

– Previous Guidance: 1.65 to 3.0 billion boe

– Statoil Revised Guidance: 1.9 to 3.0 billion boe (No change in Lundin Petroleum 2P reserves of 513.2 MMboe to be evaluated as per the Company's year-end reserves certification process)

Alex Schneiter, CEO and President of Lundin Petroleum comments:

"It has been my long held view that this world class project will continue to show improvements from a resource, cost and value perspective as time progresses. I am particularly pleased to see tangible evidence of this from Statoil's latest announcement".

Lundin Norway holds a 22.6 percent working interest in the Johan Sverdrup project. Statoil is the operator with 40.0267 percent and the remaining partners are Maersk Oil with 8.44 percent, Petoro with 17.36 percent and Det norske oljeselskap with 11.5733 percent working interest.