Lundin Petroleum : APA 2017 - 14 licences awarded in the Norwegian licensing round

Press Release

Stockholm 16 January 2018

14 licences awarded in the Norwegian licensing round

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has been awarded a total of 14 exploration licence interests in the 2017 Norwegian licensing round (Awards in Predefined Areas, APA).

The record-high award includes six licences in the North Sea, four licences in the Norwegian Sea and four licences in the southern Barents Sea. Six of the awarded licences will be operated by Lundin Norway.

The licence interests are detailed below and maps of their location are provided on the following page.

Licence

PL904 (Blocks 2/9, 3/7):

PL167C (Block 16/1):

PL914S (Ivar Aasen unit)(Block 16/1):

PL916 (Blocks 16/2, 25/11):

PL917 (Blocks 25/7, 10):

PL919 (Block 25/4):

PL934 (Blocks 6307/2, 5)*:

PL935 (Block 6306/3):

PL936 (Blocks 6306/2, 5):

PL886B (Blocks 6307/1, 4)*:

PL950 (Blocks 7020/1, 2, 7120/11)*:

PL952 (Blocks 7124/5,6,8,9, 7125/4,5,6,7)*:

PL954 (Blocks 7121/1,2,3, 7221/10, 11)*:

PL533B (Block 7219/11)*:

*operator Lundin Norway

Lundin Norway licence interest

20% - North Sea

20% - North Sea

1.385% - North Sea

20% - North Sea

20% - North Sea

15% - North Sea

40% - Norwegian Sea

20% - Norwegian Sea

30% - Norwegian Sea

40% - Norwegian Sea

50% - Southern Barents Sea

60% - Southern Barents Sea

40% - Southern Barents Sea

35% - Southern Barents Sea

Lundin Petroleum is one of Europe's leading independent oil and gas exploration and production companies with operations focused on

Norway and listed on NASDAQ Stockholm (ticker "LUPE"). Read more about Lundin Petroleum's business and operations atwww.lundin-petroleum.com

Alex Budden

VP Communications & Investor Relations Tel: +41 22 595 10 19alex.budden@lundin.ch

For further information, please contact:Sofia Antunes

or

Investor Relations Officer Tel: +41 795 23 60 75sofia.antunes@lundin.chRobert Eriksson

or

Manager, Media Communications Tel: +46 701 11 26 15robert.eriksson@lundin-petroleum.se

Lundin Petroleum AB Registration No 556610-8055

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.

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