Lundin Petroleum : Uppdatering beträffande Johan Sverdrup

Press Release

Stockholm 7 February 2018

Johan Sverdrup update

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that the Johan Sverdrup development project continues to improve.

Phase 1 of the Johan Sverdrup project continues to progress according to plan and is now close to 70 percent complete. A summary of the positive update provided by Statoil earlier this morning is presented in the table below:

Alex Schneiter, CEO and President of Lundin Petroleum comments:

"With the good progress on the Johan Sverdrup project it is encouraging to see that the partnership has managed to reduce costs even further. Phase 1 costs have now been reduced by close to 30 percent since the PDO, excluding additional foreign exchange rate savings. This improvement, in combination with the resource upgrade for the field, truly shows what a world class asset Johan Sverdrup is and I am particularly pleased to see further tangible evidence of this from Statoil's announcement today."

Lundin Norway has a 22.6 percent working interest in the Johan Sverdrup field and Statoil is operator with 40.0267 percent. The remaining partners are Petoro with 17.36 percent, Aker BP with 11.5733 percent and Maersk Oil with 8.44 percent.

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

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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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