Lundin Petroleum : spuds exploration well on the Hurri prospect in the southern Barents Sea

Press Release

Stockholm 4 December 2017

The well is located in PL533, approximately 2 km southwest of the Filicudi oil discovery and south of the Statoil operated Johan Castberg oil discovery.

The main objective of the well is to test the reservoir properties and hydrocarbon potential of the

Jurassic Hekkingen and Stø formations. The Hurri prospect is estimated to contain gross unrisked prospective resources of 218 MMboe.

The well will be drilled with the semi-submersible drilling rig Leiv Eiriksson and is expected to take approximately 50 days.

Lundin Norway is the operator of PL533 with a 35 percent working interest. The partners are Aker BP with 35 percent and DEA Norge with 30 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 at www.lundin-petroleum.com

For further information, please contact:

Alex Budden

VP Communications & Investor Relations Tel: +41 22 595 10 19

alex.budden@lundin.ch

Sofia Antunes

or Investor Relations Officer or Tel: +41 795 23 60 75

sofia.antunes@lundin.ch

Robert Eriksson

Manager, Media Communications Tel: +46 701 11 26 15

robert.eriksson@lundin-petroleum.se

Lundin Petroleum AB Registration No 556610-8055

Hovslagargatan 5

SE-111 48 Stockholm

Tel. +46 8 440 54 50

Fax. +46 8 440 54 59

www.lundin-petroleum.com E-mail: info@lundin.ch

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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