Press Release

Stockholm 2 July 2015

Lundin Petroleum allocated an increased unitised interest in Johan Sverdrup Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that the Norwegian Ministry of Petroleum and Energy (the Ministry) has determined the allocation of resources in the Johan Sverdrup oil field and has decided to increase the unitised interest for Lundin Petroleum from 22.12 to 22.6 percent.

On the 13th February 2015 the partners in Johan Sverdrup together submitted the Plan of Development and Operation for Phase 1 to the Ministry and at the same time the majority of the partnership asked the Ministry to determine the final allocation of resource.

The Ministry's allocation of resources is the following: Statoil, the operator, 40.0267 percent unitised interest, Lundin Petroleum 22.6 percent, Maersk Oil 8.44 percent, Petoro 17.36 percent and Det norske oljeselskap

11.5733 percent.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world- class assets primarily located in Europe and South East Asia. The Company is listed on NASDAQ Stockholm (ticker "LUPE"). Lundin Petroleum has proven and probable reserves of 187.5 million barrels of oil equivalent (MMboe).

For further information, please contact:
Maria Hamilton
Head of Corporate Communications maria.hamilton@lundin.ch
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50
Mobile: +41 79 63 53 641
Teitur Poulsen
or VP Corporate Planning & Investor Relations
Tel: +41 22 595 10 00

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

This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments
Trading Act (SFS 1991:980).

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.
All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and
may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that
may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon. These statements speak only as on the date of the information and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading "Risks and Risk Management" and elsewhere in the Company's annual report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement.

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