Lundin Petroleum AB: Aldous Major South is a Significant Oil

Lundin Petroleum AB: Aldous Major South is a Significant Oil
Discovery in the Norwegian North Sea 
STOCKHOLM, SWEDEN -- (Marketwire) -- 08/08/11 -- Lundin Petroleum AB
(TSX:LUP)(OMX:LUPE) (Lundin Petroleum) is pleased to announce that
the drilling of exploration/appraisal well 16/2-8 on the Aldous South
prospect in PL265 in the Norwegian North Sea has resulted in a
significant oil discovery. The discovery is most likely an extension
of the Avalsdnes discovery made by Lundin Petroleum in PL501. 
The well will be drilled to a vertical depth of 2,083 metres in water
depths of 112 metres and is located 4 km to the west of the Avaldsnes
discovery well in PL501 where Lundin Petroleum is the operator with a
40 percent interest. 
The well encountered a gross oil column in excess of 65 metres in
sandstone of Jurassic age. The initial data acquisition program has
confirmed excellent reservoir characteristics with a high net to
gross ratio and the same oil- water contact as the Avalsdnes
discovery well proving likely communication between the two
The acquisition of a comprehensive data set and samples is ongoing.
Preliminary calculations of the size of the discovery made by
operator Statoil are between 200 and 400 million barrels of gross
recoverable oil equivalent which excludes the Aldous Major North
structure to the north and additional potential within parts of the
Aldous Major South structure to the south. 
Lundin Petroleum will update its resource estimates for the
Avaldsnes/Aldous Major South discoveries located in both PL501 and
PL265 after completion of the second Avaldsnes appraisal well
currently drilling and after reviewing all the Aldous Major South
discovery well data. 
Further appraisal drilling is planned in PL265 next year to further
appraise the Aldous Major South discovery. 
The well 16/2-8 was drilled using the rig Transocean Leader and will
now move to drill the Aldous Major North prospect also located in
Ashley Heppenstall , President and CEO of Lundin Petroleum comments;
"The Aldous Major South well is of major significance confirming the
extension of the Avaldsnes discovery to the west into PL 265 with an
increased reservoir thickness above the oil-water contact and
continued excellent reservoir characteristics. Avaldsnes/ Aldous
Major South is a world class oil discovery and likely to be one of
the largest Norwegian fields found in recent years. 
Lundin Petroleum is a partner with 10 percent interest in PL265.
Statoil ASA is the operator with 40 percent, Petoro has 30 percent
and Det Norske oljeselskap ASA has 20 percent interest. 
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 at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the
Toronto Stock Exchange (TSX) (Ticker "LUP"). Lundin Petroleum has
proven and probable reserves of 187 million barrels of oil equivalent
The above information has been made public in accordance with the
Swedish Securities Market Act and/or the Financial Instruments
Trading Act. 
Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian 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
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 unduly
relied upon. These statements speak only as on the date of this news
release 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 and access, reliance on key
personnel, reserve estimates, health, safety and environmental
issues, legal risks and regulatory changes, competition, geopolitical
risk, financial risks. These risks and uncertainties are described in
more detail under the heading "Risk Factors" and elsewhere in the
Company's 2010 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
included in this new release are expressly qualified by this
cautionary statement. 
The recovery and production estimates of the Company's resources
provided herein are only estimates and there is no guarantee that the
estimated resources will be recovered or produced. Actual resources
may be greater than or less than the estimates provided here. There
is no certainty that it will be commercially viable for the Company
to produce any portion of these resources.
Lundin Petroleum AB
C. Ashley Heppenstall
President and CEO
+41 22 595 10 00 
Lundin Petroleum AB
Maria Hamilton
Head of Corporate Communications
+41 22 595 10 00 or Mobile: +41 79 63 53 641
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