Lundin Petroleum AB: Aldous Major North Successfully

Lundin Petroleum AB: Aldous Major North Successfully Completed 
STOCKHOLM, SWEDEN -- (Marketwire) -- 09/22/11 -- Lundin Petroleum AB
(Lundin Petroleum) (TSX:LUP)(OMX:LUPE) is pleased to announce the
completion of the exploration well 16/2-9S (Aldous Major North). The
well is located in license PL265 on the Norwegian Continental Shelf. 
The well 16/2-9S was drilled 12 km northwest of the oil discovery
16/2-8 (Aldous Major South) and located in a different area likely
separated by a fault from the Aldous Major South discovery. 
The main objective of the well was to prove the continuity and the
presence of Upper Jurassic sandstone reservoir north of the Aldous
Major South discovery. 
A gross oil column within a 8 metres interval was discovered in a
Upper Jurassic reservoir. The reservoir was thinner and of lesser
quality than anticipated. A comprehensive data and sampling program
has been acquired for further evaluation. 
The 16/2-9S was drilled to a vertical depth of 2,047 metres subsea in
water depth of 115 metres using the drilling rig Transocean Leader.
The well is being plugged and abandoned. The Transocean Leader will
now move to drill an appraisal well north of the Aldous Major South
Lundin Petroleum holds 10 percent interest in PL265. Partners are
Statoil Petroleum AS (operator) with 40 percent interest, Petoro (30
percent) and Det norske oljeselskap ASA (20 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 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
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 +46 8 440 54 50
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