Lundin Petroleum AB: Report for the Nine Months Ended 30

Lundin Petroleum AB: Report for the Nine Months Ended 30 September
STOCKHOLM, SWEDEN -- (Marketwire) -- 10/31/12 -- Lundin Petroleum AB
Nine months ended 30 September 2012 (30 September 2011)     

--  Production of 35.6 Mboepd (32.8 Mboepd) 
--  Net result of MUSD 156.6 (MUSD 169.3) 
--  EBITDA of MUSD 854.3 (MUSD 767.3) 
--  Operating cash flow of MUSD 594.0 (MUSD 586.8) 
--  New USD 2.5 billion seven year secured revolving borrowing base facility
    signed on 25 June 2012 
--  Edvard Grieg field PDO approved 
--  Pre-Unit agreement signed for the Johan Sverdrup field 
--  Extensive appraisal drilling on the Johan Sverdrup field 

Third quarter ended 30 September 2012 (30 September 2011)  

--  Production of 36.6 Mboepd (33.9 Mboepd) 
--  Net result of MUSD 44.9 (MUSD 38.9) 
--  EBITDA of MUSD 273.6 (MUSD 262.0) 
--  Operating cashflow of MUSD 218.4 (MUSD 196.5) 
--  Geitungen oil discovery of between an estimated 140 and 270 MMboe gross
    recoverable resources located north of the Johan Sverdrup field within
--  Berangan-1 gas discovery on Block SB303, offshore Sabah, Malaysia 
--  Boyla field PDO approved in October 2012

Comments from C. Ashley Heppenstall, President and CEO  
I am pleased that our Company has once again delivered excellent
financial results and outperformed market expectations. This
performance has been driven by a combination of record quarterly
production and low operating costs.  
Our financial performance will further improve in forthcoming years
driven by our exciting pipeline of development projects which will
deliver increased production. The Edvard Grieg, Brynhild and Boyla
Norwegian developments, all of which are now in the execution or
construction phase, are expected to result in our production doubling
to over 70,000 barrels of oil equivalent per day (boepd) following
first oil from Edvard Grieg in late 2015. 
Production for the first nine months of 2012 was 35,600 boepd and
again exceeded our forecasts. As a result of the strong production we
have revised our 2012 production forecast from the previous range of
33,000 boepd to 37,000 boepd to a range between 34,000 boepd to
37,000 boepd. We will provide our 2013 production guidance in J
I am extremely pleased that, despite the manpower and cost pressures
being experienced within our industry, our three ongoing development
projects in Norway are all progressing well. The Brynhild and Edvard
Grieg operated projects are well into the execution phase. 
Both ourselves and Statoil continue to be busy with the appraisal of
the Johan Sverdrup discovery. The results of the 2012 appraisal
drilling programme will be used to update recoverable resources for
Johan Sverdrup which we expect will be announced in the first quarter
of 2013. 
Listen to President and CEO Ashley Heppenstall and CFO Geoffrey
Turbott comment on the report at the live webcast presentation on
Wednesday 31 October at 8.30 CET.  
The presentation and slides will be available on following the presentation. Please dial in
to listen to the presentation on the following telephone numbers:  
UK: + 44 (0) 203 043 24 36, International Toll Free Number: +1 866
458 40 87 
To view the whole report, please visit the following link:  
Visit our website:
Lundin Petroleum AB
C. Ashley Heppenstall
President and CEO
+41 22 595 10 00 
Lundin Petroleum AB
Maria Hamilton
Head of Corporate Communications
+46 8 440 54 50 / +41 79 63 53 641
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