North Sea Exploration & Undeveloped DiscoveriesOslo, 11 December 2007WF9917

North Sea Contingent Resources

88

WF9434 11.07

027 028 029

020 021 022

013 014 015

007 008

002

006

003

009

001

030

00090008

001800170016

0026

0025

0027

00310030

0002

0007

016

0032

0003

A

5604

5504

0015

0001

023

0024

5603

5503

031

BergenSullom Voe

UNITED KINGDOM

NORWAY

0 100KM

OperatedNon Operated

PL148

PL338

PL203002400240024

PL340

PL292P1107

PL006c

Peik

9/10b

UK / Norwegian Undeveloped DiscoveriesPL006c:South East Tor

75% interest (operator)gross resources: 22.5 mmboeappraisal drilling in 2008

PL148 7/7-2:Nemo

50% interest (operator)gross resources: 20.6 mmboeappraisal drilling in Q4 2007

PL292:Pi South

40% interestgross resources: 10.9 mmboeappraisal drilling in Q4 2007

PL340 15% interestgross resources: 11.0 mmboedrilling in 2008

PL338Luno

50% interest (operator)gross resources: 65-190 mmboeappraisal drilling in 2008

Peik (UK/NCS) 40% interestgross resources: 27.4 mmboe

P1107:Scolty

40% interest (operator)gross resources: ~10 mmboedrilling amplitude anomaly prospect (Torphins) in 2008

PL203Gekko/Kobra

15% interestgross resources: ~36.6 mmboe

PL090 (9/10b)9/10b discovery

85% interestgross resources: ~11.9 mmboe

Net Contingent Resources: 123.7MMBOE

89

WF9912 11.07

Alvheim Area - Peik

Lundin Petroleum interest: Norway 50%, UK 33.3% (Operator) UK: Bow Valley 66.7% Norway: Marathon 50%

Information

Cross border field: 53% UK – 47% NorwayDiscovery well 24/6-1 drilled in 1985discoverd gas/condensate in MiddleJurassic Hugin Fm

Contingent Resources

Acquired : 2007

Field MMBOE

Peik

Peik Additional Upside

9\10b discovery

27.4

14.3

11.9

98

3

00090000000025

0024

0026

PL304

PL150

PL103B

PL363

PL412

PL413

PL340

PL203

PL036cPL088

P090 (9/15a)

Jotun field

Alvheim field

Peik discovery

Lundin Petroleum OperatorLundin Petroleum Partner

UKUKUKUKUK

NorwayNorwayNorwayNorwayNorwayNorwayNorway

9/10b discovery

90

WF9912 11.07

Deep HTHP reservoirNo further appraisal drilling requiredProduction start-up 2011Planned subsea installation tied backto a nearby platformDevelopment decision in 2008PDO submission planned in 2009

Forward Plan

Peik Discovery

Alvheim Area - Peik

P090 9/15a

PL088

UK

Norway

91

WF9914 11.07

Alvheim Area - PL203

Lundin Petroleum interest: 15% Marathon 68% (Operator) ConocoPhillips 20%

Information

Gekko Discovery well 25/4-3 (1974)found oil and gas in the PaleoceneHeimdal FmKobra Discovery well 25/7-5 (1997)found oil in two Paleocene intervals.

Contingent Resources

Acquired : 2005

Field MMBOE

Gekko

Kobra

34.6

2.0

98

3

00090000000025

0024

0026

PL304

PL150PL103B

PL363

PL412

PL413

PL340

PL203

PL036c

PL088P090

Jotun field

Alvheim field

Lundin Petroleum OperatorLundin Petroleum Partner

UKUKUKUKUK

NorwayNorwayNorwayNorwayNorwayNorwayNorwayNorway

92

WF9914 11.07

Forward Plan Gekko needs further appraisal drilling

Alvheim Area - PL203 - Gekko / Kobra

0 6KM

Norw

ayU.K

.

Kameleon

BoaPeik

Heimdal

Hamsun Grieg

discovery

EastKameleon

Kneler

Kameleon

BoaPeik

PL088

ALVHEIM

PL036c

PL413

PL363

PL150

Jotun Unit &PL103B

Heimdal

Hamsun Grieg

discovery

EastKameleon

Kneler

Kobra

Gekko

PL203

24/6-1

24/6-2

24/6-4T2

25/4-3

25/4-5

25/4-7

25/4-8

25/7-5

25/7-624/9-5

24/9-6

24/9-724/9-7C

UK9/15b-4

UK9/15b-4z

0025

000024

009

4b

4c

7b

7d

9a

4a

6b

9c

9b

6aUP

4h

4gUP

19

6aLW

7a

15b

15aUP

10c

9e

4e

15aLW

4gLW

10bE

15aF1

10bW

15c

14c

4fUP

9e

4fLW

14aLW

14aUP

VILJE

HEIMDAL

VALE

009/10 (Area 1)

8

5

4

3

1

4

43

2

1

5

3

1

3Z

2A

0025Nth Gekko

Sth Gekko

PL203

PL413

PL036c

PL150

PL340

PL088PL088BS

2°0'0"E

7a0 4KM

Boa Kameleon

Kneler

Volund

Kobra

PEIK

93

WF9915 11.07

Southern North Sea - PL006C

Lundin Petroleum interest: 75% (Operator) Noreco 25%

Info

Discovery well 2/5-3 (1972) found lightoil in two formationsEach formation tested rates in excessof 4,300 bbl/d

Contingent Resources

DNO Acquisition

Discovery MMBOE

22.5

5.6030

00000022

0008 00099

000000000333

0007

000116

13

89879

9

6

12

1110

12

7

4a

8b

3a

6a

9b

1

7b

7a

5b

2b

4a

4

12b

5 5 6 4

3a

8

1b

7b

11c

8

11a

4

10b

3b

21

5c

21

10

16

2a

5b1315

2UP

25

10

2b

26

2LW

5a

30

28a

7a

25a

32

10b

8c

10a

24b

27c

7b

23a24a

7a

19b

6b

23b

9a

28b

11c

30

27b

5c

30

19a

21

20b

17b

15

16

25

4b

7b

5e

8aUP

18W

11b

26c

5b

30a

29b

20c

4c

28N32a31a

1c1aF1

6LW

30b

12a

11a

20a

5b

5bLW

17a

7d

20a

2b

26c

9a

29

14

1g

23a

31a

4b

27c

12b

7a

20b

16f

5a

4d

4LW

20a

29c

27a

1d

10a

0 40KMPL148

PL335

PL400

PL440sPL398s

Lundin Petroleum OperatorLundin Petroleum Partner

UKUKUKUKUKUKUKUKUK

DENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARK28bDENMARK28b26cDENMARK26c

NorwayNorwayNorwayNorwayNorwayNorway11cNorway11c

6a

4a4a4aPL006c

SE Tor

SE Tor additional upside

94

WF9915 11.07

Possible tie in points for South East Tor arethe Tor field, the Ekofisk field (and the Valhall field)

Licence plan to drill well with side track(exploration and appraisal targets) in order toprove most likely reserves and potential upside

Contract with Mærsk Gallant

Expected start drilling: December 2008

Forward Plan

Southern North Sea - PL006C - SE Tor

PL398 SPL440S

PL006c0002

5603

0001

030

031

6

9

8a7a

5b

4a

3

10

6a

1b

8c

3a2LW

25a

30

5c

30

4b

7c

31a

4e

7d

5f

9c

1a

27c

5a

4d

21b

9b

11d

11c

11b

28b

2UP

4c

11a

9a

26b32a

6aF1

27b

26bF1

12

28a

28c

1aF1

7e

26

27a

7b

27b26f

20b

26g

32b

31b

24

21a

20a

26c

TOMMELITEN ALPHA

TOMMELITEN GAMMA

TJALVE

0002/07 (Area 22)

0002/02 (Area 1)

VALHALL

0002/05 (Area 11)

HOD

EKOFISK PHILLIPS0002/05 (Area 4)

GYDA 0002/02 (Area 5)

FREJA

0002/06 (Area 5)

FLORA

0002/07 (Area 19)

ANGUS

EKOFISK NON PHILLIPS

FREJA

0002/04 (Area 10)

0002/07 (Area 29)

0002/01 (Area 11)

031/26 (Area 8)

0 5 102.5

Kilometers

5bEKOFISK NON PHILLIPSSouth East Tor

Target 2

Target 1

New well

9km

15km

30km

9km

15km

30kmExisting wells

95

WF9920 11.07

Southern North Sea - PL148

Lundin Petroleum interest: 50% (Operator) Noreco 20 %, Talisman 30%

Information

First oil in 2010 at 7,700 boepd net

Contingent Resources

DNO acquisition

Field MMBOE

Nemo

Nemo additional upside

20.6

12.4

98

3

030

00000022

0008 00099

000000000333

0007

000116

13

89879

9

6

12

1110

12

7

4a

8b

3a

6a

9b

1

7b

7a

5b

2b

4a

4

12b

5 5 6 4

3a

8

1b

7b

11c

8

11a

4

10b

3b

21

5c

21

10

16

2a

5b1315

2UP

25

10

2b

26

2LW

5a

30

28a

7a

25a

32

10b

8c

10a

24b

27c

7b

23a24a

7a

19b

6b

23b

9a

28b

11c

30

27b

5c

30

19a

21

20b

17b

15

16

25

4b

7b

5e

8aUP

18W

11b

26c

5b

30a

29b

20c

4c

28N32a31a

1c1aF1

6LW

30b

12a

11a

20a

5b

5bLW

17a

7d

20a

2b

26c

9a

29

14

1g

23a

31a

4b

27c

12b

7a

20b

16f

5a

4d

4LW

20a

29c

27a

1d

10a

0 40KM

PL148PL335

PL400

PL398sPL440s

PL006C

4 6LW5bLW 4LW

Lundin Petroleum OperatorLundin Petroleum Partner

UKUKUKUKUKUKUKUKUK

DENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARKDENMARK28a

DENMARK28a27c

DENMARK27c

26cDENMARK26c

NorwayNorwayNorwayNorwayNorwayNorway11cNorway11c

Nemo discovery

96

WF9920 11.07

Southern North Sea - PL148 - Nemo

PL148 - Nemo Net Production to LundinNet Production (mbopd)

0123456789

2007

2009

2011

2013

2015

2017

2019

2021

2023

2025

2027

2029

2031

(mbo

pd)

Gas ProductionOil Production

7/7-2 Statoil 1992, oil down to DST 5000 bbl/d, 36 API, Pressure 626 bar @3310 m SS

7/7-3 Statoil 1993, only shows (water up to)

Contingent resources 20.6 MMboe with additional upside

Upside volumes 12.4 MMboe

Potential optimizationsArea synergies, reuse appraisal well, phased development

Planned appraisal well position to prove up significant upside: OWC, reservoir thickness/quality

Mærsk Giant rig is secured for drilling in December 2007

Nemo Discovery

-3500

-3525-3500

-3800-3750-3700-3650-3600-3550-3500-3450-3400-3350-3300

Depth

0 500 1000 1500 2000 2500m

1:63457

-

ODT -3323

PL148

TOP GYDA RESERVOIR MAP

Trias

sic Po

d

P1

I1

7/7 2

7/7-3

97

WF9918 11.07

Heather Area - SW Heather

Lundin Petroleum interest: 55% (Operator) Palace (Revus) 29%, Challenger 8%, Dyas 8%

Info

Discovery well 2/5-3 (1972) found lightoil in two formationsEach formation tested rates in excessof 4,300 bbl/d

Contingent Resources

DNO Acquisition

Discovery MMBOE

12.0SW Heather

0002003

0034

211

0030

209

219 6202

0001

66666220011

0033

218

220

8798 9

12 10 1111

5b

7

7b

12

2b

6 7 8 9

5 1 2

9 6 7 8 9 6

4 5 1 2 43 5 1 2

54

7a

3c

9b

1b

9

8d

4c

4d

2

6c

8a

10a

3a

6a

12a

20 16 17 18 19 20 1816 17

1511

12 13 14

10

30 26 2827

25 21 22 23

1920 16 17 18

17

14 15 11 12 13 14

10

8c

10

24

29 26 27 28 29 30

26

2423 24 25

4b

2b

25

5bLW

29

6b

21

21

4b

1c

22

11a

23

9c

24

5

25

7c

21

6d

22

3b

6b

8b

7b

3

1513b14

5

3a

6d

2019

1b

9a

9a

4a

11b

28b

18

19

30b

27

8b

17

2a

29b

16

24c

9aUP

23

15b

3c

8

3b

9a

20

11c

16b

12b

8c

12a

19

3a

13a

6a

25b

24

28

1b

2f

15b

9c

12d

14a

10a

8d

19a

2a

11a

10

25b

1a

24a

20e

23a

7e

9d

19a

3

1c

20a

30a

3aUP

25a21a

22a

10b

11b

30b

1d

25b 21b

23d

22b

3aS

27a

1618

20a

6b

2eUP

20c

4a

2eLW

10b

14

1aUP

19b

8a

3aLW

7a

1aLW

4d

9b

24b

9b

15a

12c

29b

2F1

29F1

9c10c

24c

6eUP

4f

21b

10a

9b

24c21a

6d

2aLW

25a

3bLW

8a

1c

11a

10d

27d

7aS

13

12a

9c

22b

12b

7a

11b

4a

6b

23b

26a

22aNW

3c

19c

11c

19aS

15a

8a 6fUP

30b

5a

16a

12f

26aF1

6eLW

22aSE

8b

21aF1

29a

18c

26d

3cUP

19aN

8b

2g

6a14f

4e

30a

12a

12bLW

27e

13b

3cLW

7d

6a

3b

7b

5F1

4b

4aF3

1a

22

12b

6c8aF4

18a

19b

8d

26b

4aF1

VISUND

KVITEBJOERN

0030/06 (Area 16)

JURA

ELLON

STUJ

NINIAN

SNORRE

OSEBERG

LYELL

GULLFAKS

MAGNUS

VIGDIS

TERN

HUTTON

DUNLIN

DUNBARCHEVIOT

TORDIS

SENTRAL

GIMLEMELVILLE

TUNEHILD

VALEMON

UKUK13UK13 14UK14

NorwayNorwayNorwayNorway12Norway12 10Norway10 11Norway11

8 90 20KM

12d

GULLFAKSGULLFAKS

4a

4aF3

21102 1

18 16b19a019a0 20a

0002

10b

26 282729b

Heather/Broom5 1 2 4b3b

3aSW Heather

P1384

P1275

Thistle/Deveron

2b 3b3cP1487

P1406

98

WF9918 11.07

Heather Area - SW Heather

9

5

2

29 30

6b

4b

15b 12b

1b

10a

1a

7e

27aaa

10b

2F2F2F111

1cc

27d

7aS

1212a11b

26c

2626262626262626a

11c15a

26aF26aF26aF26aF26aF26aF26aF26aF26aF26aF26aF26aF1111

26d

27e

4a

7aF7aF7aF1

7d

6a

27bbb

5F1

7c

7aN

2F2F2F2F2F2F2F2F2F2F2222222222

27cc

7b

LYELL

HUTTON

CHEVIOT

PELICAN

CORMORAN

BROOM

HEATHERSOUTH WEST

003/12 (Area 2)

002/10 (Area 1)

140 KM 10

Heather

SW Heather

Holly

00003737e3e002002

210 211211211211211211211211211

11b

Beta

Delta & Gamma

Alpha

00

99

North Sea Exploration & Undeveloped DiscoveriesOslo, 11 December 2007WF9917

Conclusion

100

WF9885 11.07 Lundin Petroleum non-operated assetsLundin Petroleum operated assets

Alvheim area

Barents Sea area

UK Central North Sea area

UK Heather area

Luno area

SouthernNorth Sea area

License Prospect Equity %

Gross unrisked resources(mmboe) CoS %

PL359 Lemond 70 198 20PL438 Lavvo 35 159 14

PL363 Mon 60 123 25PL304 Aegis 60 104 19PL440s Helena* 18 102 20PL409 D 100 94 17PL304 Buhund 60 87 19PL412 Hugin south 30 86 18PL359 Armstrong 70 122 30PL359 Merckx 70 76 18PL438 Skalle 35 75 35

PL203 Alvheim Deep 15 158 18

PL400 Blizzard 50 59 11PL440s Clapton* 18 56 20PL167 Verdiandi Oil 20 53 20PL409 A 100 50 13PL363 Monster 60 50 25PL150 Ibsen 35 47 12PL340 Padde 15 42 14PL412 Hugin West 30 36 25PL340 Marihøne 15 39 36PL412 Ty North 30 33 17PL203 S Kneler 15 30 50PL412 Hugin North 30 19 25PL412 Hugin Central 30 19 81

PL203 E Kneler 15 2 50PL340 Frosk 15 6 63PL292 Pi North 40 9 29

* Helena and Clapton in PL 440s is mutually exculsive

Norwegian Continental Shelf - Prospective Resources

Net Prospective ResourcesUnrisked: 900MMBOE , Risked: 195MMBOE

101

WF9885 11.07 Lundin Petroleum non-operated assetsLundin Petroleum operated assets

Alvheim area

Barents Sea area

UK Central North Sea area

UK Heather area

Luno area

SouthernNorth Sea area

License Prospect Equity %

Gross unrisked resources(mmboe) CoS %

Ridgewood

Delgany

9/9-A

Gamma-Delta

Torphins

9/9-B

Nairn

Belfry

Southerndown

Wenvoe

Carne

Cruit

P1301

P1399

P1410

P1406

P1107/P1109

P1410

P1397

P1107/P1109

P1399

P1399

P1399

P1399

30%

15%

60%

100%

40%

60%

15%

40%

40%

15%

15%

15%

41

74

143

45

28

31

29

16

28

17

12

7

25%

20%

18%

25%

60%

14%

50%

15%

20%

20%

20%

20%

UK Continental Shelf - Prospective Resources

Net Prospective ResourcesUnrisked: 211MMBOE , Risked: 48MMBOE

102

WF9434 11.07

027 028 029

020 021 022

013 014 015

007 008

002

006

003

009

001

030

00090008

001800170016

0026

0025

0027

00310030

0002

0007

016

0032

0003

A

5604

5504

0015

0001

023

0024

5603

5503

031

BergenSullom Voe

UNITED KINGDOM

NORWAY

0 100KM

OperatedNon Operated

PL148

PL338

PL203002400240024

PL340

PL292P1107

PL006c

Peik

9/10b

UK / Norwegian Undeveloped DiscoveriesPL006c:South East Tor

75% interest (operator)gross resources: 22.5 mmboeappraisal drilling in 2008

PL148 7/7-2:Nemo

50% interest (operator)gross resources: 20.6 mmboeappraisal drilling in Q4 2007

PL292:Pi South

40% interestgross resources: 10.9 mmboeappraisal drilling in Q4 2007

PL340 15% interestgross resources: 11.0 mmboedrilling in 2008

PL338Luno

50% interest (operator)gross resources: 65-190 mmboeappraisal drilling in 2008

Peik (UK/NCS) 40% interestgross resources: 27.4 mmboe

P1107:Scolty

40% interest (operator)gross resources: ~10 mmboedrilling amplitude anomaly prospect (Torphins) in 2008

PL203Gekko/Kobra

15% interestgross resources: ~36.6 mmboe

PL090 (9/10b)9/10b discovery

85% interestgross resources: ~11.9 mmboe

Net Contingent Resources: 123.7MMBOE

103

WF9921 11.07

LicenceProspect/Discovery Equity

UnriskedGross mmboe Rig Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2008

2007 2009 2010

Drilling Schedule 2008-2010

Exploration Well Appraisal Well

P1301 Ridgewood 30% 41 Galaxy II

PL292 Pi North 40% 9 Maersk Guardian

PL148 Nemo 50% 20.6 Maersk Giant

PL338 Luno 50% 60-190 Bredford Dolphin

PL338 Luno 50% 60-190

P1107 Torphins 40% 28 GSF Arctic II

PL340 Marihone A/B 15% 39 Bredford Dolphin

PL304 Aegis 60% 104

PL006c SE Tor 75% 22.5 Maersk Gallant

PL363 Mon 60% 123

Identified

PL412 Hugin South 30% 86 West Alpha

PL409 D 100% 94

PL359 Lemond 70% 198

PL400 Blizzard 50% 59 Jack-up

P1399 Delgany 15% 74

P1410 A 60% 143

P090/PL088 Peik 41% 27.4 Songa Dee

PL203 Alvheim Deep 15% 158 Songa Dee

PL203 South Kneler 15% 32 Songa Dee

PL150 Ibsen 35% 47 Songa Dee

PL438 Lavvo/Skalle 35% 159 Songa Dee

Songa Dee Rig secured for 1.5 years from end Q1 2009 to end 2011

104