Lundin Petroleum : Exploration well completed on the Hurri prospect in the southern Barents Sea (regulatory)

Press Release

Stockholm 10 January 2018

Exploration well completed on the Hurri prospect in the southern Barents Sea

Lundin Petroleum AB (Lundin Petroleum) announces that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed the drilling of the Hurri exploration well 7219/12-3S located in PL533 in the southern Barents Sea. The well was dry.

The main objectives of the well were to test the reservoir properties and hydrocarbon potential of the Upper Jurassic Hekkingen formation and Middle Jurassic Stø formation.

The well encountered no reservoir development in the Hekkingen formation and good reservoir in the Stø formation but with no indications of hydrocarbons. Extensive data acquisition and sampling were carried out.

The well was drilled using the semi-submersible drilling rig Leiv Eiriksson which after completion of operations on the Hurri well will proceed to abandon the Filicudi discovery well, also located in PL533.

Lundin Norway is the operator of PL533 with a 35 percent working interest. The partners are Aker BP with 35 percent and DEA Norge with 30 percent.

Lundin Petroleum is one of Europe's leading independent oil and gas exploration and production companies with operations focused on

Norway and listed on NASDAQ Stockholm (ticker "LUPE"). Read more about Lundin Petroleum's business and operations atwww.lundin-petroleum.com

For further information, please contact:

Alex Budden	Sofia Antunes	Robert Eriksson
VP Communications &	Investor Relations Officer	Manager, Media Communications
Investor Relations	Tel: [phone]	Tel: [phone]
Tel: [phone]	[e-mail]	[e-mail]
[e-mail]
Lundin Petroleum AB
Registration No 556610-8055

or

or

Hovslagargatan 5	Tel. [phone]	www.lundin-petroleum.com
SE-111 48 Stockholm	Fax. [phone]	E-mail:[e-mail]

This is information that Lundin Petroleum AB is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact persons set out above, at 08.30 CET on 10 January 2018.

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.