Lundin Petroleum : APA 2018 - 15 licences awarded in the Norwegian licensing round

Press Release

Stockholm 15 January 2019

15 licences awarded in the Norwegian licensing round

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has been awarded a total of 15 exploration licence interests in the 2018 Norwegian licensing round (Awards in Predefined Areas, APA).

The record-high award includes 8 licences in the North Sea, 2 licences in the Norwegian Sea and 5 licences in the southern Barents Sea. 9 of the awarded licences will be operated by Lundin Norway.

The awards from this licensing round builds on the Company's existing six core areas and will support starting to build a new position in the Norwegian North Sea close to the Horda platform area.

The licence interests are detailed below and maps of their location are provided on the following page.

Licences	Block	Lundin Norway licence interest
PL338E1	Block 16/4*	50% - North Sea
PL338FS1	Block 16/1*	65% - North Sea
PL976	Blocks 17/4,5,6,7,8,9*	50% - North Sea
PL981	Blocks 16/4*	60% - North Sea
PL987	Block 30/7,8,10,11	20% - North Sea
PL988	Block 30/5*	40% - North Sea
PL989	Block 36/7	30% - North Sea
PL991	Blocks 34/7, 8	40% - North Sea
PL998	Blocks 6306/7, 8	30% - Norwegian Sea
PL1011	Blocks 6509/11, 12, 6510/10	40% - Norwegian Sea
PL1023	Blocks 7123/6, 7124/1,2,4,5	50% - Southern Barents Sea
PL767B1	Blocks 7120/3, 7121/1,2,3, 7122/1*	50% - Southern Barents Sea
PL902B1	Blocks 7120/1,2*	40% - Southern Barents Sea
PL1027	Blocks 7220/3, 7221/1,2,4,5*	40% - Southern Barents Sea
PL1029	Blocks 7221/3, 7222/1,2,3, 7321/12,	40% - Southern Barents Sea
7322/10,11,12*
*operator Lundin Norway

1 Geographical extension of existing licence.

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:

Edward Westropp	Sofia Antunes	Robert Eriksson
VP Investor Relations	Investor Relations Officer	Manager, Media Communications
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Lundin Petroleum AB (publ)
Registration No 556610-8055

Hovslagargatan 5 SE-111 48 Stockholm

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Forward-Looking Statements

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