Production and Development

Chris Bruijnzeels, Senior Vice President Operations January 2009WF10581

23

WF8263 01.09

Resource Classification System

2007 Petroleum Resources Management System (SPE PRMS) Guidelines of the Society of Petroleum Engineers (SPE), World Petroleum Congress (WPC), American Associationof Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE)

PRODUCTION

RESERVES

CONTINGENTRESOURCES

PROSPECTIVERESOURCES

Proved Proved &Probable

Proved, Prob.& Possible

Commercial

Discovered but no �rm investment decision

Exploration Prospectivity

1P 2P 3P

24

WF10559 01.09

2009 Proven & Probable Reserves

Total 217.5 MMboe01.01.2008 MMboe 184.2

- Produced (forecast) -11.6+ New reserves (excl sales/acquisitions) 45.7+ Sales/acquisitions - 0.8

01.01.2009 MMboe 217.5

Reserves Replacement Ratio 394%

Increase in Reserves 26%

France (26.4)

Indonesia (15.2)

Netherlands (4.3)

Norway (70.5)*

Tunisia (0.4)

U.K. (82.1)

Russia (18.6)

* Excluding Luno

Oil 85.5%

Gas 14.5%

25

WF10559 01.09

Russia

NorwayU.K.

VenezuelaTunisiaIndonesiaNetherlandsFrance

Reserves Growth

0

50

100

150

200

250

2003 2004 2005 2006 2007 2008 2009

MM

boe

Reserves Replacement Ratio of 324% (cumulative production: 67.8 MMBOE)

26

WF10014 01.09

Actual

Produced in 2008 Net Replacement Sales/Acquisition

Reserves Changes

-10 -5 0 5 10 15 20 25 30 35

France

Indonesia

Netherlands

Norway

Tunisia

U.K.

Russia

MMboe

27

WF10014 01.09

Main Reserves Changes

Russia Kalmeastern and OGT reductions (-9.7)

UK Increased Heather and Thistle due to 3D seismic and re-development plans (+26.5) Increased Broom due to last year’s infill well results (+3.8)

Tunisia Reduced Oudna reserves due to negative reservoir performance (-1.0)

Norway Economic viability of the Nemo development project (+11.0) Increased Alvheim gas reserves (+3.4)

France Grandville field development plan (+1.7)

28

WF10149 01.09

UK Continental Shelf Licences

Lundin production licenceLundin exploration licence25th round (exploration)

29

Thistle

Lundin Petroleum 99% WI

STOIIP 846 MMstb

Produced 430 MMstb

Invested in extending life of platform

Shot 3D seismic in 2007

Sub-surface review in 2008

Identified 11 infill opportunities

Current status Opex £ 36/bbl

Re-development Opex after development £ 16/bbl Capex - drilling £ 8.00/bbl (incremental) - facility improvements £ 1.50/bbl

WF10049 01.09

OWC

ThistleDeveron

30

WF10155 01.09

Heather Development

Lundin Petroleum 100%

STOIIP Brent 507 MMstb Trias 166 MMstb

Produced 134 MMstb

Host to Broom development

Shot 3D deismic in 2006/2007

Sub-surface review in 2007/2008

Identified 6 infill and 3 coiled tubingworkover candidates

Current status - Heather/Broom Unit Opex £ 14.00/boe

Development Opex after development £ 10.00/boe (Heather/Broom Unit) Capex - drilling capex Heather £ 3.50/boe (incremental) - facility improvements £ 0.80/boe (Heather/Broom Unit)

31

WF10156 01.09

Broom Development

2008 infill well

Vertical water injector

CR potential

CR potential

Water injector

Dual lateralproducer

Water injectorconversion

Current Producer Planned Producer

Planned InjectorCurrent Injector

Lundin Petroleum 55% WI

STOIIP 172 MMstb

Produced 28.7 MMstb

4 producers, 2 injectors Successfully sidetracked 2/5-19y in 2008

2P Brent Ultimate Recovery of 36.1%

3.8 MMstb net contingent resource North Flank area Western boundary fault

Development Drilling capex £ 10.50/boe

32

WF9920 01.09

Southern North Sea - PL148

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

2008 appraisal well con�rmed �eld extension

Existing infrastructure nearby in UK and Norway

2P gross reserves of 22 MMboe

UK

Nemo discovery

EVERESTNemo 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

Lundin Petroleum OperatorLundin Petroleum Partner

33

WF10420 01.09

8

3

PL505

009

0025

0024

0026

PL304

PL150

PL363

PL412

PL413

PL340

PL203

PL036cPL088P090 (9/15a)

UK

Norway

Peik Field

Greater Alvheim Area - Peik Development

Moving towards host selection

Reviewed and updated conceptual development plan

Reserves: 37 MMboe Gross

Lundin Petroleum: ~40%

Well “C” Well “B”

Top Reservoir

THugin

Well “A”

34

WF10595 01.09

Russia 2P

Pechoraneftegas and Recher Komi Successful exploration/appraisal in Recher Komi Good infill performance Increased reserves (+5.5 MMstb)

Kalmeastern Low oil price + high transport costs low netback Uncertain investment climate Reduced reserves (-6.3MMstb)

OGT Poor performance from pilot production wells No investment decision Reduced reserves (-3.4 MMstb)

Russia

China

Ukraine

Kazakhstan

Uzbekistan

Turkmenistan

Iran

SwedenNorw

ay

Finland

Artic Ocean

Black Sea

Casp

ian

Sea

Moscow

Komi/Nenets RegionPNG/RK

Orenburg RegionOGT

Kalmykia RegionKE

35

2009 Development Capital Expenditure

WF10024 01.09

UK, 53

Norway, 111

Other, 23

Indonesia, 27 2009 Forecast 215 MMUSD

36

WF10535 01.09

Development Highlights 2009

NORWAYVOLUND- 4 wells to be drilled- Offshore installation substantially complete- First oil late 2009

UNITED KINGDOMTHISTLE- Drilling: Top drive installation- Facilities: B turbine reinstatement (costs recovered by insurance)HEATHER- Routine facilities upgradesPEIK- Pre-development studies.

FRANCE - Facilities: water injection facilities Vert-la-Gravelle

INDONESIASALAWATIS- Development drillingSINGA- Development drilling (2 wells and 1 recompletion) and gas facilities construction- First gas mid 2009

NETHERLANDS- Drilling: development drilling- Facilities: E17 development project

RUSSIA- PNG & Recher-Komi (RK): drilling + RK pipeline

37

PL203

PL203

PL150

PL150

P1283P1283

PL340PL340

PL413

PL413

PL088 BS

P090

P090

PL036C

PL036C

PL088PL088

PL088

PL088

PL088 BS

PL088 BS

GEKKO

ALVHEIM

ALVHEIM

ALVHEIM

VOLUND

0024/09 (Area 3)

HEIMDAL

PEIK (UK)

PEIK (NO)

SKENE

0025

009

0024

25/7-6

25/7-5

25/4-8

25/4-7

25/4-3

24/9-7

24/9-624/9-5

24/9-4

24/6-3

24/6-2

24/6-1

9/19-12

9/15b-49/15b-3

9/15a-2

9/15a-1

9/14a-6

9/14b-2B

0 KM 82

2009 Projects - Norway Volund

WF10026 01.09

Reserves 49 MMboe (gross)

2009 CAPEX USD 100 Million

Lundin Petroleum 35%Marathon 65% (operator)

2009 Drilling3 producers, 1 water injector

First production late 2009

Deep Sea Bergen 2 wellsSonga Dee 2 wells

LundinPetroleum Partner

LundinPetroleum Operator

Volund

UK

Norway

38

Indonesia - Singa Development

WF6831 12.08

KALIMANTAN

SULAWESI IRIAN JAYA

SUMATRA KALIMANTAN

JAVA JAVA

SULAWESI IRIAN JAYA

SUMATRA

Indonesia

0 km 500

LEMATANG

A i r N

i r u

A i r E n i m

LEMATANG W

LEMATANG E Singa

Harimau

Lagan

Rambutan Betung

Belimbing

Limau Niru

Kampong Minyak

Suban Jerigi

Beringin

Air Serdang

Limau Tengah

Benuang

Gunung Kemala

Prabumulih

Talang Jimar

Karagan

Limau Timur

Oil Field

Gas Field 0 KM 10

Lundin Petroleum 25.88%

Gross reserves 123 bcf

2009 CAPEX USD 21 Million 2 wells Facilities

Gas Sales Agreement at 48 mmcfd for 5 years – declining thereafter Gas sold to PT PLN (Indonesian electricity company)

Gas exported via 40km 10” pipeline

39

WF10022 01.09

2009 Production Forecast

Net boepd

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

Q4Q1 Q2 Q3

High

Low

Norway38%

Tunisia2%

UK24%

Russia14%

Indonesia7%

Netherlands6%

France9%

Norway

UK

France

Indonesia

Netherlands

Russia

Tunisia

40

Norway

Indonesia

Russia

UK

WF10590 01.09

Norway - Alvheim vessel regularity and plant capacity- Volund �rst production timing

- Komi assets in�ll well performance

- Gas lift availability- Platform regularity

- Singa project �rst gas and rampup pro�leIndonesia

UK

Russia

Factors Affecting 2009 Production Range

41

2009 Production - Norway Alvheim

WF10025 01.09

Lundin Petroleum 15% Marathon 65% (operator), ConocoPhillips 20%

Gross Reserves 223 mmboe (01.01.09) Up from 215 mmboe (01.01.08)

Average 2008 gross production 41,300 boepd (start-up in June 08) Peak Alvheim Norway production to date 109,000 boepd Water free production until late December – better than prognosis

FPSO status Commenced production in June 2008 Peak throughput (to date) of 133,000 bbl/d and 62 mmscf/d - original design capacity of 120,000 bbl/d, 125 mmcfd - de-bottlenecking ongoing – stretch target is 150,000 bbl/d Vilje �eld tied-in Volund �eld (Lundin Petroleum 35%) to be tied-in in late 2009

Wells 10 producers completed - 5 Kneler Wells - 3 Boa Wells - 2 Kameleon wells 3 further wells to be drilled in 2010/2011

42

WF10456 09.08

Norway - Alvheim/Volund

43

2009 Projects – Norway Alvheim

WF10029 08.09

BOA 12

Kameleon

East Kameleon

Kneler

BoaBOA 11

BOA 09

KAM 03

KAM 02

EKAM 01

EKAM 02

KN 02

KN 05

KN 03

KN 06

KN 07

KAM 01

Drilled Development WellsPhase 2 Targets

73.8 km out of 102 km planned development wells completed27.2 km out of 33 km planned horizontal section completed10 Phase 1 development wells completed, 8 on production (2 remaining, mid-February 2009)

44

WF10539 01.09

Volund

Vilje

Alvheim

Volund tie-in SAGE shut-inCapacity assumption 134 Mbopd

Norway - Alvheim FPSO Oil Production Forecast

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Q1 Q2

2009 2010

Q3 Q4 Q1 Q2 Q3 Q4

bopd

45

WF10560 01.09 * Excludes Dordives discovery

to R

eser

ves

Others, 13.0

188.3 MMboe net Lundin Petroleum

Norway, 105.4

UK, 60.3

France, 9.6

294* MMboe net Lundin Petroleum

2008

Morskaya, Pi, SE Walio

NemoThistleHeatherBroomPeikGrandville

Discoveries +120* MMboe

45.7 MMboe

2009

Contingent Resources - 1 January 2009

Norway, 97.5

UK, 56.3

France, 9.9

Others, 15.6

Russia, 115.0

- Luno- Greater Alvheim Area- Pi - SE Tor

-Morskaya

- Thistle Infill- Heather Infill- Heather Triassic- SW Heather- Broom Infill- Scolty

46

WF10560 01.09

Contingent Resource History

MM

boe

0

50

100

150

200

250

300

350

2006 2007 2008 2009

RussiaVenezuelaIrelandNigeriaCongoIndonesiaTunisiaFranceNorwayUK

47

WF10560 01.09

Contingent Resource Movement

-20 0 20 40 60 80 100 120

Norway - Pi

Norway - Luno

Norway - Nemo (PL148)

UK - Heather

UK - Thistle

UK - Broom

France

Russia - Morskaya

MMBoe

West Heather infill well close to fault

CR to Reserves, Increased CR due to study results

CR to Reserves, Increased CR due to study results

CR to Reserves

Pi North Result

Grandville to Reserves

2008 Discovery

48

WF10018 12.08

Lundin Petroleum interest: 50% (Operator) Wintershall 30%, RWE 20%

Discovery 16/1-8 Largest discovery in Norwegian North Sea in the last decadeLight oil discoveryNew play concept provenSignificant working interest in adjoining acreage

Contingent Gross Resources

Discovered in 2007

Discovery MMBOE

65 - 190Luno

Luno Discovery

009

0016

0025

016

008

0015015

0024

0026

0017

PL304

PL359

PL338 PL501

PL505

PL410

PL409

PL412

PL363PL413

PL203

PL340

PL150

PL036c

PL088P090

PL167PL167B

0 20KM

Alvheim fieldPeik field

Volund field

Lundin Petroleum OperatorLundin Petroleum Partner

UKNorway

Luno discovery

49

WF10598 01.09

16/1-8 (Luno discovery well)

16/1-10(Luno appraisal well)

Tested4,000 bopd

OWC

Schematic Illustration of Luno Discovery

50

WF10598 01.09

Luno Reserves Status

Decision to incorporate Luno appraisal results before booking reserves

Incorporate drilling and test results into updated subsurface model

Incorporate 2008 ocean bottom seismic results

Revised reserves statement expected in the next two to three months

Expected to be within previously annouced range of 65-190 MMboe

52

Makhachkala Aktau

AtyrauAstrakhan

Kazakhstan

Russia

Astrakhan Field100 tcfg

Tengiz Field9 BBO

CPC Pipeline

Kalamkas Field1-2 BBO

Rakushechnoye Field4.4 tcfg

Khvalynskoye Field 266 MMBO

Sarmatskoye Field

Viktor Filanovsky600 MMBO, 1.2 tcfg

Caspian Field

MorskayaPetrovskaya

Kashagan Field15 BBO

Caspian Sea

Oil FieldGasCondensateOil PipelineGas PipelineTerminal

Korchagin Field380 MMBO

Russia - Lagansky Block

Lundin Petroleum 70%, Mintley 30% (pre-Gazprom option exercise)Lundin Petroleum 50%, Gazprom 50% (post-Gazprom option exercise)

Morskaya major oil discovery 2Q 2008

Laganskaya well completed (non-commercial) Small hydrocarbon shows, potential structure updip

Petrovskaya prospect to be drilledin 2009 targeting gross prospective resources of 300 MMboe

Local partner Gazprom throughoption agreement

WF10357e 01.09

53

Russia - Morskaya Discovery

WF10357c 08.08

0 MK 02

Lagansky Block

Kaspiskoye

Yuri Korchagin

Rakushechnoye Field4.4 TCF

Severo-Rakushechny

Northern Caspian

Viktor Filanovski600 MMbbls1.2 TCF

Morskaya Discovery

Petrovskaya Prospect LundinConcessionOil Field

Gas Field

Prospects

Rak-4Rak-2

Rak-1

Morskaya-1Laganskaya-1

COC well

Morskaya-1 discovery

Large structure with arealextent of 130 km2

Tested two horizons withcombined �ow rate of 2,500bopd, restricted by choke size

Estimated �ow rates forhorizontal development wellsof 4,000 (Aptian) to 8,000 bopd(Neocomian)

Gross resource range on block: 110 - 450 MMbo.Mid case 230 MMbo

2009 3D seismic

Additional Morskaya well to be drilled in 2009

54

WF10456 09.08

Russia - Lagansky Block

55

Lagansky Block - Morskaya discovery

WF10356 08.08

Tested at 800 bopdTheoretical Flow Rate 4,000 bopd 32° API oil

in Aptian andNeocomian

25 km

M-1

Tested at 1,700 bopdTheoretical Flow Rate 8,000 bopd

ALBIAN

APTIAN

NEOCOMIAN

56

WF9434 01.09

PL292

PL203

Thistle/Deveron

PL340

P1107

PL006c

P090

Heather/Broom/SW Heather

PL006c:South East Tor

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

PL292:Pi

40% interestgross resources: 17 mmboeProgressing development plan

PL340 15% interestgross resources: 11.0 mmboedrilling Marihone prospect in 2009

P1107:Scolty

40% interest (operator)gross resources: Scolty ~10 mmboe

Heather 100% interest (operator)gross resources: 16.7 mmboe

Broom 55% interest (operator)gross resources: 6.9 mmboe

Thistle/Deveron 99% interest (operator)gross resources: 17.5 mmboe

SW Heather: 55% interest (operator)gross resources: 9.6 mmboe

PL203Gekko/Kobra

15% interestgross resources: ~36.6 mmboe

P090 9/10b discovery

85% interestgross resources: ~10.6 mmboe

Net Contingent Resources: ~154 MMboe

UK / Norwegian Undeveloped Discoveries

57

WF10017 01.09

Other Contingent Resources

Congo Indonesia

France

Tunisia

Russia

TUNISIABirsa

40% interestgross resources: 17 mmboe

FRANCE Paris Basin gross 7.6 MMbblsAquitaine Basin net 2.3 MMbblsTotal France net 9.9 MMbbls

TUNISIAZelfa

44% interestgross resources: 2.5 mmboe

INDONESIASalawati Basin

25.936% interestgross resources: 11.6 mmboe

INDONESIASalawati Island

14.5% interestgross resources: 9.6 mmboe

CONGOBlock XI

18.75% interestViodo discovery - gross resources: 17 mmboe

RUSSIALagansky

50% interestMorskaya discovery - gross resources: 230 mmboe

Total Net Contingent Resources: 294 MMboe (of which North Sea 154 MMboe)

58

WF10017 01.09

2009 Contingent Resource Work Programme

Norway PL006C (SE Tor) appraisal well Progress Pi (PL292) towards FDP

France Dordives testing Dordives-2 appraisal well

Indonesia SE Walio - 2 appraisal wells

Russia Morsakaya-2 appraisal

Congo Viodo appraisal well

NorwayRussia

IndonesiaCongo

France

59