Lundin First Quarter 2014 Financial Update

Lundin Petroleum AB (Lundin Petroleum) will expense exploration costs of approximately MUSD 127 for the first quarter of 2014 (the Period). These expenses will be offset by a tax credit of MUSD 61 giving an after tax net impact to the income statement for the Period of MUSD 66.

During the Period, Lundin Petroleum completed two exploration wells in Norway and two exploration wells in Indonesia which were announced as either non-commercial or as dry holes and the associated costs will therefore be expensed to the income statement for the Period.

The cost of the drilling of the Langlitinden (PL659) and Torvastad (PL501) wells in Norway amounted to MUSD 73 including certain associated license costs. The expensed exploration costs in Norway will be offset by a tax credit of MUSD 57 giving an after tax impact to the income statement for the Period of MUSD 16.

The cost of the drilling of the Balqis and Boni wells and capitalized license costs relating to the Baronang PSC in Indonesia of MUSD 45 will be expensed to the income statement for the Period. Lundin Petroleum will also charge to the income statement MUSD 9 relating to capitalized exploration costs on the Cakalang PSC in Indonesia.