Lundin Petroleum AB: Exploration well completed on the Hurri prospect in the southern Barents Sea

Stockholm, 2018-01-10 08:30 CET (GLOBE NEWSWIRE) --

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 at www.lundin-petroleum.com. 

For further information, please contact:

Alex Budden                     Sofia Antunes         Robert Eriksson           
VP Communications &         Investor Relations    Manager, Media            
 Investor Relations              Officer               Communications           
Tel: [phone]           Tel: [phone]    Tel: [phone]     
[e-mail]            75                   robert.eriksson@lundin-pet
                                sofia.antunes@lundin  roleum.se                 
                                .ch                                             

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.

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