Annual Report 2009

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RESERVES, RESOURCES AND PRODUCTION 2P RESERVES Russia U.K. France Indonesia Netherlands Reserves As of 1 January 2010, Lundin Petroleum has 255.9 million barrels of oil equivalent (MMboe) of proven and probable (2P) oil and gas reserves. This is an increase of 26 percent when compared to last year, taking into account production of 13.9 MMboe in 2009. The reserves replacement ratio, which is calculated by dividing the increase in reserves during 2009 by the production in 2009 is 398 percent. Of the 255.9 MMboe of 2P reserves, 85.5 percent is related to oil reserves. 95 percent of the total 2P reserves are situated in tax-royalty regimes. Lundin Petroleum is quoting all of its reserves in working interest barrels of oil equivalent. For the second consecutive year Lundin Petroleum has reported a reserves increase of 26 percent and a reserves replacement ratio of close to 400 percent. In other words, every barrel produced in 2008 has been replaced by almost 4 barrels of 2P reserves and every barrel produced in 2009 has also been replaced by 4 barrels of 2P reserves, giving a strong reserves base for future production growth. Since January 2003 Lundin Petroleum has increased its reserves from 56.8 MMboe to 255.9 MMboe, with an aggregate/cumulative reserves replacement ratio of 361 percent including acquisitions. In Norway, Lundin Petroleum’s reserves increased by 85 percent to 120.9 MMboe, mainly as a result of moving contingent resources associated with the Luno discovery into 2P reserves after the successful drilling and testing of the first appraisal well in early 2009. Furthermore, the Pi project operated by British Gas is close to development sanction and has therefore been moved from contingent resources to reserves. It should be noted that the positive results of the second Luno appraisal well drilled towards the end of 2009 have not been incorporated in the latest 1 January 2010 reserves numbers. In Russia the sale of the Ashirovskoye field in the Orenburg region and the Kaspiskoye field in Kalmykia during 2009 had a negative impact of 3.0 MMboe. However, this has been fully compensated for by an increase in reserves in our assets in the Komi Republic, mainly due to better than expected reservoir performance. Tunisia Norway 256MMboe* net to Lundin Petroleum as at 1 January 2010. * Following the spin-off of the UK business, Lundin Petroleum’s net reserves will be 177 MMboe RESERVES GROWTH MMboe 200 150 100 50 0 03 04 05 06 07 08 09 10 Reserves Replacement Ratio of 361% Cumulative production: 76.3 MMboe 361replacement % reserve ratio with cumulative production: 76.3 MMboe from 2003 to 2009. RESERVES DEFINED Reserves Lundin Petroleum calculates reserves and resources according to 2007 Petroleum Resources Management System (PRMS) Guidelines of the Society of Petroleum Engineers (SPE), World Petroleum Congress (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE). Lundin Petroleum’s reserves are certified by Gaffney, Cline and Associates (GCA), an independent reserves auditor. Reserves are defined as those quantities of petroleum which are anticipated to be commercially recovered from known accumulations from a given date forward. Estimation of reserves is inherently uncertain and to express an uncertainty range, reserves are subdivided in Proved, Probable and Possible categories. Lundin Petroleum reports its reserves as Proved plus Probable (2P) reserves. Proved reserves Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods and governmental regulations. Proved reserves can be categorised as developed or undeveloped. If deterministic methods are used, the term reasonable certainty is intended to express a high degree of confidence that the quantities will be recovered. If probablistic methods are used, there should be at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimates. Probable reserves Probable reserves are those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable.In this context, when probablistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves. 13 OPERATIONS

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