• Annual Report 2009
  • 4Letter to shareholders
  • 6Words from the Chairman
  • 8Our business, vision and strategy
  • 9Market overview
  • 12Operations
  • 13Reserves, resources and production
  • 16Core area - Europe
  • 21Core area - Russia
  • 22Core area - South East Asia
  • 23Other operations
  • 24Corporate responsibility
  • 30Corporate governance report
  • 36-Internal control and risk management
  • 38-Board of directors
  • 39-Management
  • 40-Risk factors
  • 41The share and shareholders
  • 44Five year financial summary
  • 45Director's report
  • 54Income statement
  • 55Comprehensive income
  • 56Balance sheet
  • 57Statement of cash flow
  • 58Statement of changes in equity
  • 59Key financial data
  • 60Accounting principles
  • 67Notes - Group
  • 84Parent company annual accounts
  • 88Notes - Parent company
  • 90Board assurance
  • 90Financial reporting dates
  • 91Auditor's report
  • 92Reserve quantity information
  • 93Definitions

Annual Report 2009

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BOARD OF DIRECTORS Education: Bachelor of Science degree in Petroleum Engineering from the University of Tulsa. Main work experience: Ian Lundin was previously CEO of Lundin Oil during 1998–2001 and of Lundin Petroleum during 2001–2002. Other board duties: Vostok Nafta Investment Ltd and Chairman of Etrion Corporation. Shares in Lundin Petroleum: nil Incentive warrants: nil 1 Education: Bachelor of Science degree in Mathematics from the University of Durham. Main work experience: Ashley Heppenstall was previously CFO of Lundin Oil during 1998– 2001 and of Lundin Petroleum during 2001–2002. Other board duties: Etrion Corporation. Shares in Lundin Petroleum: 1,368,250 Incentive warrants: 200,000 Ian H. Lundin Director in 2001, Chairman since 2002, born 1960 C. Ashley Heppenstall President and CEO, director since 2001, born 1962 Asbjørn Larsen Director since 2008, born 1936 Education: Norwegian School of Economics and Business Administration (NHH). Main work experience: Asbjørn Larsen was President and CEO of Saga Petroleum from 1979 to 1998. Other board duties: Chairman of Belships ASA, vice Chairman of Saga Fjordbase AS. Member of the board of Selvaag Gruppen AS, GreenStream Network Oyj, Montebello Cancer Rehabilitation Center Foundation and the Tom Wilhelmsen Foundation. Shares in Lundin Petroleum: nil Incentive warrants: nil Lukas H. Lundin Director since 2001, born 1958 Education: Graduate from the New Mexico Institute of Mining, Technology and Engineering. Main work experience: Lukas Lundin has held several key positions within the Lundin group of companies. Other significant board duties: Chairman of Red Back Mining Inc., Lundin Mining Corporation, Denison Mines Corp., NGEx Resources Inc., Atacama Minerals Corp. and Vostok Nafta Investments Ltd. Chairman and CEO of Lucara Diamond Corp., President and CEO of Fortress Minerals Corp. Shares in Lundin Petroleum: 1,221,845 Incentive warrants: nil William A. Rand Director since 2001, born 1942 Education: Commerce degree (Honours Economics) from McGill University and a law degree from Dalhousie University. Master of Laws degree in International Law from the London School of Economics. Main work experience: William Rand practised law in Canada until 1972, after which he co-founded an investment company and pursued private business interests. Other significant board duties: Lundin Mining Corp., Vostok Nafta Investment Ltd., Denison Mines Corp., New West Energy Services Inc., NGEx Resources Inc. and Dome Ventures Corporation. Shares in Lundin Petroleum: 120,441 Incentive warrants: nil Education: Doctorate in Economics at Oxford University. Masters from Harvard University’s Kennedy School of Government. MBA in Finance and Bachelors in Chemistry from the American University in Washington D.C. Main work experience: Dambisa Moyo worked as a consultant for the World Bank during 1993-1995 and at Goldman Sachs during 2001-2008. Other board duties: SABMiller, Lundin for Africa Foundation and Room to Read. Education: MBA from the Stockholm School of Economics. Main work experience: Magnus Unger was an Executive Vice President within the Atlas Copco Group during 1988-1992. Other board duties: Chairman of Clean Tech East Holding AB, Bukowski AB and CAL-Konsult AB. Shares in Lundin Petroleum: 50,000 Incentive warrants: nil Magnus Unger Director since 2001, born 1942 Dambisa F. Moyo Director 2009, born 1969 Shares in Lundin Petroleum: nil Incentive warrants:nil Landor Participations Inc. holds 12,038,956 shares in Lundin Petroleum. Landor Participations Inc. is an investment company wholly owned by a trust whose settler is Ian H. Lundin. All shareholdings are as at 31 December 2009 1 38 Lundin Petroleum ANNUAL REPORT 2009

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