• 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

featimgSivu: 96Sivu: 94Sivu: 95Sivu: 93

Sivu: 92

BOARD ASSURANCE At 8 April 2010, the Board of Directors and the President of Lundin Petroleum AB have adopted this annual report for the financial year ended 31 December 2009. BOARD ASSURANCE The Board of Directors and the President & CEO certify that the annual financial report for the Parent Company has been prepared in accordance with generally accepted accounting principles in Sweden and that the consolidated accounts have been prepared in accordance with IFRS as adopted by the EU and give a true and fair view of the financial position and profit of the Company and the Group and provides a fair review of the performance of the Group’s and Parent Company’s business, and describes the principal risks and uncertainties that the Company and the companies in the Group face. Stockholm, 8 April 2010 Lundin Petroleum AB (publ) Org. Nr. 556610-8055 Ian H. Lundin Chairman C. Ashley Heppenstall President & CEO Lukas H. Lundin Board Member William A. Rand Board Member Magnus Unger Board Member Asbjørn Larsen Board Member Dambisa F. Moyo Board Member FINANCIAL DATES FINANCIAL REPORTING DATES Lundin Petroleum will publish the following interim reports: » 5 May 2010 » 6 May 2010 » 4 August 2010 » 3 November 2010 » February 2011 Three month report (January – March 2010) AGM 2010 Six month report (January – June 2010) Nine month report (January – September 2010) Year End report 2010 Attendance at the meeting Shareholders wishing to attend the meeting shall: » be recorded in the share register maintained by the Swedish Central Securities Depository (VPC) on Thursday the 29 April 2010; and » notify Lundin Petroleum of their intention to attend the meeting no later than Thursday the 29 April 2010. Confirmation of attendance » in writing to Lundin Petroleum AB, c/o Computershare AB, P.O.Box 610, SE 182 16 Danderyd, Sweden. » by telephone:+46-8-518 01 554, » by fax: +46 -8-588 04 201 » by e-mail: info@computershare.se When registering please give your name, personal social security number/ company registration number, address and day time telephone number. Shareholders whose shares are registered in the name of a nominee must temporarily register the shares in their own names in the shareholders’ register. Such registration must be effected by the 29 April 2010. The reports are available on Lundin Petroleum’s website, www. lundin-petroleum.com in Swedish and English directly after public announcement. ANNUAL GENERAL MEETING The Annual General Meeting (AGM) is held within six months from the close of the financial year. All shareholders who are registered in the shareholders’ registry and who have duly notified their intention to attend the AGM may do so and vote in accordance with their level of shareholding. Shareholders who cannot participate personally may be represented by proxy. The Annual General Meeting of the shareholders is to be held on Thursday, 6 May 2010 at 13.00 (Swedish time). Location: Biografen Skandia, Drottninggatan 82 in Stockholm. 90 Lundin Petroleum ANNUAL REPORT 2009

Sivu: 92Sivu: 91Sivu: 89Sivu: 90Sivu: 87Sivu: 88Sivu: 86Sivu: 85Sivu: 84Sivu: 83Sivu: 82Sivu: 81Sivu: 80Sivu: 79Sivu: 78Sivu: 77Sivu: 76Sivu: 75Sivu: 73Sivu: 74Sivu: 72Sivu: 71Sivu: 70Sivu: 69Sivu: 68Sivu: 67Sivu: 66Sivu: 65Sivu: 64Sivu: 63Sivu: 62Sivu: 61Sivu: 59Sivu: 60Sivu: 56Sivu: 57Sivu: 58Sivu: 55Sivu: 54Sivu: 53Sivu: 52Sivu: 51Sivu: 50Sivu: 49Sivu: 48Sivu: 47Sivu: 45Sivu: 46Sivu: 44Sivu: 43Sivu: 42Sivu: 40Sivu: 41Sivu: 39Sivu: 38Sivu: 37Sivu: 36Sivu: 35Sivu: 34Sivu: 33Sivu: 32Sivu: 31Sivu: 29Sivu: 30Sivu: 26Sivu: 27Sivu: 28Sivu: 23Sivu: 24Sivu: 25Sivu: 20Sivu: 21Sivu: 22Sivu: 17Sivu: 18Sivu: 19Sivu: 16Sivu: 11Sivu: 12Sivu: 13Sivu: 14Sivu: 15Sivu: 8Sivu: 9Sivu: 10Sivu: 1Sivu: 2Sivu: 3Sivu: 4Sivu: 5Sivu: 6Sivu: 7