Annual Report 2011

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OPERATIONS – OTHER AREAS CONGO (Brazzaville) Lundin Petroleum has an 18.75 percent interest in Block Marine XI and a 21.55 percent working interest in the adjoining Block Marine XIV, offshore Congo (Brazzaville). One year licence extensions were requested and granted for both blocks during 2010. The decision to enter Phase II and commit to an additional well was made on Block Marine XI based upon technical studies. The Phase ll commitment well on Block Xl was drilled in September 2011 targeting a sub-salt play and it was dry. The Phase l commitment well on Block XIV was drilled in December 2011 and found uncommercial volumes of oil. The operator is currently reviewing the well results and a decision regarding future activities in the blocks will be taken in 2012. INDONESIA Lematang Block The Singa Gas field in the Lematang Block began production in April 2010. During 2011, the field has been producing at approximately 27 MMscfd of gross sales gas. The Singa-3 well is scheduled to undergo a christmas tree retrofit in the first quarter of 2012 to remove operating temperature constraints and thereafter it is anticipated that production levels will increase to approximately 47 MMscfd gross sales gas. Net working interest reserves are estimated at 3.9 MMboe. Gas sales agreements are in place with PLN and PGN, Indonesian gas distributors, for the term of the Production Sharing Contract. Lundin Petroleum’s working interest in the Lematang Block is 25.88 percent. Further exploration potential Acquisition of 1,500 km of 2D seismic data in the offshore Cakalang Block has been completed and interpretation has led to the identification of a series of oil prospects. In the neighbouring Baronang Block, planning for the drilling of two exploration wells in 2013 is ongoing. 2,400 km of 2D seismic data was also acquired in the South Sokang Block in East Natuna and processing of the data will be completed early 2012. In April 2011, Lundin Petroleum was awarded a PSC for the Gurita Block (WI 100%). A geochemical survey was carried out in the third quarter of 2011 which supported the presence of a working petroleum system in the southern part of the Block. Sub-surface studies are ongoing with the aim of identifying drillable prospects for a combined offshore Indonesia drilling campaign in 2013/2014. TUNISIA The Oudna field (WI 40%) began production in November 2006. During 2011, the field produced at stable rates of over 1,500 bopd gross. The Oudna field consists of a single production well supported by a single water injection well, both tied back to the Ikdam FPSO. Reservoir pressure is maintained by water injection and artificial lift is provided by a crude oil powered jet pump. The Ikdam FPSO is owned by Ikdam Production SA and the shareholders are Lundin Petroleum (40%), Teekay-Petrojarl Production AS (40%) and Gezina AS (20%). TUNISIA KEY DATA Reserves (MMboe) Average net production per day (Mboepd) Net turnover (MUSD) Sales price achieved (USD/boe) Cost of operations (USD/boe) Operating cash flow contribution (USD/boe) 2011 0.3 1 25 125 64 45 2010 0.5 1 30 77 39 26 INDONESIA KEY DATA Reserves (MMboe) Contingent resources (MMboe) Average net production per day (Mboepd) Net turnover (MUSD) Sales price achieved (USD/boe) Cost of operations (USD/boe) Operating cash flow contribution (USD/boe) 2011 4 2 1 13 32 13 15 2010 4 2 2 40 65 24 11 VIETNAM Lundin Petroleum had a 33.33 percent working interest in Block 06/94 in the Nam Con Son Basin, offshore southern Vietnam. Three wells were drilled in the exploration period to the end of October 2011. However, with the exception of very thin uncommercial gas pay, the wells were unsuccessful and were plugged and abandoned. The Block was relinquished in 2011. 26 Lundin Petroleum ANNUAL REPORT 2011

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