First Oil from the Boyla Field, Offshore Norway

Lundin Petroleum AB (Lundin Petroleum) (OMX:LUPE) is pleased to announce that first oil from the Bøyla field has been achieved.

The Bøyla field commenced production on 19 January 2015. The Bøyla field, located on PL340 in the Norwegian sector of the North Sea, is a subsea tie-back to the Alvheim field where Lundin Petroleum has a 15 percent non-operated interest.

The Bøyla field is estimated to contain gross reserves of 23 million barrels of oil equivalents and is expected to produce at a gross peak rate of approximately 20,000 barrels of oil equivalent per day (boepd) once the second production well has been completed, although the plateau rate is expected to be somewhat lower. The drilling operations on the second production well were suspended in late 2014 and the Transocean Winner semi-submersible rig will return to complete the well during the second quarter of 2015 with startup of this well expected by mid-year 2015.

The production facility for the Bøyla field is the Alvheim FPSO which is owned by the Alvheim field partners. In addition to the Alvheim and Bøyla fields, the Volund and Vilje fields are also producing to the Alvheim FPSO.

Ashley Heppenstall, President & CEO of Lundin Petroleum comments;

"With the successful start-up of the Bøyla field on the 19th January 2015 Lundin Petroleum has now successfully brought onstream two of the four development projects which collectively are forecast to bring Lundin Petroleum's production level to more than 75,000 boepd by the end of 2015. The two ongoing development projects, Bertam offshore Malaysia and Edvard Grieg offshore Norway, continue to progress according to plan and are scheduled to achieve first oil in the second and fourth quarters of 2015 respectively."

Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum, has a 15 percent interest in PL340. Det norske oljeselskap ASA is the operator of PL340 and has a 65 percent interest and Core Energy AS has a 20 percent interest.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed on NASDAQ Stockholm (ticker "LUPE"). Lundin Petroleum has proven and probable reserves of 187.5 million barrels of oil equivalent (MMboe).

This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).