WF8328 01.06

Capital Market Day Presentation24th January 2006

2006 Exploration Expenditure

2006 Exploration Expenditure

MUSD

Norway OtherUKSudan France Ireland

AlbaniaIndonesiaNetherlands

NigeriaNew Ventures

0

5

10

15

20

25

30

35

0

5

10

15

20

25

30

35

2006 Forecast 2006 Forecast 103.0

MUSD

WF8171 01.06

WF8261 01.06

USD 103 million Exploration Expenditure

Sudan 3 Block 5B

Norway 3 PL203, PL338, PL335

Indonesia 6 Blora, Salawati

Ireland 1 Donegal

Netherlands 1 F12

France 1 Paris Basin

Country Wells Area

Total 15

Unrisked net reserve potential ~ 750 million boe

2006 Exploration Work Programme

WF7578 1.06

Sudan - Block 5B

Block 5A

Block 5B

Lehr

Adok

C Umm Dandalo-1

Q Kasafa-1

A Barada-1

Prospect B

CENTRAL AFRICAN REPUBLIC

CONGO

LIBYA EGYPT

CHAD

KENYA

ETHIOPIA

ERITREA

SUDAN

Port Sudan

Khartoum

Red S

ea

BLOCK 5B

Thar Jath Discovery

SSE NNW

Prospect Umm Dandalo

Potential Reserves ( Most likely, unrisked, net Lundin)3 prospects -> over 500 MMBO

Same Play as Block 5A

2006 budget over 100 MMUSD (100% JV) - 3 exploration wells - 2D seismic acquisition

4 drillable prospects with existingseismic

Sudan - 5B Exploration

WF8347 01.06

Typical Terrain

Typical Terrain

Sudan - 5B Exploration

WF8347 01.06

Swamp Buggy

Swamp BuggyAirboat

Swamp Buggy

WF6750 01.06

PL292 - 1 Well (2007)

PL338 - 1 Well (2006)

Gas and oil discovery to be appraisedand tied back to BG’s Armadafacilities in success case

Deepening of 1 water disposal well‘East Kameleon’

SE Tor discovery undergoing feasibilitystudy with tie-back opportunities to Ekofisk and Tor platform

PL335 - 1 Well (2006)

NORWAY PL088bs

PL203

PL036cPL363

Jotun

PL304

PL338

PL359

PL292

PL340

PL150

PL148

PL335

PL006c

PL167 & PL167B

Norway - Exploration / Appraisal Activity

PL006c

PL203 - 1 Well (2006)

PL148 - 1 Well (2007)

Oil discovery (untested) Subsea tieback to Ula (2 producers, 1 injector)PO

TEN

TIA

L N

EW D

EVEL

OPM

ENTS

WF7665 08.05

340

167

167B

304

PL338

0 20KM

Nor

way

UK

Awarded: December 2004 (APA 2004)

Operator: Lundin Norway AS (100%)

Farmout Farmout campaign ongoing

Work commitment: Drill one exploration well within 2 years If commercial discovery, prepare PDO within December 2007

Plan: Drill exploration well 4Q 2006

Norway

Mapped Area

UK

Grane

PL 338 - Summary

WF7664 08.05

PL 335 & 148 – Potential Area Synergies

0 6km

Reserves

Talisman DNO

Talisman DONG

Talisman DONG

Talisman DONG

37 MMBOE

Reserves

21 MMBOE

NorwayMappedArea

UK

2°0'0"E

2°0'0"E Norw

ay

UK

PL335

PL148

UlaMime

Blackcurrent Leads

Orange Prospect

Blackberry Lead

Apple Lead

WF7662 08.05

PL 292 - Area Overview and 2006 Plans

Future Exploration Well

2°0'0"E

2°0'0"E

58°0'0"N

0 4km

PL292

Reserves Estimates

Oil: 5.0 MMBOGas: 17.5 MMBOE

Norway

MappedArea

UK

Flemmings

Hawks

Drake

Seymour

Varg

15/12-8

15/12-12

6/3-1 PI

Norway

UK

WF7656 08.05

PL 006C - South East Tor Discovery

0 20KM

006C

South East Tor

Oil field

Gas field

Oil discovery

Gas discovery

ODT 3150 m

ODT 3049 m

3177 m

STOOIP Estimates:

56-340 MMBOE(Tor + Ekofisk formations)

Norway

MappedArea

UK

WF7579 01.06

Ireland - Donegal

UK

NorthernIreland

Ireland

Donegal

0 50

KM

Atlantic

Inishbeg Prospect

Corrib Field

0 1 2

KILOMETRES

Inishbeg Prospect Top Sherwood Sandstone Depth Structure

Frontier Exploration Licence awarded to Lundin led group Jan 2005. The commitment includes one firm well in the first two years

Two prospects /leads worked-up prior to Lundin acquiring the block Lundin’s review validated the larger structure as having potential

The target structure is a shallow, four-way dip closure defined on 2D seismic data. Well control is 50 kms distant

Gas, sourced from the Carboniferous, is the expected hydrocarbon fluid

This is a high risk frontier exploration well

Pre-drill recoverable volume and CoS estimates are:Sherwood Sandstone 550 Bscf (15% CoS)

Drilling is planned for 2006

The prospect is analogous to Shell’s Corrib field (under development)

Lundin Petroleum WI: 30% (operator)Island Oil & Gas 31.00%Ramco Donegal Ltd 19.25%Lerida Trading Ltd 15.25%Sunningdale Donegal Basin Ltd 3.50%

WF8270 01.06

Ireland, Inishbeg – Lundin Risk Assessment

6.61 in

15%CoS (%)

Equivocal – Tertiary uplift could have breached trap –secondary migration could have charged structure–late structure formation could post -date charge

0.50Trap preservation

Excellent – not long distance for gas0.90Migration route

Certain – in basin centre prior to inversion1.00Source mature

Certain – Carboniferous sequences1.00Source presence

Very good – proven reservoir at Corrib where deep,near off-set wells have porous sands

0.80Reservoir quality

Very good – Triassic clastics typically present in off- setwells and sub-basins

0.70Reservoir presence

Good – Upper Triassic shales +/-0.60Seal

Certain – 4 WDC mapped – timing probable issue1.00Structure

CommentsProbabilityParameter

WF6748 01.06

Indonesia, Banyumas Block - Jati Prospect

Wanareja

Cilacap

Banyumas

Purwokerto

Kebumen

Jati Prospect 18,800 acres

Besuki Lead 5,100 acres

Gunung Wetan Lead 19,100 acres

Karang Wangkel Lead 5,900 acres

KRN-1

KRG-1

Cipari-1

G.Wetan-1

0 20KM

Indonesia

BANYUMAS

Indian Ocean

Pacif ic

Ocean

Australia

Phil ippines

Java

China

Lundin Petroleum 25% (operator)ConocoPhillips 25%Star Energy 50%

Operation update: Current depth over 13,000 feet, drilling ongoingto revised TD of 15,000 feet.

WF6680 01.06

100KM0

Nigeria

OML113 Aje discovery

Nigeria

Cameroon

Niger

Benin

Gabon

Mapped Area

Aje-1 tested 60 mmcfgd + 1729 bcpd in the gas cap and2389 bopd from an interval in the oil zone from Turonian sand

Aje-2 confirmed oil, gas and condensate in Turonian sand.It discovered a deeper oil play in the Cenomanian sand whichflowed 3866 bopd 44° API crude

Reservoir depth 6700-8000 feet. Water depth 300-5000 feet

Lundin Petroleum (technical advisor): 22.5% net revenue interest

Aje-3 drilled in 3Q 2005

Technical studies ongoing to define if further appraisaldrilling warranted (drill or drop decision 4Q 2006)

Nigeria - OML113

WF8341 01.06

All Lundin’s 2006 offshore drilling programme committed

and secured with signed drilling contracts ...

Tunisia Oudna 2 development wells (1Q.06) Pride Venezuela

Norway Alvheim 12-13 development wells Deep Sea Bergen (including East Kamaleon 2-4Q.06)

Norway PL338 1 exploration well (4Q.06) Bredford Dolphin

Norway PL335 1 exploration well (4Q.06) Maersk Guardian

Ireland 1/05 1 exploration well (3Q.06) Petrolia

Country Licence Work Programme 2006 Rig

Average day rate: ~USD 200,000

Contracted Rigs 2006