Lundin Petroleum Norway - NCS Portfolio

WF9244 01.07

Capital Market Day Presentation30th January 2007

WF8336 01.07

Maturation of Assets in Norway

Portfolio Management

Bu

sin

ess

Op

po

rtu

nit

ies

Maturation Execution

Opportunities lost

Opportunities

dropped

TIME

Viablebusiness

Producing fields:A:B: TorC:

Stranded assets:Edda

Com discoveries:

Farmin:PL337, PL342

APA 2006New licences applied for

PL027b, Skarv, Trym

New Ventures

PL167, PL103b,PL359, PL363PL167, PL103b,PL359, PL363

Alvheim, Volund, Peik,PL006c, PL148, PL292,PL335, PL338, PL340

Alvheim, Volund, Peik,PL006c, PL148, PL292,PL335, PL338, PL340 JotunJotun

WF6563 01.07

Concept and Operational Network

Geology and Geophysics

IT/Design

Administration support

Development and Production Drilling and Well Technology

Reservoir

HSE

Lundin NorwayAdmin: 1General Mngt/HSE: 2Finance & Accounts: 5Business Development: 1

Reservoir/dev/prod: 8Interpretation: 8Geophysics : 4

Associates

Lundin Norway

Associates

Lundin Norway

Associates

Conceptual

Operational

Lundin Norway

AssociatesLundin Norway

New Ventures: 8

Execution: 11

Maturation: 7

Viable Business: 3

WF9070 01.07

Alvheim Core Area

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VOLUND

KEITH VILJE

JOTUN

LEADON

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PEIK (UK)

VALE

PL203

PL304

PL103

PL340

PL036c

PL363

9/10c

9/10b

9/10a

9/14c

9/15c

PL150

8b

0 10Kilometres

Gas

Gas/Condensate

Oil

Lundin Operator

Lundin Interest

Blocks

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PEIK (NORWAY)

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WF9195 01.07

Alvheim Field (15%):

Boa, Kameleon, Kneler

Volund Field (35%)

Contingent Resources:East Kameleon branch wellsGekkoKobra

Prospective Resources:South KnelerAlvheim DeepHermod AEast KnelerWest Kneler + H-BPythonGrieg East + Ibsen N (35%)Ibsen(35%)

PL 340(15%)

Alvheim - Volund Area - Resources

IBSEN

VOLUND

KOBRA

EAST KNELER

H-A

WEST KNELERH-B

GRIEG EAST

H-C

FALLOW ACREAGE

EAST KAMELEON

IBSEN

VOLUND

KOBRA

EAST KNELER

H-A

WEST KNELERH-B

GRIEG EAST

H-C

FALLOW ACREAGE

EAST KAMELEON

PL 340 Marathon

WF9066 01.07

Alvheim

WF9066 01.07

Alvheim

Subsea installation finished exceptwells tie-in to manifolds

Diving vessel secured for campaignin 1Q before First Oil (Technip)

Buoy installed offshore and ready forhook up into turret

Subsea Installation

WF9252 01.07

Petroleum System(showing

stratigraphy,sources,

seals,reservoirs)

SSW NNE

BCU

T.BrentT.Heather

Base Cretaceous TWT

Stratigraphic Closure

4-way Dip Closure

Gross Prospect: 210 – 1120 – 2036 Bcf Recoverable

Alvheim Deep

WF9195 01.07

13 Production Wells

(5 Multi-Laterals)

2 Water Disposal Wells

5 Drill Centres

(incl water disposal)

Pilot holes

Increased branch wells

since PDO from 3 to 5

and more pilot holes

Alvheim Development

WF9255 01.07

KNELER

2 3 6

Tot.Length 1337 1258 1756

Net Length 1176 1148 1474

N/G 88% 93% 87%

Av.Por 26% 24% 27%

Stand off 34m 29m 21m

Pilot Kn5:Lower N/G than prognosis

Deeper OWC than Exploration well

Pilot Kn7:

N/G as expected

Deeper OWC

Decision is made to drill Kn7 as

the 4th producer

Kneler Development Drilling

Kn-6

Kn-3Kn-2

P

Kn-5

Kn-7

P

P

Volund - PL150

WF9256 01.07

Operator MarathonLundin Petroleum interest 35%The PDO approved by “King in council”Estimated Capex NOK 2.8 billion (gross)for VolundContracts awarded anddrilling rig securedFirst oil estimated to 2Q 2009

Subsea developmentFour slots manifold same as Alvheim3 oil producersWater injection One production riserSome topside installation

WF9260 01.07

Potential gross prospect resource:47 MMbbl

Ibsen Prospect - PL150

1.300

1.400

1.500

1.600

1.700

1.800

1.900

2.000

2.100

2.200

2.300

2.400

2.500

1093.05809.0

1021.05740.0

948.05671.0

876.05603.0

966.05589.0

1013.05532.0

1012.05432.0

1011.05332.0

1009.05232.0

Line:Trace:

1.300

1.400

1.500

1.600

1.700

1.800

1.900

2.000

2.100

2.200

2.300

2.400

2.500

Ibsen

Volund Wings

A B

440000ME

440000ME

6590000MN

6595000MN

6590000MN

6595000MN

437000ME 445000ME6589500MN

6596000MN437000ME 445000ME

6589500MN

6596000MN

2100

2100

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0512

2150

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0512

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25/7-52104

25/7-6212324/9-5

2147 24/9-62181

24/9-72139

24/9-7C2160

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440000ME

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6595000MN

6590000MN

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IBSEN

Top Heimdal.Depth(m)

Volund Outline

A

B

Peik - UK/Norway

WF9262 01.07

50% of NCS Block 24/6a33.3% of UK Block 9/15a and b85 % of UK Block 9/10b WestOperated by Lundin PetroleumDeep Jurassic HTHP reservoir

WF8815 01.07

Contingent Resources

Jotun & PL103NORWAY

PL304PL304

PL203

PL088bs

PL036c

PL203

PL088bs

PL036c

PL340PL340

AlvheimAlvheim

Jotun & PL103

PL338PL338

PL292PL292

PL335PL335

0 KM 100

PL150PL150

PL006c

PL148

PL167

PL292

Contingent Resources MMboe

Alvh. Gekko (CR) 4,4Alvh. EastKam (CR) 0,6Alvh. Kobra (CR) 0,3PL340 (CR) 1,6PL167 (CR) 1,2PL292 (CR) 4,4PL148 (CR) 10,3PL006c (CR) 16,9

Total Norway 39,7

PL 292: BG operator 60% , Lundin Petroleum 40%

Licence obligation to drill exploration well within 2008(NPD approved 1 year extension due to rig delay)

BG has option to increase to 70% prior to drilling

Discovery 6/3-1Phi South part of potentially largerstructure PhiGas in Middle Jurassic Sleipner Fm.Gas and oil in Triassic Skagerak Fm.Normal pressure 371 bar and temperature 131C @ 3km SS

Contingent resources Phi South 10.9 MMboe (net Lundin Petroleum 4.4)

Mærsk Guardian rig to drill Phi North 15/12-x in Q3 2007to prove upside reserves of 20 MMboe of Phi total

29

22

23

30 1 2

7 8

NORTH SEA

PL292 (Phi)

BG 60% (Op)

Lundin 40%

J Block

E/F

Lomond

Everest

Armada

Ekofisk

Ula

Gyda

Varg

Jade

HUMMER

BANKS SHALLOW

ORANGE

MAY

PL292 (Phi)

WF8800 01.07

-3500

-3525-3500

625

-3800-3750-3700-3650-3600-3550-3500-3450-3400-3350-3300

Depth

0 500 1000 1500 2000 2500m

1:63457

7/7-2

7/7-3

ODT -3323

PL148

TOP GYDA RESERVOIR MAP

Trias

sicPod

P1

I1

7/7-2 Statoil 1992, oil down to DST 5000 bbl/d, 36 API, Pressure 626 bar @3310 m SS

7/7-3 Statoil 1993, only shows (water up to)

Contingent resources 20.6 MMboe (10.3 net Lundin Petroleum)

Review of economic cost feasibility for project sanctionDevelopment costs (latest marked increase)Tie in point/distance/commercial issuesUpside volumes 38 MMboe

Potential optimizationsArea synergies, reuse appraisal well, phased development

Planned appraisal well position to prove up significant upside: OWC, reservoir thickness/quality

Mærsk Guardian rig is secured for drilling in September/October 2007

PL148 7/7-2 (Nemo)

WF9264 01.07

Lundin Petroleum 75%, Noreco 25%(Noreco carries 220MNOK from 1/1-2006)

Discovery well 2/5-3 tested ~4500 bbl/din two intervals

Large span in STOOIP and reserves

License decision to drill appraisal well

Rig swap Songa Dee – Maersk Guardiancontract being signed late February 2007

Most likely spud is Q1 2008

PL006c - South East Tor

WF9269 01.07

9km

15km

30km

Op.:BP

Op.: CoP

GB

DK

Most likely Upside potential

MMboe 22.5 46.8

Gross volumes

NUpper Tor amplitude anomalydownflank well 2/5-5

PL340 Prospective Resources

WF9270 01.07

Lundin Interest: 15% (Operator: Marathon)

Top Balder Fm

Top Sele Fm

Top Lista Fm

Total prospective resources: 90 MMboe

Geosection - 340 Lead/prospectsA B

Top Balder Fm

Top Seler Fm

Top Lista Fm

Heimdal Fm sand

Heimdal structure

Heimdal Fm sand

Injectites (?) Frosk and Padde

Marihone (A+B)

Maur

PL338 - Luno

WF9271 01.07

Lundin Petroleum 50% - Operator

Spud date: First half 2007

Prospective resource(net Lundin Petroleum) 125 MMboe

PL359

WF9272 01.07

The licence has leads that canbe developed into prospects

Prospect Orange - PL335

WF9273 01.07

Revised volumetrics -Deterministic Oil Case

PL335, Blocks 7/4 (south), 7/7 & 7/10PartnershipBG 52% (Op)Lundin Petroleum 18%Talisman 18%RWE 12%

Prospective resources 44 MMboe(Net Lundin Petroleum 7.9)Mærsk Giant is secured for drilling theexploration well in May/June 2007

PL304

WF9274 01.07

25/10-2

25/10-7

25/10-8

25/7-4s25/7-2

25/10-6

25/10-2

16/1-7

16/1-116/1-6

Hanz WestLundinAcreage

J1

J2

J3

T2

Aegis

25/10-2

25/10-7

25/10-8

25/7-4s25/7-2

25/10-6

25/10-2

16/1-7

16/1-116/1-6

Hanz West LundinAcreage

J1

J2

J3

T2

Aegis

Lundin Petroleum interest: 60% and operator

The partner Endeavour can swap a

Bredford Dolphin slot in Autumn 2007

Lundin Marathon Cooperation on Songa Dee

WF9276 01.07

Two year contract, with one year option from 1Q 2009Lundin Petroleum share is 50%Lundin Petroleum: Use external resources for drilling organisationRig type: MD-602, 1800’, 15K and winterized

Rig plans in progress

Mærsk Giant to be used on PL 148Mærsk Guardian from BG to be usedon PL 006c (swap)

Major North Sea Exploration Activity - 2007

WF9168a 01.07

Bergen

Flotta

Aberdeen

Edinburgh

ITEDD KINGITEDD KINGDO

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Norway Licence Interest Operator 2007 Drilling

PL103 (Jotun Unit ) 7% Exxon/Mobil

PL103B 70% Lundin

PL148 50% Lundin

PL 006c (SE Tor discovery) 100% Lundin

PL167 & 167b 20% Statoil

PL292 40% BG 1 Well

PL203 15% Marathon

PL 088bs 15% Marathon

PL 036c 15% Marathon

PL150 (Volund) 35% Marathon

PL304 60% Lundin

PL335 18% BG 1 Well

PL338 100% Lundin 1 Well

PL340 15% Marathon

PL359 70% Lundin

PL363 60% Lundin

Block 24/6a 50% Total

(Alvheim)

UK Licence Interest Operator 2007 Drilling

Heather P242 100% Lundin

Broom P242/P902 55% Lundin

Thistle 99% Lundin

Deveron 99% Lundin

Solan/Strathsmore P164 100% Lundin

P0090 Block 9/10b 85% Lundin

Block 9/14c & 15c 37.5% Conoco

P0090 Block 9/15a 33.3% Mobil

P1275 Block 3/1b 100% Lundin

P1384 Block 211/28b 60% Lundin

P1301 Block 12/17b 30% Lundin 1 Well

P1176 Block 20/15b & 21/11c 25% Endeavour

P1129 Block 41/10a, 41/5, 42/2a & 42/7 25% Lundin 1 Well

P1125 Block 30/(22a,23a,27a,29a,28) 25% Lundin

P1107 & P1109 Block 21/(8,14,15) 40% Lundin 1 Well

P1399 Block 12/(26b,27), 17/15b, 18/(1,2a) 15% Endeavour 1 Well

P1397 Block 12/23a 15% Endeavour

P1089 & P1295 Block 14/(28a,29b,23b) 10% Oil Exco 1 WellExploration Assets

Producing/Appraisal Assets

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