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Lundin Petroleum AB (“Lundin Petroleum”) is pleased to announce that it has
been awarded a new production sharing contract (PSC) for the Gurita Block by
MIGAS, the Indonesian oil and gas regulating authority, in Jakarta on 18 March
2011. The block is located in the Natuna Sea, offshore Indonesia.
The Gurita Block covers an area of approximately 8,018 km2. The Gurita PSC lies
adjacent to the main oil and gas producing area in the Natuna Sea and contains
a portfolio of exploration opportunities that will be further delineated by the
planned 3D seismic acquisition programme. Lundin Petroleum holds a 100 percent
interest in the block.

During the first three year exploration phase Lundin Petroleum plans to shoot
400km2 of 3D seismic.

The PSC is expected to be signed in April 2011.

Ashley Heppenstall President and CEO of Lundin Petroleum comments "The award of
the Gurita PSC further emphasizes the continued expansion of Lundin Petroleum's
exploration portfolio within the Natuna Sea area of Indonesia and Malaysia.
This new block is a further addition to Lundin Petroleum's activities in the
area, following the acquisition of the South Sokang PSC secured in December

Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of world-class assets in
Europe, South East Asia, Russia and Africa. The Company is listed at the NASDAQ
OMX, Stockholm (ticker "LUPE"). Lundin Petroleum has proven and probable
reserves of 187 million barrels of oil equivalent (MMboe).

For further information, please contact:

C. Ashley Heppenstall,
President and CEO
Tel: +41 22 595 10 00
Maria Hamilton
Head of Corporate Communications
Tel: +46 8 440 54 50

Visit our website: www.lundin-petroleum.com

Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable Canadian
securities legislation). Such statements and information (together, "forward
looking statements") relate to future events or the Company's future
performance, business prospects or opportunities. Forward-looking statements
include, but are not limited to, statements with respect to estimates of
reserves and or resources, future production levels, future capital
expenditures and their allocation to exploration and development activities,
future drilling and other exploration and development activities, ultimate
recovery of reserves or resources are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking
statements. Statements concerning proven and probable reserves and resource
estimates may also be deemed to constitute forward-looking statements and
reflect conclusions that are based on certain assumptions that the reserves and
resources can be economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often,
but not always, using words or phrases such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe" and
similar expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
statements. No assurance can be given that these expectations and assumptions
will prove to be correct and such forward-looking statements should not be
unduly relied upon. These statements speak only as on the date of this news
release and the Company does not intend, and does not assume any obligation, to
update these forward-looking statements, except as required by applicable laws.
These forward-looking statements involve risks and uncertainties relating to,
among other things, operational risks (including exploration and development
risks), productions costs, availability of drilling equipment and access,
reliance on key personnel, reserve estimates, health, safety and environmental
issues, legal risks and regulatory changes, competition, geopolitical risk,
financial risks. These risks and uncertainties are described in more detail
under the heading “Risk Factors” and elsewhere in the Company's 2009 annual
report. Readers are cautioned that the foregoing list of risk factors should
not be construed as exhaustive. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Forward looking
statements included in this new release are expressly qualified by this
cautionary statement.
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