LUNDIN PETROLEUM ENTERS INTO FARM-OUT AGREEMENT FOR THE RANGKAS BLOCK, ONSHORE INDONESIA

Lundin Petroleum AB ("Lundin Petroleum") is pleased to announce that its wholly owned subsidiary Lundin Rangkas B.V has entered into a farm-out agreement with Carnarvon Petroleum (Indonesia) PTY LTD ("Carnarvon"), a subsidiary of Carnarvon Petroleum Limited of Australia, in respect of the Rangkas block onshore West Java, Indonesia.

| Source: Orrön Energy AB Orrön Energy AB

Carnarvon will acquire a 25 percent interest in the Rangkas block onshore Indonesia. The block covers 3,977 km2 and several leads have been identified in the block. A 2D seismic acquisition program is due to commence in 2010.

Lundin Rangkas B.V. is the operator of the Rangkas block and will have the remaining 75 percent working interest. The completion of this transaction is subject to the approval of the Government of Indonesia.



Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, Africa, Russia and the Far East. The Company is listed at the Nordic Exchange, Sweden (ticker "LUPE"). Lundin Petroleum has proven and probable reserves of 265 million barrels of oil equivalent (mmboe).


For further information, please contact:
C. Ashley Heppenstall,
President and CEO
Tel: +41 22 595 10 00
or
Maria Hamilton
Head of Corporate Communications
Tel: +41 22 595 10 00
Tel: 08-440 54 50