Orrön Energy

Management Reports • Sep 5, 2019

National Storage Mechanism | Additional information

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Lundin Petroleum AB (Lundin Petroleum) is pleased to announce an acceleration to the start-up schedule of the Johan Sverdrup development project. The operator now estimates first oil in October 2019 from the previously guided November 2019.

The Johan Sverdrup development project continues to progress well through the final stages of preparation for operations with most of the hook-up and commissioning work now completed. The current focus is on completing the testing of the equipment and systems required for the full-field centre to operate as one installation and as result, the partnership is updating the start-up of production to October 2019.

During phase 1, Johan Sverdrup will produce 440 Mbopd when plateau production is reached by summer of 2020, increasing to 660 Mbopd after phase 2 commences in the fourth quarter 2022. At phase 2 plateau, Johan Sverdrup will contribute up to 25 percent of Norway’s total production of oil and gas, while power from shore gives the field carbon emissions intensity of just below 1 kg CO2 per barrel, which is among the lowest in the world and 25 times lower than the oil and gas industry average.

Lundin Petroleum’s production guidance when Johan Sverdrup Phase 1 reaches plateau during the summer of 2020, is above 150 Mboepd and approximately 170 Mboepd when Johan Sverdrup Phase 2 reaches plateau in 2023. The operator has indicated that operating costs for Johan Sverdrup will be below USD 2 per barrel after reaching plateau for the first phase of the development, which corresponds to Lundin Petroleum’s industry leading low operating cost guidance of between USD 3.4 to USD 4.4 per boe for the portfolio.

Lundin Petroleum is one of Europe’s leading independent oil and gas exploration and production companies with operations focused on Norway and listed on Nasdaq Stockholm (ticker LUPE). Read more about Lundin Petroleum’s business and operations at www.lundin-petroleum.com

For further information, please contact:

Edward Westropp VP Investor Relations Tel: +41 22 595 10 14 [email protected]		Sofia Antunes Investor Relations Officer Tel: +41 795 23 60 75 [email protected]		Robert Eriksson Head of Media Communications Tel: +46 701 11 26 15 [email protected]

Forward-Looking Statements

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including Lundin Petroleum'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 relied upon.  These statements speak only as on the date of the information and Lundin Petroleum 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, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading “Risks and Risk Management” and elsewhere in Lundin Petroleum’s 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 are expressly qualified by this cautionary statement.

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• Lundin Petroleum - JS Early Start-up - V5 -20190905en