Norway is Lundin Petroleum's principal area of operations with reserves of 162.2 MMboe, representing 75 percent of its total reserves and 70 percent of the production. Lundin Petroleum also has an extensive portfolio of prospective exploration licenses on the Norwegian Continental Shelf including the Barents Sea.

A giant oil discovery was made on the Avaldsnes/Aldous prospect which is estimated to contain between 1.7-3.3 billion boe of gross recoverable contingent resources. Appraisal and exploration activities during 2012 will further prove up the Avaldsnes/Aldous area. Further discoveries have been made in Norway on the Apollo, Caterpillar, Tellus and Skalle prospects during 2011. During 2012, eight new exploration wells are expected to be drilled.

Several development projects are currently in the pipeline which will increase the production. A plan of development (PDO) for the development of the Gaupe field was approved in June 2010 and is expected to come on stream at the end of 2011. The PDO for the Brynhild development received approval in November 2011 and first oil expected in late 2013. The Luno/Tellus discovery has net proven and probable (2P) reserves of 93 MMboe. The PDO for Luno is expected to be submitted at the end of 2011. These projects will double the production in 2015.

Production is generated from the Alvheim field which came on stream in 2008 and is still producing above expectations. The Volund field which came on stream in 2010 through a tie-back to the Alvheim FPSO is also producing over expectations.

France
With 9 production licences the Paris Basin has proven and probable reserves of nearly 20.9 MMboe. Lundin Petroleum also holds 5 exploration licences in the Paris Basin. The Aquitaine Basin assets consist of 5 producing fields. Proven and probable reserves are 3.8 MMboe. The operator is Vermillion.

Netherlands
The Netherlands is a mature gas region with stable offshore and onshore production offering attractive fiscal terms. Lundin Petroleum has proven and probable reserves of 3.6 MMboe.

Ireland
Lundin Petroleum has one exploration licence located offshore Ireland.


South East Asia

Malaysia
Lundin Petroleum has signed Production Sharing Contracts (PSCs) for the exploration and production of oil and gas in three blocks located offshore Peninsular Malaysia and three offshore Sabah. Exploration drilling commenced in 2011 and the first two wells, located offshore Sabah, resulted in gas discoveries. In 2012 an oil discovery was made offshore Peninsular Malaysia.

Indonesia
Lundin Petroleum has an interest in the Singa gas field development which came onstream in 2010. 2P net reserves are 3.9 MMboe. With the signing of a new exploration licence in the Natuna Sea in March 2011, Lundin Petroleum now has interests in six exploration licences.


Other Areas

Russia
Lundin Petroleum has an 70% interest in the Lagansky exploration block in the Caspian Sea. The first exploration well, Morskaya-1, resulted in a major oil discovery and tested a combined flow rate of 2,500 bopd. Other assets in Russia include an interest in the producing Sotchemyu-Talyu and North Irael Fields in the Komi Republic. Proved and probable reserves in Russia are 16.7 MMboe.

Tunisia
Lundin Petroleum has been producing from the Oudna field via an FPSO since 2006. Despite late life the field continues to produce at relatively stable rates. Proved and probable reserves in Tunisia are 0.3 MMboe.

Congo (Brazzaville)
Lundin Petroleum has interests in two exploration licences, Marine XI and XIV, offshore Congo.