Phase 1 of the Johan Sverdrup project continues to progress according to plan and is now close to 70% complete. A summary of the positive update provided by Statoil is presented in the table below:

Updated guidancePrevious guidanceResource range2.1 - 3.1 billion boe2.0 - 3.0 billion boeCaptial expenditure Phase 1 (nominal)NOK 88 billionNOK 92 billionCapital expenditure Phase 2 (nominal)NOK 40 - 55 billionFull field breakeven price< US$20/bbl< US$25/bbl

Alex Schneiter, CEO and President of Lundin Petroleum comments:

“With the good progress on the Johan Sverdrup project it is encouraging to see that the partnership has managed to reduce costs even further. Phase 1 costs have now been reduced by close to 30% since the PDO, excluding additional foreign exchange rate savings. This improvement, in combination with the resource upgrade for the field, truly shows what a world class asset Johan Sverdrup is and I am particularly pleased to see further tangible evidence of this from Statoil’s announcement today.”

Lundin Norway has a 22.6% working interest in the Johan Sverdrup field and Statoil is operator with 40.0267%. The remaining partners are Petoro with 17.36%, Aker BP with 11.5733% and Maersk Oil with 8.44%.