Highlights

• Record high quarterly free cash flow generation of approximately MUSD 230
• Production for the nine month period in line with mid-point of revised full year guidance: 78–82 Mboepd
• Operating cost of USD 3.49 per barrel for the nine month period, full year guidance adjusted down to below USD 3.80 per barrel from below USD 4.00 per barrel
• Phase 1 of the Johan Sverdrup project over 80 percent completed,  first oil expected in November 2019 and PDO for Phase 2 submitted
• Significantly de-risked the operated Rolvsnes and Alta discoveries through successful production testing
• Six potential new projects being progressed through appraisal phase with contingent resources anticipated to increase – Alta/Gohta, Rolvsnes, Luno II, Lille Prinsen, Frosk and Gekko

The numbers included in the table above for 2017 are based on continuing operations.1 Based on net result attributable to shareholders of the Parent Company.

Comment from Alex Schneiter, President and CEO of Lundin Petroleum:

“The third quarter has been another good period of operational and financial delivery, which has benefitted from continued high performance from our quality asset base and higher commodity prices. For the second quarter in a row, we have generated an EBITDA in excess of USD 500 million and also a record high quarterly free cash flow of approximately USD 230 million.

“Our key producing asset Edvard Grieg has continued to perform above expectations with capacity from the ten producing wells currently around double the facility’s capacity contractually available. The reservoir performance continues to exceed expectations with no material water production to date, which will see plateau production extended further by around six months to mid-2020.

“The third quarter was also about success in moving our appraisal opportunities further towards development and we now have six potential new projects in the pipeline. At Rolvsnes and Alta, we were able to de-risk the commercial potential of these unique discoveries through test production and resource increases. At Luno II we increased our working interest in PL359 to 65 percent to bring commercial and operational alignment with the Edvard Grieg partnership, where the discovery is planned to be tied back to.

“We have had another good period of project delivery at Johan Sverdrup Phase 1 development, which is now over 80 percent complete and on schedule. The offshore installation programme continues to progress well with all subsea infrastructure and jackets now in place, as well as two of the four topsides and all pre-drilled production wells completed. The oil export pipeline and power from shore cable have been installed and power supply to the facilities from shore commenced in October 2018, which was a milestone for the project and will make it one of the most carbon efficient fields in the world. We are  also pleased to note that the key metrics for the project during the period were upgraded, lowering the total capex guidance, increasing reserves, confirming expected Phase 1 first oil to be in November 2019 and submitting the Phase 2 PDO.

“The fourth quarter will again be a busy period for us, as we progress our key projects towards commercialisation, including the Luno II field development where PDO will be submitted in early 2019 and the Rolvsnes extended well test. We will also be drilling three high impact exploration wells in the Froan Basin, Mandal High and southeastern Barents Sea core areas, as well as two important follow on exploration wells in the Alvheim area, significantly de-risked by the successful Frosk discovery earlier in the year. I am pleased with the continued delivery of our organic growth strategy and look forward to further successes as we move into the last quarter of 2018.”

Audiocast presentationLundin Petroleum’s financial report for the third quarter 2018 will be published on Wednesday 7 November at 07.30 CET, followed by a live webcast at 09.00 CET where Alex Schneiter, President and CEO, and Teitur Poulsen, CFO, will be commenting on the report and the latest developments in Lundin Petroleum.

Follow the presentation live on www.lundin-petroleum.com or dial in using the following telephone numbers:

Sweden:  +46 8 519 993 55Norway:  +47 23 500 211UK: +44 203 194 05 50International Toll Free:  +1 855 269 26 05

https://lundinpetroleum.videosync.fi/2018-11-07-q3

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

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This information is information that Lundin Petroleum AB is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07.30 CET on 7 November 2018. 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 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 relied upon.  These statements speak only as on the date of the information 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, 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 the Company’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.

Attachment

• Lundin Petroleum-Q3 report 2018-V2-20181107en