Lundin Petroleum Russia

Capital Market Day Presentation30th January 2007WF9244 01.07

WF9300 01.07

Lundin Petroleum Russia

Offshore Caspian Lagansky Exploration Block 70% Lundin Petroleum

Onshore Kalmykia Kaspiskoye Field 51% Lundin Petroleum

Onshore Orenburg Ashirovskoye Field 50% Lundin Petroleum

Onshore Komi Sotchemyu-Talyu Field 50% Lundin Petroleum

Onshore Komi North Irael Field 50% Lundin Petroleum

Artic Ocean

Moscow

Komi / Nenets Region

Orenburg Region

Kalmykia Region

WF9303 01.07

Short Term Production Forecast

0

1000

2000

3000

4000

5000

6000

7000

Aug-06

Sep-06

Oct-06

Nov-06

Dec-06

Jan-0

7Feb

-07Mar-

07Apr-

07May

-07Ju

n-07

Jul-0

7Aug

-07Sep

-07Oct-

07Nov

-07Dec

-07

bo

pd

KomiKalmykiaOrenburg

WF9304 01.07

Growth Forecast (Net to Lundin)

-

2.0

4.0

6.0

8.0

10.0

12.0

2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014

Mb

op

d

KomiKalmykiaOrenburg As per 3rd party Reserves reports – 2P

WF9305 01.07

Reserves Base

0

10

20

30

40

50

60

70

80

1P 2P 3P

Komi Caspiskaya Orenburg

Third party certified as per 1.1.06

MMboe

WF9308 01.07

Ashirovskoye Field

Moscow Office

Black Sea

Caspian Sea

Astrakhan

Laganskaya Block

Ashirovskoye Oil Field Location

WF9308 01.07

Ashirovskoye Oil Field

Located 320km NW of OrenburgField HistoryDiscovered in August 1949.15 wells drilled by Soviet UnionNo oil production until May 2006.Total of 18 wells – 3 recentFive prospective production intervalsTwo drilling rigs presently working in FieldLundin Petroleum owns 50% of OilGazTet

WF9308 01.07

Production Facility - Ashirovskoye Oil Field

WF9308 01.07

Ashirovskoye Oil Field - 2007 Plan

Base production from 2 wells

Drill 7 New Wells

Reactivate 2 old wells

Upgrade Production Facility

Complete main field collection pipeline

Internal Field Development Plan

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WF9309 01.07

Kaspiskoye Oil Field Location

Kaspiskoye Field

Black Sea

Caspian Sea

Astrakhan

Moscow Office

WF9309 01.07

Kaspiskoye Oil Field

Anticlinal feature discovered in 1960’s but not brought on stream until late 1990’s – less than 1%of oil in place produced Relatively tight Jurassic sandstone reservoirs resulted in low initial recovery efficiency estimatesDrilled first two horizontal wells successfully Drilled one vertical well in the east

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Kaspiskoye Oil Field Infrastructure

WF9309 01.07

Kaspiskoye Oil Field - 2007 Plan

Facilities UpgradesOil treatment facilitiesOil loading facilitiesOil gathering systemPower

Improve Well performanceESP performanceStimulation, additional perforations

Water Injection PilotField Development plan mid yearPotentially start development drilling Q4 2007

WF9309 01.07

WF9310 01.07

Sochemyu Talyu Location

Moscow Office

Saint Petersburg

Solchemyu Talyu

WF9310 01.07

Komi Republic - Fields

Sotchemyu TalyuOperated by Arawak (Vitoil)Started production in 1990 from Devonian Reef Intervals Acquired 3D Seismic in 2005 Based on re-interpretation, started infill drilling7 New wells and 3 sidetracks planned

North IrealOperated by Arawak and tied back to SochemyuAcquired in 2006Succesfull exploration well in 2006Increased production by more efficient pump operations3D seismic and 2 development wells planned for 2007

PECHORA SEA

VERKHINYAYA

INTA

PECHORA

VODMY

KER-

CHEMYA UST-NEM

BRYKALANSK

NORTH IRAEL

0 10km

SOTCHEMYU-TALYU

FIELDS

NORTH IRAEL

FIELD

WF9310 01.07

Sochemyu Talyu Facilities

WF9311 01.07

Russia New Business

Experienced and well-connected team in Moscow

Looking for existing under-developed discoveries

Generally not on the radar screen of the big Russian Companies

Generally need a cash investment

OR in need of an export route such as the East Siberia infra-structure plans