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Lundin Petroleum Sells Its Interest in Ashirovskoye Field, Onshore Russia

Lundin Petroleum Lundin Petroleum AB ("Lundin Petroleum") is pleased to announce the sale of its 50 percent indirect interest in CJSC Oilgaztet which holds the production license for the Ashirovskoye field, Orenburg region, onshore Russia.

Lundin Petroleum has sold the interest to the other shareholders of CJSC Oilgaztet for cash consideration of MUSD 4 million.

Prior to the sale the Ashirovskoye field was producing approximately 280 barrels of oil per day (bopd) net to Lundin Petroleum. Proven and probable reserves of the Ashirovskoye field as at 31 December 2008 were 202,000 barrels net to Lundin Petroleum.

Posted 21/09/09

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