Lundin Petroleum Q1 Indonesian activities

The following is excerpt from Swedish oil company Lundin Petroleum AB Financial Report for the quarter ended 31 March 2003.

OPERATIONS

Banyumas production sharing contract (PSC) in Central Java: A new 490 km seismic program has begun and is planned to be completed in May of this year.

Blora PSC in Central Java: Preparation is ongoing for the acquisition of a new 2D seismic program

Lematang PSC in South Sumatra: Negotiations continue in relation to the completion of a gas sales agreement, which will enable the development of the Singa gas discovery.

Salawati Island & Basin (Papua): a 12 well infill development well program on Salawati Basin is ongoing and yielding positive results to current production levels. In parallel, during the first quarter of this year, 3D seismic acquisition preparation started with anticipated acquisition start up towards June of this year. Three separate 3D seismic programs will be acquired this year in Salawati Island and Basin.

RESULT AND CASH FLOW

Oil sales for the quarter ended 31 March 2003 amounted to MSEK 69.6. Production from Indonesia amounted to 215,820 barrels of oil equivalent or 2,398 barrels of oil equivalent per day for the quarter ended 31 March 2003. The average price achieved for the sales amounted to USD 30.41 per barrel for the quarter ended 31 March 2003.

Lundin's Indonesian assets consist of non-operated production from fields within the Salawati Basin PSC (25 percent) and Salawati Island join operating body (13.889 percent), which are operated by PetroChina.

Lundin operates Banyumas PSC (50 percent), Blora PSC (40 percent), Sareba PSC in Papua (100 percent). In Lematang PSC, which is operated by PT Medco Energi International, Lundin has a 15 percent of working interest. (robert)