Lundin Petroleum Q1 Indonesian activities

The following is excerpt from Swedish oil company Lundin Petroleum AB Interim Report for the quarter ended March 31, 2006.

Salawati Island and Basin (Papua)
The net production from Salawati (Salawati Island WI (Working Interest) 14.5% and Salawati Basin WI 25.9%) was 2,300 bopd (barrels of oil per day) during the period. The development of the TBA Field offshore Salawati Island is ongoing with first oil expected in the third quarter of 2006 following the conversion of an FPSO in Singapore. The field will add 1,000 boepd net to Lundin Petroleum.

Banyumas (Java)
The Jati-1 exploration well (WI 25%) spudded in 2005 has now been sidetracked by Lundin Petroleum?s partner Star Energy under sole risk provisions. Star Energy continue drilling the Jati-1 exploration well. In the event of a successful discovery Lundin Petroleum has the option to buy back into the well by paying a disproportionate level of the Star Energy costs.

Blora (Java)
An exploration well Tengis-1 (WI 43.3%) will be drilled in 2006.

Lematang (South Sumatra)
A heads of agreement in relation to the sale of gas from the Singa gas field (WI 15.88%) has been signed with the state gas distribution company PT Perusahaan Negara (PGN) to supply gas to PGN customers in West Java for 10 years starting in 2008. Development planning for the Singa gas field is continuing. (*)