Russia may revoke Lagansky license

Lundin Petroleum's license position in the Russian Caspian Sea appears to be in doubt. Officials from Russia's licensing agency, Rosnedra, are reviewing the status of the Lagansky block license, where Lundin holds a 70% interest.

Offshore staff

STOCKHOLM, Sweden --Lundin Petroleum's license position in the Russian Caspian Sea appears to be in doubt. Officials from Russia's licensing agency, Rosnedra, are reviewing the status of the Lagansky block license, where Lundin holds a 70% interest.

Although there has been no formal confirmation from Rosnedra, Lundin understands that the Ministry of Natural Resources is considering a recommendation that the license be revoked.

Lundin is awaiting final permits and authorizations to start drilling operations on the Lugansky acreage, and plans to take action, if necessary, to protect its interests.

6/4/2007

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