Lundin Petroleum AB announces the details of the proposed initial public offering (IPO) of Viking Oil and Gas ASA (Viking).

The offering consists of 150,000,001 shares of Viking to be sold by a subsidiary of Lundin Petroleum, at an offer price to be determined.

The prospectus will be available as of 11 April 2007 and the offering period will begin on 11 April 2007. The expected first day of trading is 27 April 2007.

ABG Sundal Collier and Deutsche Bank have been appointed as Joint Bookrunners and Joint Global Co-ordinators, and DnB NOR Markets, SEB Enskilda and Öhman as Co-Lead Managers in connection with the IPO.

The Offering
The offering consists of 150,000,001 shares of Viking with a nominal value of NOK 1.00 per share ("Shares") to be sold by Lundin Petroleum BV, a subsidiary of Lundin Petroleum (the "Offering"). The Shares represent approximately 50.01 percent of the total outstanding shares of Viking. The Offering consists of a public offering in Norway, a public offering in Sweden and an international offering to institutional investors in Norway, Sweden and certain other jurisdictions. Prior to the Offering, there has been no public market for the Shares.

Application, Allotment and Pricing
Lundin Petroleum and Viking will announce the indicative price range for the Offering by publishing a supplementary prospectus and releasing a press release on or about 18 April 2007.

The bookbuilding period is expected to begin on 11 April 2007 and is expected to end on 26 April 2007 at 16.00 pm Oslo time. The application period for prospective retail investors is expected to end on 26 April 2007 at 12.00 pm Oslo time. The bookbuilding period may be accelerated or extended.

The allotment of the Shares is expected to take place on or about 26 April 2007, subject to acceleration or extension of the bookbuilding and application periods.

Lundin Petroleum and Viking expect to announce the final offer price on or about 26 April 2007.

Listing
Viking has applied for the Shares to be admitted to trading and listing on the Oslo Stock Exchange (the "OSE") under the ticker symbol "VIKING''. Viking expects its application to be approved by the Board of the Oslo Stock Exchange on 25 April 2007. Listing and trading in the Shares on the OSE is expected to commence on or about 27 April 2007 on an “if-and-when-sold” basis and delivery of the Shares is expected to take place on or about 3 May 2007, the third trading day following the listing date.

Details of the Offering
Further details of the Offering are contained in the prospectus which will be available from the managers from 11 April 2007.