Lundin Petroleum AB (publ) announced that Peggy Bruzelius and Cecilia Vieweg were elected as new members of the Board of Directors.

Lundin Petroleum AB (publ) announced consolidated and parent earnings and production results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of $327.6 million against $364.6 million a year ago. Operating profit was $160.3 million against $258.1 million a year ago. Profit before tax was $150.7 million against $231.4 million a year ago. EBITDA was $276.2 million or $0.84 per share against $309.2 million or $0.99 per share a year ago. Net result was $47.0 million or $0.16 per share against $47.2 million or $0.16 per share a year ago. Net result attributable to the shareholders of the parent company was $48.2 million against $48.8 million a year ago. Investment in oil and gas properties was $327.7 million against $115.6 million a year ago. Return on equity was 4% compared to 4% reported a year ago. Return on capital employed was 9% compared to 17% reported a year ago. The company have adjustments for financial and general and admin costs and working capital, giving it a closing net debt $410 million. These results were really driven by strong operating cash flow, $260 million of cash flow from production of 35,600 barrels of oil equivalent per day. And as the company said, low cash taxes in Norway, continued low operating costs of a cash generative business. Cash flow from operations per share was $0.82 against $0.53 a year ago. Total cash flow from operations was $254.1 million against $163.8 million a year ago. On parent company basis for the quarter, the company reported net loss of $11.5 million against $6.5 million a year ago. Operating loss was $12.3 million against operating income of $15.2 million a year ago. Loss before tax was $11.5 million against profit before tax of $6.5 million a year ago. Total cash flow used in operations was $6.1 million against total cash flow from operations of $4.4 million a year ago. The company announced production results for the first quarter ended March 31, 2013. For the quarter, the company production was 35.6 million boepd against 34.7 million boepd a year ago.

Lundin Petroleum AB through its wholly owned subsidiary Lundin Norway AS announced that drilling of appraisal well 16/2-21, in PL501, on the Johan Sverdrup discovery located in the North Sea sector of the Norwegian Continental Shelf (NCS), has commenced. The well is located in the central part of the discovery, which Lundin Petroleum has previously referred to as the 'B' location, with the objective to establish the depth, quality and thickness of the Jurassic reservoir sequences. The closest well, 16/2-7, is located approximately 2.5 km to the east. Well 16/5-2S is located 3.8 km to the south. The relatively large distances to the closest wells in this central area of Johan Sverdrup reflects the size of the discovery. Well 16/2- 21 is expected to improve the understanding of the field outline, the resource base and the reservoir characteristics in this area. This will, in turn, provide valuable information for developing a drainage strategy and the upcoming field development decisions at Johan Sverdrup expected in the fourth quarter of 2013. The planned total depth is approximately 2,050 metres below mean sea level and the well will be drilled by using the semi-submersible drilling rig Bredford Dolphin. The drilling operation is expected to take approximately 50 days. Well 16/2-21 is the first of a three-well appraisal drilling campaign at Johan Sverdrup, in PL501, to be drilled during 2013.