2021 production guidance increased

Lundin Energy AB (Lundin Energy) is pleased to announce that following better than expected production performance across all key fields, the production guidance for 2021 has been increased to between 180 to 195 thousand barrels of oil equivalent per day (Mboepd), from the original guidance of 170 to 190 Mboepd.

Production year to date (to end May 2021) has been 185 Mboepd, which is above the mid-point of the original guidance range. This has been driven by excellent production efficiency across all assets, an earlier than forecast increased plateau rate of 535 thousand barrels of oil per day (Mbopd) gross at Johan Sverdrup Phase 1 and additional capacity available at the Edvard Grieg field. The additional facilities capacity at Edvard Grieg has been due to the Ivar Aasen field not utilising their contractual capacity, and it is expected that this will continue for the remainder of the year.

For further information, please contact:

Edward Westropp

VP Investor Relations

Tel: 4

Robert Eriksson

Head of Media Communications

Tel: 5

Lundin Energy is an experienced Nordic oil and gas company that explores for, develops and produces resources economically, efficiently and responsibly. We focus on value creation for our shareholders and wider stakeholders through three strategic pillars: Resilience, Sustainability and Growth. Our high quality, low cost assets mean we are resilient to oil price volatility, and our organic growth strategy, combined with our sustainable approach and commitment to decarbonisation, firmly establishes our leadership role in a lower carbon energy future. (Nasdaq Stockholm: LUNE). For more information, please visit us at -energy.com or download our App /lundin

Forward-looking statements

Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including Lundin Energy’s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

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