Lundin Petroleum

Proposed Spin Off

into EnQuest PLC

of UK Business

March 2010WF10929

1

Petrofac - Lundin Petroleum - EnQuest

WF10933 p1 03.10

Petrofac

UK ListedMarket Cap 5.5 Billion USDService Operations WorldwideUpstream Operations in UK Malaysia North Africa

Swedish ListedMarket Cap 2.5 Billion USDUpstream Operations in Europe Russia South East Asia Africa

2

Petrofac - Lundin Petroleum - EnQuest

WF10933 p2 03.10

Petrofac

Producing FieldsHeatherBroomThistleDeveron

Producing Fields

UK ASSETS UK ASSETS

Don West SW Don

Undeveloped DiscoveriesPeikScoltySW Heather

Undeveloped Discoveries

Various Exploration AssetsVarious Exploration Assets

Elke

3

Petrofac - Lundin Petroleum - EnQuest

WF10933 p3 03.10

Assets transferred to EnQuest free of debt

Petrofac

UK Assets UK Assets

4

Petrofac

UK Assets UK Assets

PetrofacShareholders

Lundin PetroleumShareholders

45% 55%

Petrofac - Lundin Petroleum - EnQuest

WF10933 p4 03.10

EnQuest shares listed on main board of London Stock Exchange andsecondary listing on NASDAQ OMX Stockholm

5

Deal Rationale

WF10930 p3 03.10

Crystallise value for Lundin Petroleum shareholders

Exposure to a new UK North Sea focused Company

Critical mass, strong balance sheet & proven management team

Grow through exploitation of existing asset base and a proactive acquisition strategy

BY

WITH

TO

6

EnQuest Assets

WF10930 p5 03.10

6 Producing fields

Strong balance sheet Undrawn borrowing facilities

2009 pro forma production 13,620 bbl/d

2P Reserves as at 1 January 2010 of 80.5 MMbbl

Contingent Resources as at 1 January 2010 of 67.5 MMbbl & 30.6 Bcf

16 Licences on the UKCS

UK

Norway

211

210

3

33

2

3

5

2

17

4b

18

5

1b

11b

28b30b

24c

16b

25b

26a

19a

3b

23b

29b

1a

24a

20e

9d

19a

4b

23d

27a

20a

4a3a

14

19b

28b

5F1

29b28a

3F1

2F1

29F1

21b

24c21a

25a

13aF2

29c

15a

22b

12b

30b

22aNW

23a

4c

9

16a

26aF1

22aSE21aF1

29a

18c

27f

8

30a

27e

13b

4a

27b

27g

24a24b

28a

4aF3

24b

29c

19aF3

29a

23a1

18a

19b

18aF1

9g

18aF4

23a2F1

26b

23a2

25b

4aF1

2F2

9bF1

23a1F2

10a

24aF1

18aF5

23c

16c18aF2

27c

4aF2

27d

9f

20f

23a3

23b

13aF1

1aN

20d

21aS

18aF6

26aW

18aF3

LYELL

TERN

BRENT OIL

PELICAN

HUTTON NW

DUNLIN

BRENT GAS

STATFJORD (NORWAY)

HUTTON

HUDSON

CORMORANT

EIDER

CORMORANT AREA

PENGUIN

DELTA

OTTER

KERLOCHMERLIN

KESTREL

SKYE

003/03 (Area 11)

PLAYFAIR

MAGNUS SOUTH

HEATHER SW

MELVILLE

DUNLINEAST RINNES

BARNACLE

DON SWDON West

HEATHER

BROOM

THISTLE / DEVERON

Petrofac LicenceLundin Petroleum LicenceOil fields

0 KM 20

7

Experienced Board and Management Team

WF10930 p6 03.10

Experienced Board and Management team

Jim Buckee, Non-executive ChairmanAmjad Bseisu, CEONigel Hares, COOJonathan Swinney, CFOAlex Schneiter, Non-executive Director

J. Buckee and N. Hares were core of team that built Talisman Energy over last twenty years

A. Bseisu, currently CEO of Petrofac Energy Developments

J. Swinney, Head of M&A at Petrofac

A. Schneiter, Chief Operating Officer Lundin Petroleum

8

Secondary Offering

WF10932 p1 03.10

The Lundin family will own ~17.5% of EnQuest pre secondary offering

Petrofac’s CEO (Asfari) and COO (Semaan) will own ~12% of EnQuest pre secondary offering

To facilitate liquidity in EnQuest the Lundin family, Asfari and Semaan may sell a portion of their EnQuest share to institutional investors in a secondary offering

The Lundin family will remain the largest individual shareholder in EnQuest even post secondary offering

9

Swedish Considerations

WF10932 p2 03.10

Secondary listing on NASDAQ OMX Stockholm

Tax efficient distribution of shares in EnQuest to Lundin Petroleum shareholders through application of Lex Asea rules

EnQuest prospectus available through Lundin Petroleum websitefrom 18 March 2010

Lundin Petroleum EGM on 22 March 2010

10

Lundin Petroleum’s UK History

WF10932 p2 03.10

Acquired UK assets in 2004 USD 163.5 MM

Capital expenditure up to year end 2009 USD 595 MM

Post-tax operating cash flow up to year end 2009 USD 945 MM

2P reserves increased by ~100% from 2004 to present date

11

Crystallisation of Value

WF10927 p6 03.10

Carrying value of UK assets

USD 285 million

55% ofEnQuest

Value above USD 285 million

to be booked as profit

12

Value of Distribution to Lundin Petroleum Shareholders

WF10927 p7 03.10

Assumed: LUPE shares in issue 313.4 million, SEK:USD 7.1

0.0

3.1

6.2

9.3

12.5

15.6

18.7

21.8

24.9

28.0

31.1

- 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500

EnQuest Market Capitalisation USD Million

Valu

e of D

istrib

utio

n to

LUPE

shar

ehol

ders

SEK

/sha

re

13

Lundin Petroleum Strategy

WF10932 p4 03.10

Continued organic reserves growth

Production growth from Volund, Luno and Norwegian tie-back opportunities

Exploration leverage Norway, Greater Luno Area, Barents Sea South East Asia Russia USD 290 million budget in 2010 with 11 exploration wells

Continued strong balance sheet and operating cash flow

14

Lundin Petroleum – Post Deal

WF10927 p2 03.10

CMD 2010including UK

2010excluding UK

(1) Includes Q1 2010 expenditure in UK

2P Reserves, MMboe

Contingent Resources, MMboe

Unrisked Prospective Resources, MMboe

2010 Capex Budget, $ million

2010 E&A Budget, $ million

2010 Cost of Operations, $/bbl(10.35 from Q2 2010 onwards)

256

285

1,736

250

290

16.35

177

231

1,656

142 (1)

Net Debt (as at end 2009) 474 474

290

12.50 (1)

15

Lundin Petroleum 2010 Production Forecast

WF10925 p6 02.10

Net boepd

22,000

24,000

26,000

28,000

30,000

32,000

34,000

36,000

38,000

High

Low

Q4Q1 Q2 Q3

incl. UK Q1 2010

High

Low

excl. UK Q1 2010

Norway50%

Tunisia3% UK(1)

7%

Russia13%

Indonesia10%

Netherlands6%

France11%

NorwayVolund onstream 1H 2010

IndonesiaSinga onstream 1H 2010

2010 production guidance 29,000 - 33,000 boepd

(1) First three months only

16

Expected Timetable

WF10932 p5 03.10

4th March Announcement

8th March EGM notice of information circular

22nd March Lundin Petroleum EGM

29th March Decision on secondary offering

Week of 6th April Listing on main board of London Stock Exchange Secondary listing on NASDAQ OMX Stockholm

Week of 6th April Lundin Petroleum shares trade ex-dividend

8th April Record date for Lundin Petroleum distribution of EnQuest shares

17

Conditions

WF10932 p6 03.10

UK government confirmation

Shareholder approval of Lundin Petroleum and Petrofac

Finalisation of third party consents

18

WF10932 p7 03.10

19