Lundin Energy AB announced that as at December 31, 2021, its proved plus probable net reserves (2P reserves) are 639 million barrels of oil equivalent (MMboe) and its proved plus probable plus possible net reserves (3P reserves) are 799 MMboe. 2P reserves plus best estimate net contingent resources (total resources) are 1,019 MMboe, with a total resource replacement ratio3 for 2021 of 202%. Lundin Energy's 2P reserves include a positive revision of 39 MMboe, and the 3P include a positive revision of 44 MMboe compared to year end 2020.

The best estimate net contingent resources (2C resources) as at 31 December 2021 are 380 MMboe, which is an increase of 105 MMboe from year end 2020. The total resources as at 31 December 2021 are 1,019 MMboe, which reflects additions of 144 MMboe from year end 2020, including asset acquisitions. The increase in 2P reserves relates primarily to the Edvard Grieg and Solveig fields.

The Edvard Grieg reservoir continues to outperform and together with a successful infill well campaign, reserves have increased by 17%. The gross ultimate recovery for Edvard Grieg is now 379 MMboe, which is an increase of over 100 % since the PDO. Drilling results and early production performance on the Solveig phase 1 development has resulted in an increase of 20 % in 2P reserves.

Overall, the Greater Edvard Grieg Area has a gross ultimate recovery of 450 MMboe with a 97 % replacement ratio of its production in 2021. The Johan Sverdrup field continues to exceed expectations, with high uptime, increased processing capacity, excellent reservoir performance and well productivities. The Company's 2P reserves at year end 2021 includes for the first time a contribution from eight infill wells (previously contingent resources), extending the plateau production period.

The Company recognises that there is upside reserve potential in several parts of the field which will be realised through further infill drilling, optimized reservoir management and increased facilities capacity. The technical work to define this upside will be completed by mid 2022. In October 2021, Lundin Energy announced the acquisition of a further 25 % working interest in the Wisting oil discovery located in the Southern Barents Sea, taking the total working interest to 35 %.

Equinor, the operator of Wisting, is targeting a PDO by end 2022, to benefit from the temporary tax incentives established by the Norwegian Government in June 2020. The transaction adds 2C resources of 131 MMboe. Based on 2021 exploration results on Iving and further evaluation of the stranded assets in the Barents Sea, Lundin Energy has concluded that these should be excluded from the 2C contingent resources as of year end 2021.

The reserves estimates have been audited by ERCE, a third-party independent reserves auditor, and have been calculated using the 2018 Petroleum Resource Management System (SPE PRMS) Guidelines of the Society of Petroleum Engineers (SPE), World Petroleum Congress (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE). The contingent resource estimates associated with the Edvard Grieg, Alvheim area, Johan Sverdrup, Solveig and Rolvsnes assets have been audited by ERCE. For the other assets, the contingent resource volumes are based on management estimates.