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Q1 2007 Financial Results – Lundin Petroleum

Lundin Petroleum · May 15, 2007 · 40 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2007 Financial Results – Lundin Petroleum – slide 1
    Financial Results & Update - First Quarter 2007 May 2007 C. Ashley Heppenstall, President & CEO WF9606 Geoffrey Turbott, Vice President Finance & CFO
  2. Q1 2007 Financial Results – Lundin Petroleum – slide 2
    Financial Results - First Quarter 2007 First Quarter 2007 First Quarter 2007 MSEK MUSD Net Profit 212 30 Operating Cashflow 611 87 EBITDA 765 109 WF9607 05.07
  3. Q1 2007 Financial Results – Lundin Petroleum – slide 3
    Financial Highlights - First Quarter 2007 Production 39,900 boepd Cost of operations USD 14.88 per barrel Effective tax rate 53% WF9608 05.07
  4. Q1 2007 Financial Results – Lundin Petroleum – slide 4
    Production - First Quarter 2007 boepd 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 WF9609 05.07
  5. Q1 2007 Financial Results – Lundin Petroleum – slide 5
    Financial Performance - First Quarter 2007 Operating Cash Flow EBITDA MSEK Net Profit 1000 765 800 611 600 400 212 200 0 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 WF9611 05.07
  6. Q1 2007 Financial Results – Lundin Petroleum – slide 6
    Margin Netback USD/boe - First Quarter 2007 First Quarter Original 2007 Actual 2007 Forecast (USD/boe) (USD/boe) Production (MMboe) 3.6 15.4 Brent oil price 57.75 55.00 Revenue 52.77 49.15 Cost of operations -14.88 -14.55…
  7. Q1 2007 Financial Results – Lundin Petroleum – slide 7
    Cost of Operations 2007 USD/boe 17.00 16.50 16.00 15.50 15.00 14.50 Average 14.00 13.50 Original Forecast 13.00 Revised Forecast 12.50 12.00 Q1 Q2 Q3 Q4 2007 WF9306 05.07
  8. Q1 2007 Financial Results – Lundin Petroleum – slide 8
    Balance Sheet - 31 March 2007 31 Mar 2007 31 Dec 2006 Fixed Assets 17,298 16,188 Net Current Assets (excluding cash) 19 (45) Net Bank Debt 1,645 1,094 Shareholder Equity 11,054 10,568 Net Debt/Equity Ratio 15% 10% numbers…
  9. Q1 2007 Financial Results – Lundin Petroleum – slide 9
    Production History First Quarter 2007 Actual 39,900 BOEPD 2005 Actual 2006 2004 33,100 BOEPD Actual Actual 29,400 BOEPD 28,900 BOEPD 2003 Actual 2002 16,100 BOEPD Actual 14,010 BOEPD 2001 NIL WF9613 05.07
  10. Q1 2007 Financial Results – Lundin Petroleum – slide 10
    Operational Highlights - First Quarter 2007 Production Above forecast Outperformance in Oudna, Tunisia and Broom, United Kingdom Underperformance in Aquitaine Basin, France and Heather, United Kingdom Development Alvheim…
  11. Q1 2007 Financial Results – Lundin Petroleum – slide 11
    Viking Oil and Gas - Withdrawl of the Transaction Rationale for the proposed transaction was to: Crystallise the value of the North Sea business with its substantial resources base and exciting organic growth potential The…
  12. Q1 2007 Financial Results – Lundin Petroleum – slide 12
    2007 Production Outperformance Oudna field, Tunisia Lundin Petroleum 40% (operator) Atlantis 40% ETAP 20% back-in right exercised 13 March 2007 Production forecast for 2007 of 14,000 bopd (gross) WF9193 01.07
  13. Q1 2007 Financial Results – Lundin Petroleum – slide 13
    2007 Production Outperformance Oudna field, Tunisia Average production for 2007 forecast at 14,000 bopd (gross) Average for first quarter 2007: 21,000 bopd (gross) Gross Barrels Oil Rate Oil Rate Budget 30,000 25,000…
  14. Q1 2007 Financial Results – Lundin Petroleum – slide 14
    2007 Production Outperformance Broom field, United Kingdom First oil August 2004 Remaining reserves 34 MMbbls Heather Alpha Current production 18,000 bopd (gross) 6 Gas Import BROOM FIELD* SSIV Manifold Water Injector…
  15. Q1 2007 Financial Results – Lundin Petroleum – slide 15
    2007 Production Outperformance Broom field, United Kingdom Production recovery from 2Q 2006 Oil production ahead of forecast Gross Oil Budget Forecast 35,000 30,000 25,000 Oil, Liquid bpd 20,000 15,000 10,000…
  16. Q1 2007 Financial Results – Lundin Petroleum – slide 16
    2007 Proven & Probable Reserves Total 176.4 MMboe Russia (30.3) France (22.6) Netherlands (5.4) Gas 10.9% 176.4 Oil 89.1% Indonesia (17.6) Norway (47.2) Tunisia (3.8) mmboe 01.01.2006 146.1 - Produced (excl Russia) -9.8 -…
  17. Q1 2007 Financial Results – Lundin Petroleum – slide 17
    Production Development Production Increase 70% End 2007 Forecast 50,000 BOEPD First Quarter 2007 Actual 39,900 BOEPD 2005 Actual 2006 2004 33,100 BOEPD Actual Actual 29,400 BOEPD 2003 28,900 BOEPD + 70% Actual 2002…
  18. Q1 2007 Financial Results – Lundin Petroleum – slide 18
    USD 290 Million Capital Investment - 2007 Norway UK Russia France Development Indonesia Norway - Alvheim field, onstream 2007 - Volund field, onstream 2009 UK - Broom field, infill drilling - Heather field, infill drilling…
  19. Q1 2007 Financial Results – Lundin Petroleum – slide 19
    Alvheim Status Development drilling - good results Divers and ROV work on buoy installation Topsides installation - delays Subsea installation completed Buoy installed offshore and ready for hook up into turret WF9066 05.07…
  20. Q1 2007 Financial Results – Lundin Petroleum – slide 20
    Norway - Volund Development Lundin Licences Oil Field Gas Field Volund (35%) Vilje Alvheim Facility Operator - Marathon PL088 Well Manifold 2P reserves 48.6 MMboe gross Water Disposal/Wells Gas Export Umbilical Exploration…
  21. Q1 2007 Financial Results – Lundin Petroleum – slide 21
    Norway - Volund Development Estimated Capex NOK 2.8 billion gross (USD 9 per barrel) Contracts awarded and drilling rig secured Subsea development 4 slot manifold same as Alvheim 3 oil producers Water injection 1 production…
  22. Q1 2007 Financial Results – Lundin Petroleum – slide 22
    Greater Alvheim Area - Upside Potential 2P Reserves Alvheim Field (15%) 28.5 MMboe: FALLOW ACREAGE Boa, Kameleon, Kneler Volund Field (35%) 17 MMboe Contingent Resources 6.9 MMboe: East Kameleon branch wells (15%) Gekko…
  23. Q1 2007 Financial Results – Lundin Petroleum – slide 23
    Contingent Resources - Existing Discoveries 133 MMboe net Lundin Petroleum Congo (Brazzaville), 6.6 Indonesia, 9.3 Norway, 45.1 France, 12.4 Tunisia, 4.9 UK, 54.7 WF9257 03.07
  24. Q1 2007 Financial Results – Lundin Petroleum – slide 24
    UK - Thistle Redevelopment Value Creation 409 MMboe produced STOIIP 846 MMboe No drilling since 1990 No active reservoir management since 1990s Water injection critical Lundin Petroleum commitment to Thistle regeneration in May…
  25. Q1 2007 Financial Results – Lundin Petroleum – slide 25
    Norwegian Undeveloped Discoveries PL006c: South East tor 75% interest (operator) gross resources: 22.5 mmboe PL148 7/7-2: Nemo 50% interest (operator) gross resources: 20.6 mmboe Appraisal drilling in Q3 2007 PL292: Phi South…
  26. Q1 2007 Financial Results – Lundin Petroleum – slide 26
    USD 230 Million Exploration Work Programme - 2007 Other + NV (14) Vietnam (8) Indonesia Salawatis (10) UK (57) Sudan (27) Total 230 MUSD Norway (41) Russia (73) Unrisked Prospective Resource Country Wells Area Potential…
  27. Q1 2007 Financial Results – Lundin Petroleum – slide 27
    2007 Exploration Drilling Activity Update 1.4 billion boe unrisked prospective resources targeted in 2007 Exploration budget of USD 230 MM in 2007 Unrisked finding cost USD 0.16 /boe Risked finding cost USD 0.58 /boe Likely…
  28. Q1 2007 Financial Results – Lundin Petroleum – slide 28
    Lundin NCS and UKCS Licences (49) 6204 6203 216 Lundin Petroleum assets prior 217 to 2007218 219 220 6201 6202 6203 6204 Lundin Petroleum 6103 licence awards 2007 6106 6105 6104 214 0033 208 209 0036 Tromso 213 210 0034…
  29. Q1 2007 Financial Results – Lundin Petroleum – slide 29
    APA 2006 and UK 24th Round Awards Norway APA 2006 - 7 licences awarded UK 24th Round 2006 - 6 licences awarded Lundin Petroleum awards risked resource potential of 164 MMboe UK Norway Prospects 29.3 64.1 Leads 23.3 46.9 Total…
  30. Q1 2007 Financial Results – Lundin Petroleum – slide 30
    Indonesia - Tengis Exploration Well China Pacific Java Sea Ocean Philippines Tengis Indonesia Prospect Java BLORA Indian Ocean Australia BLORA Tengis-1 exploration well on the Blora PSC Central Java 43% working…
  31. Q1 2007 Financial Results – Lundin Petroleum – slide 31
    Russia Exploration - Lagansky Block 2 exploration wells in 2007 Tengutinskoye Lundin Promyslovskoye Concession Sallkhinskaya Oleynikovskoye Mezhevoye Oil Field Gas Field Kurgannoye Petroskaya Lead Kamyshanskoye S. Gas…
  32. Q1 2007 Financial Results – Lundin Petroleum – slide 32
    Russia - Lagansky Block WF9588 sw 05.07
  33. Q1 2007 Financial Results – Lundin Petroleum – slide 33
    Sudan - Block 5B Block B Central EGYPT Thar Jath (Dev) LIBYA 0 Km 20 Re Duar d Se nal a Thar Jath Port Sudan lei Ca Baang 1 Block 5B Jong Jarayan 1 CHAD ERITREA Block 5A Haar Khartoum SUDAN…
  34. Q1 2007 Financial Results – Lundin Petroleum – slide 34
    Sudan - Block 5B WF9588 sw 05.07
  35. Q1 2007 Financial Results – Lundin Petroleum – slide 35
    Assets Acquired First Quarter 2007 Norway Singa gas field Indonesia UK - 10% additional working interest - total working interest 25.88% Peik gas/condensate field UK/Norway - 50% working interest in Norway Indonesia - 33.33%…
  36. Q1 2007 Financial Results – Lundin Petroleum – slide 36
    2007 New Ventures Signed 3 PSC in First Quarter 2007 Vietnam Ethiopia Congo (Brazzaville) GABON 0 KM 50 DJIBOUTI Ho Chi Minh 0 KM 100 CONGO (Brazzaville) ETHIOPIA VIETNAM BLOCKS 2 & 6 MARINE XI SOMALIA ANGOLA…
  37. Q1 2007 Financial Results – Lundin Petroleum – slide 37
    Prospective Resources - Net Unrisked Resources 2006 Prospective Resources - 3.4 bn boe net unrisked 2007 Prospective Resources - 5.4 bn boe net unrisked Venezuela UK UK Vietnam Ireland Norway Norway Venezuela Albania Vietnam…
  38. Q1 2007 Financial Results – Lundin Petroleum – slide 38
    Overall Prospective Resources 2007 & Beyond (net unrisked)* 2007 Drilling 1.4 billion boe, 26% 4.0 billion boe, 74% 2008+ Drilling * Includes the licence awards from the Norwegian APA 2006 and UK 24th licensing rounds…
  39. Q1 2007 Financial Results – Lundin Petroleum – slide 39
    Exploration Upside Potential MMboe (unrisked, net to Lundin) 2000 2008 Russia, France, Norway, UK, Vietnam, Ethiopia 1500 Block 5B success, Sudan 2007(500) Indonesia - 6 wells, 2007 (30) 1000 UK, 2007 (100) Lagansky,…
  40. Q1 2007 Financial Results – Lundin Petroleum – slide 40
    Questions WF9236 01.07

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