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CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum

Lundin Petroleum · Jan 25, 2010 · 135 slides

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Slides

  1. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 1
    1 Lundin Petroleum Capital Market Day Presentation WF10878 January 2010
  2. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 2
    2 Lundin Petroleum - Continued Focused Growth United Kingdom Norway 3 production licences, Russia 4 production licences, 11 exploration licences 1 development licence, 2 producing licences, 39 exploration licences 1…
  3. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 3
    3 Lundin Petroleum - Continued Focused Growth Organic reserves growth 400% reserve replacement ratio achieved over the last two years Production growth 20% production growth in 2009 50,000 boepd by end 2010 with Volund on…
  4. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 4
    4 2009 Financial Performance Capital Market Day WF10878 January 2010
  5. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 5
    5 2009 Forecast Margin Netback [USD/boe] Forecast CMD 2009 Jan 09 oil price 61.65 40.00 Revenue 57.80 39.00 Cost of operations -16.45 -16.95 Tariffs -2.20 -2.20 Production taxes -2.90 -1.80 Stock movement 0.30 -0.85…
  6. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 6
    6 2009 Forecast Oil Price Reconciliation [USD/boe] Forecast CMD 2009 Jan 09 Average Brent oil price 61.65 40.00 Sales differential Russia -3.40 -2.25 Gas price differential -1.65 -0.35 Other 0.55 0.65 Sales price…
  7. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 7
    7 2009 Forecast Cost of Operations 2009 CMD 2009 Forecast 40 40 39.20 38.40 34.55 30 30 26.85 USD/boe 22.75 USD/boe 22.45 20 20 16.95 16.45 15.20 14.05 12.30 11.90 10 10…
  8. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 8
    8 2009 Forecast Quarterly Operating Cost Q1 Q2 Q3 Q4 2009 Operating Cost (USD per boe) Actual Actual Actual Forecast Forecast Cost of operations 14.28 14.95 15.74 21.10 (1) 16.45 Tariff and transportation expenses 2.31 2.02…
  9. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 9
    9 2009 Forecast Exploration Costs Q4 2009 Forecast 2009 Q4 2009 after Deferred Tax Forecast (1) Forecast (1) & Minority Interest MUSD MUSD MUSD Norway: PL006c Hyme, PL304 Aegis, PL363 Mon, 69 3 1 PL412 Tasta wells Russia:…
  10. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 10
    10 Russia - Lagansky Carrying value of Lagansky 850 MUSD Including Goodwill Current value is under review Likely impairment of value in year end accounts WF10877 p15 01.10
  11. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 11
    11 2009 Forecast Operating Cash Flow Netback (USD/boe) 2009 Forecast Cash Margin Netback 36.35 Cash taxes -2.15 Operating Cash Flow Netback 34.20 480 MUSD Development Capex 14.90 Exploration Capex 21.50 WF10877 p12…
  12. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 12
    12 Effective Forecast Tax Rate Reconciliation 2009 effective tax rate before one-off items: 65% Exploration costs Etrion writedown of Venezuela oil and gas assets Receipt of ShaMaran shares Sale of…
  13. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 13
    13 2009 Forecast Taxation USD/boe Current tax charge 2.15 Deferred tax charge 7.35 9.50 WF10877 p10 01.10
  14. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 14
    14 2009 Forecast Other Items Etrion (formerly Petrofalcon) (Q309) Full consolidation from 30 September 2009 Write down of Venezuela oil and gas assets MUSD 52.6 expensed (MUSD 22.8 through share in result of associated company…
  15. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 15
    15 Production and Resources Capital Market Day WF10878 January 2010
  16. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 16
    16 2010 Proven & Probable Reserves Gas 14.5% Russia (16.9) France (21.9) Indonesia (13.7) Oil 85.5% Netherlands (3.4) U.K. (78.8) PSC 5% Tax Royalty 95% Total 255.9 MMboe 01.01.2009 MMboe 217.5 - Produced 13.9 + New…
  17. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 17
    17 Reserves Growth Reserves Replacement Ratio of 361% (cumulative production: 76.3 MMBOE) 300 250 200 Russia MMboe 150 U.K. Norway Tunisia Venezuela 100 Netherlands Indonesia France 50 0 1.1.2003…
  18. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 18
    18 Reserves Changes Russia U.K. Tunisia Norway Netherlands Indonesia France -10 0 10 20 30 40 50 60 MMboe Produced in 2009 Russia - Sale of KalmEastern and OilGazTet Net Replacement - Komi reserves increase…
  19. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 19
    19 Contingent Resources [01.01.10] Contingent Resources net Lundin Petroleum 285 MMboe Congo (Brazzaville), 1.4 Norway, 44.6* Krabbe 9.1 MMboe Marihne 4.8 MMboe Alvheim 8 MMboe Luno 4.8 MMboe UK, 54.3 Thistle 16.9 MMboe…
  20. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 20
    20 Contingent Resource Movement Congo (Brazzaville) Viodo well test results Russia - Morskaya Equity increase Norway - Luno CR to Reserves Norway - Krabbe Acquisition Norway - PL340 Marihone A discovery Norway -…
  21. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 21
    21 Contingent Resource - Historic 300 300 Russia Venezuela 250 250 Ireland 200 200 Nigeria Congo (Brazzaville) MMboe 150 150 Indonesia Tunisia 100 100 France 50 50 Norway UK 0 0 1.1.2006 1.3.2007 1.1.2008…
  22. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 22
    22 Development Work Programme and Budget 2010 RUSSIA - Komi drilling UNITED KINGDOM THISTLE - Drilling programme 4 wells/Workovers - Don satellite field third party service BROOM - Drill 1 well NORWAY - Installation of new…
  23. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 23
    23 Prospective Resources End of 2009 net unrisked prospective resources 1736 MMboe (prospects only) Russia/Others 15% SE Asia 24% Norway 61% WF10880b 01.10
  24. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 24
    24 Targeted Prospective Resources 2010 Drilling 2010 exploration drilling 11 exploration wells in 2010 8 of the 11 wells will be drilled in Norway, comprising approximately 90% of the targeted net unrisked prospective…
  25. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 25
    25 Targeted Prospective Resources 2010 Drilling Schedule (1) (2) Country Licence - Prospect Operator LUPE% NURPR CoS% NRPR Q1 Q2 Q3 Q4 1 Norway PL476 - Frusalen Det norske 30.00 14.3 27 3.9 2 Norway PL359 - Luno High Lundin…
  26. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 26
    26 Exploration Work Programme and Budget 2010 NORWAY - 8 exploration wells - 520 km2 3D seismic - APA Round IRELAND - Ongoing development studies on Nemo, Luno, Pi, Krabbe - 3D seismic RUSSIA - Lagansky - 3D seismic -…
  27. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 27
    27 2009 Production Performance France 3,400 boepd Netherlands 2,000 boepd Indonesia 2009 production guidance 35,000 - 42,000 boepd 2,500 boepd Norway 2009 forecast: 38,200 boepd* 14,000 boepd Russia 50,000 4,700 boepd…
  28. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 28
    28 2010 Production Forecast France 8% Norway Netherlands 2010 production guidance 38,000 - 44,000 boepd 4% 40% Norway Indonesia 9% Volund first production timing Alvheim vessel regularity and plant capacity Russia…
  29. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 29
    29 Norway Lundin Norway AS (7) Capital Market Day WF10878 January 2010
  30. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 30
    30 Norway Organic growth strategy supported by a first class and experienced core team Production licences Exploration licences Torstein Sanness, MD Norway Norway number of licences Number of licences per Company pre…
  31. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 31
    31 Norway Contingent Resources & Reserves Norway Reserves and Contingent Resources 200 Hydrocarbon Volume [MMboe] 175 CR 150 2P 125 100 75 50 25 0 2005 2006 2007 2008 2009 2010 2010 CR: Luno South discovery not…
  32. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 32
    32 Norway Resources Norway Reserves and Contingent & Prospective Resources 1,800 Statoil & Centrica farmout - 2009 exploration drilling programme 2009 APA not included 1,600 Hydrocarbon Volume [mmboe] 1,400 1,200 PR…
  33. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 33
    33 Norway - Production Growth Alvheim on production and Volund completed - Luno - Pi - Nemo - Krabbe - Peik Volund 15,000 boepd Alvheim Jotun 0 2005 2006 2007 2008 2009 WF10890 p1 01.10
  34. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 34
    34 Proven Track Record People = key Proven basin & petroleum system Close to infrastructure Leading edge technology with emphasis on new 3D seismic acquisition Over 7,115 km2 acquired since 2004 & 48,135 km2 of 3D seismic…
  35. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 35
    35 Norway - 2010 Work Programme & Budget Development Budget USD 75 MM Phase 2 drilling Alvheim Phase 2 drilling Volund Exploration Budget USD 190 MM 8 exploration wells 2010 Net Unrisked Targetted Resources : 300…
  36. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 36
    36 Focused Approach - 4 Key Growth Areas Barents Sea Area Greater Alvheim Area Greater Luno Area Barents Sea Area Subsea tieback development opportunities Greater Alvheim Area Greater Luno Area 2009 APA award…
  37. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 37
    37 Greater Alvheim Area 0 KM 15 PL413 PL088 PL363 P090 Peik field PL036c Alvheim field PL203 Volund field PL412 PL150 PL505BS 009 PL547S PL505 0025 Marihne PL340BS PL340 UK PL546 0024 2009 APA Award Norway…
  38. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 38
    38 Greater Alvheim Area - Norway Production Alvheim Field LundinPetroleum Operator LundinPetroleum Partner PL413 PL088 Lundin Petroleum 15% 2009 APA Award P090 PL088 Marathon 65% (operator), ConocoPhillips 20% 9/14a-6…
  39. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 39
    39 Greater Alvheim Area - Alvheim Vessel & Subsea Equipment Alvheim, Vilje & Volund Field Developments WF10876b 01.10
  40. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 40
    40 Greater Alvheim Area - Alvheim Reserve Growth Cumulative Production Alvheim net Lundin 2P reserves End of Year Reserves 40 40 35 2.3 35 7.3 33.4 Hydrocarbon Volume [MMboe] 30 32.2 30 29.7 28.4 27.6 25 25…
  41. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 41
    41 Greater Alvheim Area - Alvheim Field - Development Wells 10 producers, 4 of them branch wells BOA 12 East Kameleon BOA 11 Boa KAM 02 Kameleon BOA 09 KN 03 KN 02 KAM 01 Kneler KN 07 KN 06 KN 05…
  42. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 42
    42 Greater Alvheim Area - Alvheim Field - Phase 2 EKAM 02 BOA 12 East Kameleon Boa BOA 11 EKAM 01 KAM 02 KAM 03 Kameleon BOA 09 KN 03 Drilling Phase 2 KAM 01 KN 02 The 3rd Kameleon well and two branch…
  43. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 43
    43 Greater Alvheim Area - Exploration LundinPetroleum Operator LundinPetroleum Partner PL413 2009 APA Award PL088 PL088 9/14a-6 P090 PL413 0 KM 4 Alvheim Deep PL088 bs Prospect PL036C PL340 (15%) 9/15a-1…
  44. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 44
    44 Greater Alvheim Area - PL340 Further Prospectivity LundinPetroleum Operator LundinPetroleum Partner 2009 APA Award 8 GEKKO 12 2A 5 5 6 7 Light oil found in an area assumed to be either gas 9a VOLUND 150 7b…
  45. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 45
    45 Greater Luno Area - Luno Field Lundin Petroleum interest: 50% (operator) PL413 PL363 Wintershall 30%, RWE 20% Peik field PL088 P090 PL036c Discovered in 2007 Alvheim field Volund field PL203 Discovery 16/1-8 PL150…
  46. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 46
    46 Greater Luno Area - Luno Discovery PL501 (Lundin 40%) PL167 (Lundin 20%) PL338 (50%) Luno discovery 2007 Luno second appraisal well Successfully appraised 2009 (16/1-10) 2P reserves of 95 MMboe gross Luno Field…
  47. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 47
    47 Greater Luno Area - Luno Discovery Conceptual Model 16/1-8 16/1-13 16/1-10 16/1-12 (Luno discovery well) (Luno appraisal well) (Luno appraisal well) (Luno South discovery well) Tested Tested 4,000 bopd 5,700 bopd…
  48. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 48
    48 Greater Luno Area - 2nd Appraisal (16/1-13) Summary Porosity 28% Porosity 30% Perm: 8 Darcy Perm: 12 Darcy 1870 . 1910. XPT/MDT pressures 1950. FWL: 1939m TVD MSL DEV:TVDSS 1990. 2030. 2070. 2110. 24…
  49. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 49
    49 Greater Luno Area - Luno Conceptual Development Option 1 FPSO with subsea wells eipner, 40km Gas export to Sl WF10766 p 09.09
  50. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 50
    50 Greater Luno Area - Luno Conceptual Development Option 2 Jacket Based Host & Wellhead Platform (WHP) Host Luno WHP Tie-in module Power and Control cable Wellstream flowline WF10766 p 09.09
  51. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 51
    51 Greater Luno Area - Luno South Discovery PL501 (Lundin 40%) PL167 (Lundin 20%) Luno second PL338 (50%) Luno South discovery appraisal well currently drilling Luno appraisal well Exploration well completed as…
  52. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 52
    52 Greater Luno Area - Luno South Discovery 20cm core shift Porosity & Permeability in Basement Rocks Image log of 16/1-12 Core 4 30cm sedimentary rocks of LC age White Light UV Light No fractures in the conglomeratic…
  53. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 53
    53 Greater Luno Area - Luno South Analogues [Vietnam Offshore] Mui Ne Ke Ga 2X Vung Tau N s in 1X Ba ng Lo u Cu 4 km SuTu Nau 5X 6X 4X 1X NE Block 15-1 Plat. A Final Retention Area 2Xst SuTu Den 3X SW FPSO…
  54. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 54
    54 Greater Luno Area - Luno South Analogues [Vietnam Offshore] W E Top of Basement Depth Structure Kirchhoff PSTM (2000) Stretched Depth m SV Field 2Km Cross-Line LN0902 GLA Controlled Beam PSDM (2007) (2002)…
  55. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 55
    55 Greater Luno Area - Further Exploration Potential UK PL304 PL546 0 KM 20 PL 359 (40%) Exploration well in 2010 targeting Luno High in the north east corner of the licence Luno and Luno South 16/2-1 16/2-3 Prospective…
  56. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 56
    56 Greater Luno Area - Regional OWC Still Holds True PL546 16/1-13 1940m Regional OWC All wells drilled on southern Utsira High OWC 1940m MSL above 1940m MSL proved an oil/gas column Oil shows to 1943.5m MSL 16/2-5 1852m MSL…
  57. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 57
    57 Barents Sea Shtokman Ververis Obelix Obesum Arenaria Nucula Lundin Licence area Goliat Oil & Gas Snhvit Gas Oil Source:maps.grida.no WF10825 p3 01.10
  58. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 58
    58 Barents Sea - Drilling in 2011 22E 21E Prospect Oil field Gas field Licenced Area (NPD) Rauto 4 drillable prospects matured in Lundin Petroleum portfolio Lundin Norway Licences Operated Non-Operated Pulk 2009 APA award…
  59. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 59
    59 Barents Sea - Play Types in Lundin Norway Acreage Lavvo Skalle 7120/1-1R 7120/2-1 Pleistocene Shallow gas anomalies Shallow gas anomalies Early Jurassic 1000 e eocen Pal ssic Tria Paleo us Late cene eo tac Cre…
  60. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 60
    60 Barents Sea - New 3D and Old Reprocessed 3D 19300E 2000E 20300E 2100E 72200N 72200N Eni operated 3D N seismic survey: 940 km2 (Lundin 20%) 940 km2 Lundin operated 3D seismic surveys: 973 km2 7200N…
  61. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 61
    61 Subsea Tieback Development Opportunities * Lundin Initial Production Net Resources Forecast Net Sanction First Oil Field MMboe Production* boepd (DG2) date (DG4) date Nemo 8.9 6,000 2Q10 2013 Krabbe 9.1 4,800 3Q10 2014…
  62. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 62
    62 Subsea Tieback Development Opportunities - PL292 Pi 1 10b 15 29c 29cF1 7 12a 0015 8 0015/12 (Area 8) 0016 12f REV 016 12g PL292 is located in Blocks 6/3 and 15/12 9 PL292b 10a 29aF1 12e 12c Lundin Petroleum 40%…
  63. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 63
    63 Subsea Tieback Development Opportunities - PL148 Nemo PL292B MARIA 0 KM 20 SEYMOUR 0006/03 PI Lundin Petroleum Operator PL292 PL292 Lundin Petroleum Partner Lundin Petroleum 50% interest (operator) SHELLEY…
  64. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 64
    64 Subsea Tieback Development Opportunities - PL301 Krabbe PL495 022/15 (Area 2) Lundin Operator 0 KM 20 PL453 S PL453 S Lundin Petroleum 40% interest (operator) Lundin Partner BANKS 07 Partner: Skeie Energy AS…
  65. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 65
    65 Subsea Tieback Development Opportunities - Peik 2009 APA Award Lundin Petroleum Operator Lundin Petroleum Partner PL413 Reserves: 37 MMboe Gross 0 KM 15 PL088 Lundin Petroleum equity (UK and P090 PL363 Norway): 40%…
  66. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 66
    66 Norway Exploration Wells in 2010-2012 Lundin Norway Licences 1 3 X Drilled as Operator Operator 2 X Drilled by Partners 4 Partner 1 PL 533 Rauto 2011 2 PL492/PL533 Pulk 2012 PL492 Bieksu 2012 3 PL438 Skalle 2011 Lavvo…
  67. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 67
    67 United Kingdom Capital Market Day WF10878 January 2010
  68. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 68
    68 UK Continental Shelf Licences Acreage position 11 exploration licences 4 production licences Average 2009 production 10,200 boepd 2P reserves 79 MMboe Contingent resources 54 MMboe End 2009Actual WF10893 p1 01.10
  69. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 69
    69 UK Strategy Control infrastructure Heather and Thistle acquired in 2003 Facilitate hubcentric developments Broom on stream in 2004 SW Heather Attract third party business Don production via Thistle in 2010 Put new…
  70. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 70
    70 UK North Sea - Growing Business... 100 90 Reserves History Cum Prod 80 Broom 2P 70 Thistle 2P Heather 2P MMboe 60 50 40 30 20 10 0 01.01.2005 01.01.2006 01.01.2007 01.01.2008 01.01.2009 01.01.2010 90 80…
  71. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 71
    71 ... That Needs Investment Heather Thistle Broom subsea tieback Accommodation upgrades Separator overhauls Direct oil export system installation Extension platform Caisson replacements Subsea control system Manifold…
  72. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 72
    72 2009 UK Production - Actual vs Forecast UK Actual Production vs Forecast 14,000 14,000 12,000 12,000 10,000 10,000 8,000 8,000 boepd boepd 6,000 6,000 4,000 4,000 Actual 2009 2009 Forecast 2,000…
  73. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 73
    73 Thistle OW C Lundin Petroleum 99% WI STOIIP 901 MMboe Produced 430.5 MMboe 48% recovery factor 17 producers, 6 injector 01.01.10 certified 2P reserves (incl Deveron) 28.7 MMboe Deveron Thistle 2P ultimate recovery of…
  74. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 74
    74 Thistle - Platform Improvements New Turbine B New BOP Don Third Party Tie-in Facilities Don - Riser Hang-off WF10894 p2 01.10
  75. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 75
    75 Thistle - Platform Improvements New Shakers New Top Drive New Thistle Rig New Thistle Rig WF10894 p3 01.10
  76. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 76
    76 Thistle Field Development 0 m 500 No drilling since 1989 Phase I 3 producers 1 workover USD 7.5/bbl development costs Phase II 4 producers 2 injectors 3 workovers USD 8.8/bbl development costs No additional…
  77. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 77
    77 Thistle - Murchison Field Analogy 160000 Murchison vs Thistle Thistle Murchison 140000 120000 Oil Rate (bbl/d) 100000 Murchison investment 80000 40 penetrations 60000 40000 20000 0 0% 5% 10% 15% 20% 25%…
  78. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 78
    78 Thistle 2010 Outlook 2010 Phase I drilling and workover campaign Workover and installation of jetpump Abandon 4 wells for BP Drill 3 new producers 2011+ Phase II drilling Increased production Opex USD 40/bbl for 2010…
  79. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 79
    79 Heather Lundin Petroleum 100% STOIIP Brent 502 MMboe Trias 166 MMboe Produced 134.2 MMboe 27% recovery (Brent only) 14 producers, 1 injector Certified 2P reserves (01.01.10) 27.2 MMboe (Brent only) 2P Brent Ultimate…
  80. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 80
    80 Heather Development No drilling since 2006 Coiled tubing Producer Development activities H33 Injector 3 new producers HHP1 2 new sidetrack producers H46 H61 H41 2 water injector workovers 4 coiled tubing…
  81. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 81
    81 Heather - Outlook 2010 Rig reactivation Continued 2 compressor operations 2011 Start drilling Opex (Broom/Heather combined) USD 31/bbl (including Broom tariff) Future development drilling Double Heather production…
  82. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 82
    82 Broom Lundin Petroleum 55% WI STOIIP 172 MMboe (excl. West-flank Terraces) Produced 25.8 MMboe 4 producers, 2 injectors Net 2P reserves 16.5 MMboe Ultimate recovery 32.4% Better than expected field perfomance…
  83. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 83
    83 Broom - Opportunities Area-15 Appraisal Identified 25-40 MMboe of gross STOIIP North West in West Flank Terrace Appraisal Appraise North West Terrace 2010 well possible 4-5 MMboe gross contingent resources Area-15…
  84. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 84
    84 Broom - Outlook 2010 Strong production despite flowline failure in 2009 Install new 10 flowline providing increased capacity Drill North-West Terrace fault block Define optimum development strategy West flank…
  85. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 85
    85 South-West Heather Tie Back Candidate WEST EAST 2/5-16z Sealing fault(s) necessary in crestal 2/5-10 2/5-11 area to isolate 16z well from 10 oil Shallower occurrence of Emerald/Brent section BCU Combined Emerald, Brent,…
  86. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 86
    86 United Kingdom - Conclusion Executing a clear defined hubcentric strategy Invested significant capex to make Heather and Thistle ready for re-development Shot 3D seismic and identified infill opportunities Start drilling…
  87. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 87
    87 Other European Assets France Strategy Optimise production from known low decline fields in a low fiscal regime Attract partners to share risk on remaining exploration potential Resources bopd 21.9 MMboe net reserves…
  88. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 88
    88 Other European Assets Netherlands/Tunisia Netherlands Strategy Low risk gas production Fiscal benefit worldwide Near field low risk exploration - 2 small discoveries onshore Resources 3.4 MMboe net reserves 1…
  89. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 89
    89 Russia Capital Market Day WF10878 January 2010
  90. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 90
    90 Lundin Petroleum in Russia ay Artic Ocean w N or Offshore Caspian Lagansky Exploration Block en ed 70% Lundin Petroleum (Operated) Sw d an F inl Onshore Kalmykia Kaspiskoye Field Komi / Nenets 51% Lundin Petroleum…
  91. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 91
    91 Komi - Assets PECHORA SEA Three producing fields (W.I. 50%) Sotchemyu East Sotchemy-Talyu SOTCHEMYU-TALYU - FIELDS North Ireal VERKHINYAYA INTA BRYKALANSK NORTH IRAEL PECHORA Devonian Carbonates FIELD Net…
  92. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 92
    92 Komi - Strategy Near field exploration potential Gross Komi Production 12000 3D seismic 2005-2008 10000 1 well in 2009, 3 wells in 2010 8000 BOEPD Optimise existing well stock 6000 80 wells with mostly ESPs…
  93. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 93
    93 Lagansky - Exploration Licence 0 KM 20 Lundin Northern Caspian Concession Oil Field Petrovskaya-1 Morskaya Discovery Gas Field Prospects Kaspiskoye Laganskaya-1 Morskaya-1 COC well Rakushechnoye Field Severo- 4.4 TCF…
  94. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 94
    94 Lagansky - Gunvor Deal Acquired 30% interest in Lagansky Block from Mintley Kalmykia Ltd. USD 30 million Deferred consideration at development plan approval Sold 30% to Gunvor Cyprus Holding Ltd USD 30 million Deferred…
  95. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 95
    95 Lagansky - Exploration 3 wells drilled, further structures identified Extended exploration licence to 2014 Targeting remaining exploration potential Interpret 150 km2 3D already acquired Shoot additional 75 km2 3D…
  96. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 96
    96 Lagansky - Petrovskaya Petrovskaya-1 Morskaya-1 WF10896 p3 01.10
  97. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 97
    97 Lagansky - Petrovskaya Pre-Drill Original possible fill model PETROVSKAYA MORSKAYA ALBIAN APTIAN NEOCOMIAN STACKED PAY CONNECTED PAY WF10644 11.09
  98. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 98
    98 Lagansky - Petrovskaya Post-Drill Current possible fill model PETROVSKAYA MORSKAYA SPILLED AWAY ALBIAN APTIAN NEOCOMIAN CONNECTED PAY WF10644 11.09
  99. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 99
    99 Lagansky - Further Exploration Potential 2011 exploration well Petrovskaya-1 Morskaya-1 WF10896 p4 01.10
  100. CAPITAL MARKET DAY PRESENTATION – Lundin Petroleum – slide 100
    100 Lagansky - Self Elevating Platform New shallow water drilling complex Self Elevating Platform New build Tender ongoing Construction in 2010 Floating service barge Buy existing or new build Mobile land rig…

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