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CAPITAL MARKET DAY – Lundin Petroleum

Lundin Petroleum · Jan 29, 2014 · 205 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. CAPITAL MARKET DAY – Lundin Petroleum – slide 1
    1 Capital Market Day 2014 Lundin Petroleum Capital Market Day WF11856 29 January 2014
  2. CAPITAL MARKET DAY – Lundin Petroleum – slide 2
    2 CMD 2014 - Agenda 1. Introduction 5. Johan Sverdrup 2. Corporate Overview 6. Historical Exploration Performance - Production Performance - Reserves & Resources 7. Exploration - Capital Expenditure - Norway, Barents Sea…
  3. CAPITAL MARKET DAY – Lundin Petroleum – slide 3
    3 Introduction Lundin Petroleum Capital Market Day WF11856 29 January 2014
  4. CAPITAL MARKET DAY – Lundin Petroleum – slide 4
    4 Opening Remarks - Exploration Value creation in the Upstream E & P business is driven by exploration success Lundin Petroleum fundamentally remains an exploration company Most successful exploration company in Norway over…
  5. CAPITAL MARKET DAY – Lundin Petroleum – slide 5
    5 Opening Remarks - Appraisal Johan Sverdrup alone will more than triple reserves in the next year Johan Sverdrup is a unique asset in respect of location, size and quality. It will ultimately deliver a premium valuation…
  6. CAPITAL MARKET DAY – Lundin Petroleum – slide 6
    6 Opening Remarks - Development Four ongoing development projects - Brynhild, Byla, Bertam and Edvard Grieg - will increase production to over 75,000 boepd by end 2015 Project execution risk on all projects has reduced.…
  7. CAPITAL MARKET DAY – Lundin Petroleum – slide 7
    7 Opening Remarks - Financial Flexibility Existing production forecast to generate operating cash flow in excess of USD 1 billion in 2014 High netback realisation. Low operating costs and cash taxes Increased bank…
  8. CAPITAL MARKET DAY – Lundin Petroleum – slide 8
    8 Corporate Overview - Production Lundin Petroleum Capital Market Day WF11856 29 January 2014
  9. CAPITAL MARKET DAY – Lundin Petroleum – slide 9
    9 2013 Production 2013 Actual 2013 production: 32,700 boepd France, 9% Slightly below low end of guidance range Russia, 7% achieved due to delayed Brynhild startup Netherlands, 6% Strong performance from Volund offset impact…
  10. CAPITAL MARKET DAY – Lundin Petroleum – slide 10
    10 Production vs Guidance 2009-2013 Production (boepd net) excluding discontinued operations* 40,000 30,000 boepd 20,000 10,000 0 2009 2010 2011 2012 2013 forecast high Actual production forecast low…
  11. CAPITAL MARKET DAY – Lundin Petroleum – slide 11
    11 2014 Production Guidance 2014 Guidance Russia, 7% 2014 production guidance: Netherlands, 6% 30,000 - 35,000 boepd Indonesia, 5% Norway - production factors Alvheim & Volund reservoir performance France, 10% Brynhild…
  12. CAPITAL MARKET DAY – Lundin Petroleum – slide 12
    12 2015 Production Forecast 2015 average approximately 50,000 boepd Byla first oil Q1 2015 To exceed 75,000 boepd Bertam field first oil in Q2 2015 when at full production Edvard Grieg first oil Q4 2015 2014 Production…
  13. CAPITAL MARKET DAY – Lundin Petroleum – slide 13
    13 Norway - Continued Solid Production Greater Alvheim Area 2013 Net Production: 22,700 boepd 2P Reserves (net): 21.7 MMboe 2C Contingent Resources (net): 6.2 MMboe 2P reserves - 2014/15 drilling 2013 net production : 10,500…
  14. CAPITAL MARKET DAY – Lundin Petroleum – slide 14
    14 Norway - Alvheim Field PL203 Gross Alvheim Estimated Ultimate Recovery 350 41 2C Contingent Resources 52 Alvheim Field 300 Cumulative Production End of Year 2P Reserves 137 162 108 80 Lundin Petroleum 15% 250 15 49…
  15. CAPITAL MARKET DAY – Lundin Petroleum – slide 15
    15 Norway - Volund Field PL150 Gross Volund Estimated Ultimate Recovery 80 2C Contingent Resources 70 Cumulative Production 4.5 Volund Field 60 End of Year Reserves 31 44 17 Lundin Petroleum 35% 50 50 46 50 49…
  16. CAPITAL MARKET DAY – Lundin Petroleum – slide 16
    16 Production Forecast from Ongoing Developments 10-15 exploration wells per year Johan Sverdrup Other existing contingent and prospective resources not included in production forecast Edvard Bertam Grieg 75,000…
  17. CAPITAL MARKET DAY – Lundin Petroleum – slide 17
    17 Corporate Overview - Reserves & Resources Lundin Petroleum Capital Market Day WF11856 29 January 2014
  18. CAPITAL MARKET DAY – Lundin Petroleum – slide 18
    18 31 December 2013 2P Reserves Total 194.1 MMboe Gas, 8% Malaysia, 13.7 France, 22.5 Russia, 6.1 Byla, 3.3 Indonesia, 1.9 Netherlands, 3.4 Oil & NGL, 92% MMboe Brynhild, 20.7 Alvheim, 21.7 End 2012 201.5 Gaupe, 0.2 -…
  19. CAPITAL MARKET DAY – Lundin Petroleum – slide 19
    19 2P Reserves 250 200 Malaysia 150 Russia Norway MMboe Tunisia 100 Netherlands Indonesia France 50 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 WF11866 p6 01.14 Year End
  20. CAPITAL MARKET DAY – Lundin Petroleum – slide 20
    20 Reserves Changes Produced in 2013 Net Replacement Malaysia Russia Norway Netherlands Indonesia France -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 MMboe Norway: - Volund reservoir performance - Alvheim 2 new infill…
  21. CAPITAL MARKET DAY – Lundin Petroleum – slide 21
    21 31 December 2013 2C Contingent Resources Total 342 MMboe Russia, 110 Gohta, 65.6 Norway, 134 (1) Luno II, 22.2 GAA, 8.9 Other, 37.3 Indonesia, 3 Other, France, 13 18.8 Tarap, 24.6 Tembakau, 38.3 Malaysia, 82…
  22. CAPITAL MARKET DAY – Lundin Petroleum – slide 22
    22 Contingent Resource Growth 1,200 1,000 Norway - J. Sverdrup 800 Malaysia Russia MMboe 600 Others Norway 400 Excludes 200 Johan Sverdrup Includes Johan Sverdrup 0 WF11866 p8 01.14 2005 2006 2007 2008…
  23. CAPITAL MARKET DAY – Lundin Petroleum – slide 23
    23 Contingent Resource Changes Luno II Gohta Peik Volund Alvheim -20 -10 0 10 20 30 40 50 60 70 Norway: - Luno II and Gohta 2013 discoveries - Peik licence relinquishment - Volund infill location WF11866 p9…
  24. CAPITAL MARKET DAY – Lundin Petroleum – slide 24
    24 Targetted Contingent Resources to Reserves Aggressive 2014 drilling programme Low range High range 400 90-180 MMboe of resources to reserves through appraisal of Gohta, Luno II 350 Net Reserves/Resources (MMboe) &…
  25. CAPITAL MARKET DAY – Lundin Petroleum – slide 25
    25 Corporate Overview - Prospective Resources Lundin Petroleum Capital Market Day WF11856 29 January 2014
  26. CAPITAL MARKET DAY – Lundin Petroleum – slide 26
    WF11866 p12 01.14 620 MMboe Target Risked 150 MMboe Target Unrisked Alt Risked Alt Unisked Ma Vol lgr a Ma Vol lgr a tro av tro av sen Sou sen Sou 2014 Prospective Resources (La th (La th ngl ngl itid…
  27. CAPITAL MARKET DAY – Lundin Petroleum – slide 27
    27 2014 Exploration & Appraisal Drilling Schedule 2013 2014 Country Licence - Prospect Well type Operator LUPE% NUPR(1) CoGS%(2) NRPR(3) Q4 Q1 Q2 Q3 Q4 1 Norway PL501 - Johan Sverdrup 16/3-7 app Lundin 40.00 Completed…
  28. CAPITAL MARKET DAY – Lundin Petroleum – slide 28
    28 Operated Rig Capacity for Exploration & Appraisal Activity 2014 2015 2016 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Bredford Dolphin 1 1 1 4 2 1 Transocean Artic 1 1 1 NORWAY Island 6 6 6 3 Innovator Rowan 2…
  29. CAPITAL MARKET DAY – Lundin Petroleum – slide 29
    29 Corporate Overview - Capital Expenditure Lundin Petroleum Capital Market Day WF11856 29 January 2014
  30. CAPITAL MARKET DAY – Lundin Petroleum – slide 30
    30 Capital Expenditure Exploration Appraisal Development 2013 Capital Expenditure, Million USD 2014 Capital Expenditure, Million USD 2500 2500 2,130 2000 2000 380 1,710 1,730 300 1500 390 1500 460 Million USD…
  31. CAPITAL MARKET DAY – Lundin Petroleum – slide 31
    31 Development Activity 2013 NORWAY USD 1,080 million Edvard Grieg USD 550 million - Jacket - Topside NETHERLANDS - Export pipelines Infill drilling Brynhild USD 470 million Facilities - Drilling production and injection…
  32. CAPITAL MARKET DAY – Lundin Petroleum – slide 32
    32 2013 Capex Actual vs Guidance 2013 expenditure 5% above guidance Capex - 2013 Budget vs Actual New Phasing difference Cost 1180 Project Increase 32 -31 1162 1160 -8 33 1140 -11 43 1120 1104 1100 Million…
  33. CAPITAL MARKET DAY – Lundin Petroleum – slide 33
    33 Development Activity 2014 NORWAY USD 1,100 million Edvard Grieg USD 700 million - Jacket - Topside - Export pipelines - Drilling Brynhild USD 267 million - Drilling production and injection wells - Riser installation…
  34. CAPITAL MARKET DAY – Lundin Petroleum – slide 34
    34 2014 Capex Guidance Capex - 2014 Budget vs Previous Guidance 1700 New Phasing difference Cost 1600 Projects Increase 1500 1400 1450 134 5 19 1300 130 1200 27 1100 Million USD 1000 326 900 810 800…
  35. CAPITAL MARKET DAY – Lundin Petroleum – slide 35
    35 2013 A&E Expenditure Actual vs Guidance Appraisal - 2013 Guidance vs Actual 500 Exploration - 2013 Guidance vs Actual 200 6 16 180 450 160 34 400 7 115 Other 9 49 140 350 SE Asia 300 36 40 120 Million USD…
  36. CAPITAL MARKET DAY – Lundin Petroleum – slide 36
    36 Appraisal Activity 2014 NORWAY USD 280 million Johan Sverdrup - 1 appraisal well on PL501 - 1 appraisal well on PL265 - FEED study Edvard Grieg (PL338) - 1 appraisal well Gohta (PL492) - 1 appraisal well Luno II…
  37. CAPITAL MARKET DAY – Lundin Petroleum – slide 37
    37 Exploration Activity 2014 NORWAY USD 285 million 7 exploration wells - 2 wells Utsira High - 2 wells in Barents Sea - 2 wells in Norwegian Sea NETHERLANDS - 1 well in Mre Basin 5 exploration wells 3D seismic FRANCE…
  38. CAPITAL MARKET DAY – Lundin Petroleum – slide 38
    38 Financial Guidance 2013 Lundin Petroleum Capital Market Day WF11856 29 January 2014
  39. CAPITAL MARKET DAY – Lundin Petroleum – slide 39
    39 2013 Forecast Cash Margin Netback [USD/boe] 2013 Production 32,700 boepd Forecast CMD 2013 2013 Brent oil price 108.65 110.00 Revenue 100.15 98.40 Cost of operations Base -7.45 -8.00 Projects -2.15 -1.25 Tariffs…
  40. CAPITAL MARKET DAY – Lundin Petroleum – slide 40
    40 2013 Forecast Cost of Operations including Projects 2013 Feb CMD 2013 Forecast Indonesia, 4% 40 Russia, 10% Norway, 50% Netherlands, 10% 30 France, 26% 27.90 25.65 USD/boe USD/boe 20 20 15.55…
  41. CAPITAL MARKET DAY – Lundin Petroleum – slide 41
    41 2013 Forecast Quarterly Operating Cost [USD/boe] Q1 Q2 Q3 Q4 2013 Actual Actual Actual Forecast Forecast Cost of operations Base 7.33 7.03 7.87 7.65 7.45 Projects 0.95 3.08 0.80 3.80 2.15 Tariff and transportation…
  42. CAPITAL MARKET DAY – Lundin Petroleum – slide 42
    42 2013 Forecast Gross Profit [USD/boe] Forecast CMD 2013 2013 Cash Margin Netback 83.75 83.30 Depletion -13.50 -15.40 Exploration Costs -24.10 0.00 Impairment -10.35 0.00 Decommissioning Costs -1.10 0.00 Gross Profit…
  43. CAPITAL MARKET DAY – Lundin Petroleum – slide 43
    43 2013 Forecast Exploration Costs [MUSD] Forecast Forecast Forecast Q4 2013 2013 Q4 2013 after Tax Norway (1) 286 135 30 Other 2 0 0 Exploration Costs 288 135 30 (1) Q4 2013 PL330 (Sverdrup) & PL410 (Luno II South)…
  44. CAPITAL MARKET DAY – Lundin Petroleum – slide 44
    44 2013 Forecast General & Administrative [USD/boe] Forecast CMD 2013 2013 Cash 3.00 1.50 Non-cash LTIP 0.30 1.60 3.30 3.10 Depreciation 0.35 0.30 3.65 3.40 WF11854 p7 01.14
  45. CAPITAL MARKET DAY – Lundin Petroleum – slide 45
    45 2013 Forecast Financial Items [USD/boe] Forecast 2013 Net foreign exchange loss 3.90 Interest expense 0.45 Loan commitment fees 1.45 Amortisation of loan fees 0.75 Other 0.40 CMD 2013 Net Financial Expenses 6.95 3.60…
  46. CAPITAL MARKET DAY – Lundin Petroleum – slide 46
    46 2013 Forecast Taxation [USD/boe] Forecast CMD 2013 2013 Current tax charge 2.05 3.15 Deferred tax charge 15.90 39.05 17.95 42.20 Effective Tax Rate 74% 69% Operational Tax Rate 55% 62% WF11854 p6 01.14
  47. CAPITAL MARKET DAY – Lundin Petroleum – slide 47
    47 2013 Forecast Operating Cash Flow Netback & EBITDA [USD/boe] Forecast CMD 2013 2013 Cash Margin Netback 83.75 83.30 Cash taxes -2.05 -3.15 Operating Cash Flow Netback 81.70 80.15 General & Administrative -3.30 -3.10…
  48. CAPITAL MARKET DAY – Lundin Petroleum – slide 48
    48 2013 Forecast Debt Position [MUSD] 1,200 1,100 CLOSING WORKING CAPITAL NET DEBT EXPLORATION G&A MUSD 35 MUSD 30 31 Dec 2013 1,000 & APPRAISAL MUSD 1,180 FINANCIAL MUSD 25 MUSD 570 900 800 700 DEVELOPMENT 600…
  49. CAPITAL MARKET DAY – Lundin Petroleum – slide 49
    49 Financial Guidance 2014 Lundin Petroleum Capital Market Day WF11856 29 January 2014
  50. CAPITAL MARKET DAY – Lundin Petroleum – slide 50
    50 2014 Forecast Margin Netback [USD/boe] 2014 Production guidance 30,000 - 35,000 boepd (including Russia) Change in accounting rules; Non consolidation 2014 Netback forecast excludes Russia Forecast* Forecast 2014 2013…
  51. CAPITAL MARKET DAY – Lundin Petroleum – slide 51
    51 2014 Forecast Cost of Operations 2014 Forecast 2013 Forecast Indonesia, 5% 40 Netherlands, 10% Norway, 62% France, 23% 30 27.90 24.70 USD/boe USD/boe 20 20 18.20 15.55 10 10 11.45 11.35…
  52. CAPITAL MARKET DAY – Lundin Petroleum – slide 52
    52 2014 Cost of Operations Quarterly Forecast (incl. projects) Forecast (base) 2014 Average (incl. projects) 2014 Average (base) 14.00 14.00 Alvheim & Volund 13.00 shutdown 13.00 Alvheim workovers carryover 12.00 12.00…
  53. CAPITAL MARKET DAY – Lundin Petroleum – slide 53
    53 2014 Forecast Depletion Indonesia, 5% Netherlands, 5% France, 6% Norway, 84% 2014 Forecast 2013 Forecast 35 35 30 30 24.30 22.80 22.70 25 25 20.45 20.00 19.75 20 20 USD/boe USD/boe 13.70…
  54. CAPITAL MARKET DAY – Lundin Petroleum – slide 54
    54 2014 Forecast Profit Netback [USD/boe] Forecast 2014 Brent oil price 100.00 Cash Margin Netback 80.85 Depletion -22.80 G&A -4.30 Financial items, net -5.80 Share of associated company -0.05 Profit Before Tax 47.90…
  55. CAPITAL MARKET DAY – Lundin Petroleum – slide 55
    55 2014 Forecast Taxation [USD/boe] Forecast 2014 Brent Oil Price 100.00 Current Tax Charge -26.50 Deferred Tax Charge 57.15 30.65 Effective Tax Rate 64% Operational Tax Rate 53% WF11849 p6 01.14
  56. CAPITAL MARKET DAY – Lundin Petroleum – slide 56
    56 Norwegian Tax Value [MNOK] Undiscounted Norwegian Tax Value from historic capex spend - 01.01.2014 (MNOK) 8,000 8,000 7,000 7,000 953 7,008 (1) Net tax value (Million NOK) Net tax value (Million NOK) 6,000 6,000…
  57. CAPITAL MARKET DAY – Lundin Petroleum – slide 57
    57 2014 Forecast Operating Cash Flow Netback [USD/boe] Forecast 2014 Brent Oil Price 100.00 Cash Margin Netback 80.85 Cash taxes 26.50 Operating Cash Flow Netback 107.35 WF11849 p7 01.14
  58. CAPITAL MARKET DAY – Lundin Petroleum – slide 58
    58 2014 Forecast EBITDA Netback [USD/boe] Forecast 2014 Brent Oil Price 100.00 Cash Margin Netback 80.85 General & Administrative -3.65 EBITDA 77.20 General & Administrative Cash 2.90 Non-cash LTIP 0.75 3.65…
  59. CAPITAL MARKET DAY – Lundin Petroleum – slide 59
    59 2014 Forecast Cash Flow Available for Investment [USD/boe] Forecast 2014 Brent Oil Price 100.00 Operating Cash Flow Netback 107.35 General & Administrative -2.90 Cash Financial Items -8.40 Cash Flow available for…
  60. CAPITAL MARKET DAY – Lundin Petroleum – slide 60
    60 Funding Increased existing credit facility from USD 2.5 billion to USD 4.0 billion Strong support from all 25 banks in the facility Pricing unchanged: LIBOR + 2.75% to 3.25% Strong operating cash flow: USD 1 billion in…
  61. CAPITAL MARKET DAY – Lundin Petroleum – slide 61
    61 Hedging as at 29 January 2014 Currency Hedged Amount Average Rate Period MNOK 2,162 6.11 Jan - Dec 2014 MNOK 1,200 6.26 Jan - Dec 2015 Interest Rate Hedged Amount Interest Rate Period MUSD 500 0.57% Mar 2013 - Mar 2016…
  62. CAPITAL MARKET DAY – Lundin Petroleum – slide 62
    62 Share Data 31 December 2013 Shares issued 317.9 million Treasury shares 8.3 million (1) Shares in circulation 309.6 million Listed on Stockholm and Toronto stock exchanges (1) Approval to purchase up to 15 million…
  63. CAPITAL MARKET DAY – Lundin Petroleum – slide 63
    63 Development Lundin Petroleum Capital Market Day WF11856 29 January 2014
  64. CAPITAL MARKET DAY – Lundin Petroleum – slide 64
    64 Development Projects Norway - North Sea 0 25 KM 100 Ongoing Norwegian Developments Bergen Bergen Brynhild (Lundin 90% operator) Byla Byla (Lundin 15%) Norway Stavanger Edvard Grieg (Lundin 50% operator)…
  65. CAPITAL MARKET DAY – Lundin Petroleum – slide 65
    65 Development - Norway - Edvard Grieg Lundin Petroleum Capital Market Day WF11856 29 January 2014
  66. CAPITAL MARKET DAY – Lundin Petroleum – slide 66
    16/4-3 D B 359 66 Edvard Grieg Project Overview Lundin Petroleum interest PL338: 50% (operator) OMV 20%, Wintershall 15%, Statoil 15% 2P reserves: 186 MMboe gross Plateau production: 100,000 boepd gross Jacket: 13,000…
  67. CAPITAL MARKET DAY – Lundin Petroleum – slide 67
    67 Edvard Grieg Project Schedule Project on schedule Main Achievements in 2014 2012 2013 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PDO Approved by Authorities Decision Gate / PDO Jacket Execution Topside…
  68. CAPITAL MARKET DAY – Lundin Petroleum – slide 68
    68 Edvard Grieg Project Cost and Schedule Platform construction 44% complete Drilling activities to commence summer 2014 Million NOK Majority of the Edvard Grieg procurement completed 30,000 Some cost pressure in the market but…
  69. CAPITAL MARKET DAY – Lundin Petroleum – slide 69
    69 Edvard Grieg Main Activities in 2014 Jacket offshore installation in April Most topside equipment delivered to Stord and Egersund in 2Q Pipelines installation in the summer Flotel to be completed end of September…
  70. CAPITAL MARKET DAY – Lundin Petroleum – slide 70
    70 Edvard Grieg Jacket Construction Assembly at Kverner Verdal (Norway) Sail-away April as per plan WF11755 p12 01.14 Status 14 January
  71. CAPITAL MARKET DAY – Lundin Petroleum – slide 71
    71 Edvard Grieg Topside Module Sub contractor Crist Offshore (Poland) WF11762 p15 09.13
  72. CAPITAL MARKET DAY – Lundin Petroleum – slide 72
    72 Edvard Grieg Utility Module & Main Deck Frame Ahead of schedule on Stord A steel structure of 2000 tonnes to be delivered at Stord in late February Kvrner Stord (Norway) WF11762 p21 09.13
  73. CAPITAL MARKET DAY – Lundin Petroleum – slide 73
    73 Edvard Grieg Topside Gas re-comressors during testing Gas turbines WF11762 p22 09.13
  74. CAPITAL MARKET DAY – Lundin Petroleum – slide 74
    74 Edvard Grieg Marine Operations Jacket installation in Q2 2014 Flotel to sail from Singapore in Q4 2014 WF11762 p23 09.13
  75. CAPITAL MARKET DAY – Lundin Petroleum – slide 75
    75 Edvard Grieg Project Execution - Export Pipelines Edvard Grieg Pipeline Ownership: 40% gas Ivaar Aasen 60% oil Grane Grane 28 oil export pipeline Edvard Grieg Ivaar asenA m) Pipel 3k 4 in P(…
  76. CAPITAL MARKET DAY – Lundin Petroleum – slide 76
    76 Edvard Grieg Project Overview - Drilling Activities in 2013 Drilling of shallow gas pilot at platform location Activities in 2014 Drilling of Edvard Grieg South East (EG SE) well Start pre-drilling Q3 2013 Q4 2013 Q1…
  77. CAPITAL MARKET DAY – Lundin Petroleum – slide 77
    77 Edvard Grieg - Additional Resources Increase 0 4 KM 16 0024 Lundin Petroleum Operator 0025 Lundin Petroleum Partner Apollo discovery PL673 Aldous Major North discovery Geitengun discovery Johan Sverdrup discovery…
  78. CAPITAL MARKET DAY – Lundin Petroleum – slide 78
    78 Development - Norway - Brynhild Lundin Petroleum Capital Market Day WF11856 29 January 2014
  79. CAPITAL MARKET DAY – Lundin Petroleum – slide 79
    79 ' Brynhild Project Overview ' ' ' ' h' ' ' ' ' ' ' 0015 F ' 0 5 KM 20 016 'E 0016 0017 FFE ' ' E 292 & 292B ' E 0006 Norway ' h' ' ' ' 495 B Licence: PL148…
  80. CAPITAL MARKET DAY – Lundin Petroleum – slide 80
    80 Brynhild Project Overview Million NOK Subsea construction completed 7,000 6,700 Drilling activities ongoing until fall 2014 6,000 5,400 Tie-in to Pierce FPSO (Shell) Q1/Q2 2014 5,000 Production start-up estimated Q2…
  81. CAPITAL MARKET DAY – Lundin Petroleum – slide 81
    81 Brynhild Facilities - Tie-in to Pierce Field (Shell) FPSO currently on location Riser installation planned to commence February 2014 First oil Q2 2014 Pierce FPSO before Docking Pierce FPSO after Docking WF11767 p25…
  82. CAPITAL MARKET DAY – Lundin Petroleum – slide 82
    82 Brynhild Development Brynhild Depth Map Completed top-hole for horizontal A2 producer 7/7-A-3 A1 Finalised drilling of 7/7-A-2 H (A2) Brynhild Horizontal Well - Preliminary A2 W 9 7/8 casing 3,571 MD E 360 0…
  83. CAPITAL MARKET DAY – Lundin Petroleum – slide 83
    83 Development - Norway - Byla Lundin Petroleum Capital Market Day WF11856 29 January 2014
  84. CAPITAL MARKET DAY – Lundin Petroleum – slide 84
    84 Byla Development Lundin Petroleum Operator PL203B Lundin Petroleum Partner PL088 PL088 9/14a-6 PL413 Lundin Petroleum interest: 15% 0 KM 4 P090 9/15a-1 PL088 bs PL036C Marathon 65% (Operator), Core Energy 20%…
  85. CAPITAL MARKET DAY – Lundin Petroleum – slide 85
    85 Byla Project Schedule Gross project costs MUSD 867 2012 2013 2014 2015 Activity Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 PDO approval First Oil Project sanction / Execute DG Project Milestones Trees available Award subsea…
  86. CAPITAL MARKET DAY – Lundin Petroleum – slide 86
    86 Development - Malaysia - Bertam Lundin Petroleum Capital Market Day WF11856 29 January 2014
  87. CAPITAL MARKET DAY – Lundin Petroleum – slide 87
    87 Bertam Development - Peninsular Malaysia PM307 - Lundin Petroleum 75% (operator), PETRONAS Carigali 25% Field Development Plan (FDP) approved September 2013 Facilities installation and initial pre-drilling in 2014 Bertam…
  88. CAPITAL MARKET DAY – Lundin Petroleum – slide 88
    88 Bertam Fast Track Development Progress Bertam Major Milestones Field Development Plan (FDP) Approved by PETRONAS September 2013 FPSO upgrades contract Awarded September 2013 FPSO arrives Keppel Shipyard Singapore…
  89. CAPITAL MARKET DAY – Lundin Petroleum – slide 89
    89 Bertam Development Schedule 2012 2013 2014 2015 Appraisal Drilling Concept Selection Development Planning Well Head Platform Jacket Well Head Platform Topsides FPSO Upgrade Development Drilling First oil WF11852 p11…
  90. CAPITAL MARKET DAY – Lundin Petroleum – slide 90
    90 Bertam Field Development Project Fabrication of Wellhead Platform (WHP) WF11852 p30 01.14
  91. CAPITAL MARKET DAY – Lundin Petroleum – slide 91
    91 Bertam Field Development Project Bertam KL WF11852 p12 01.14 THHE WHP Fabrication Yard Klang FPSO in Keppel Shipyard Singapore
  92. CAPITAL MARKET DAY – Lundin Petroleum – slide 92
    92 Appraisal Lundin Petroleum Capital Market Day WF11856 29 January 2014
  93. CAPITAL MARKET DAY – Lundin Petroleum – slide 93
    93 Appraisal Programme 2014 - 6 Wells Norway - Utsira High Norway - 5 wells 0 4 KM 16 PL501 PL167 IVAR AASEN ALDOUS MAJOR NORTH DISCOVERY PL673 GEITUNGEN DISCOVERY Utsira High 1 well on Edvard Grieg EDVARD GRIEG 2 wells on…
  94. CAPITAL MARKET DAY – Lundin Petroleum – slide 94
    94 Targetted Contingent Resources to Reserves Aggressive 2014 drilling programme Low range High range 400 90-180 MMboe of resources to reserves through appraisal of Gohta, Luno II 350 Net Reserves/Resources (MMboe) &…
  95. CAPITAL MARKET DAY – Lundin Petroleum – slide 95
    95 Norway 2014 Appraisal Activities Kopervik The Southern Utsira High in Hanz 16/2-19 Geitungen Cross-section new broadband domain Geitungen 16/3-8 Avaldsnes Crest Ivar Aasen 16/1-18 West Edvard Grieg SE Cable 16/4-6;…
  96. CAPITAL MARKET DAY – Lundin Petroleum – slide 96
    96 Norway 2014 Appraisal Activities Luno II PL359, 40% (operator ) 0 4 0024 KM 0025 16 Lundin Petroleum Operator Lundin Petroleum Partner Tested over 2,000 boepd PL673 Apollo discovery Aldous Major North discovery Good…
  97. CAPITAL MARKET DAY – Lundin Petroleum – slide 97
    97 Norway 2014 Appraisal Activities Luno II 16/4-9 16/4-6s 16/4-8 16/5-5 proposed approved loc. tight reservoir North1 North2 Central1 Central2 South 16/4-9 Fignon proposed WF11860 p3 01.14
  98. CAPITAL MARKET DAY – Lundin Petroleum – slide 98
    98 Norway 2014 Appraisal Activities Edvard Grieg SE Purpose of well: Target upside reserves and improve the planning basis for production wells Top Reservoir Depth 16/1-18 targets the Middle back-basin good upper reservoir…
  99. CAPITAL MARKET DAY – Lundin Petroleum – slide 99
    99 Barents Sea Norway 2014 Appraisal Activities Gohta Appraisal 0 KM 40 PL609 JOHAN CASTBERG PL659 PL533 PL609B Gohta discovery Gohta Discovery PL492 PL438 767 PL767 PL708 PL563 Barents Sea SNHVIT PL490 GOLIAT…
  100. CAPITAL MARKET DAY – Lundin Petroleum – slide 100
    100 Norway 2014 Appraisal Activities Gohta Discovery Gross Section over Gohta Discovery and Leads Gohta Reinsose (Shell) Geres Bieksu Upper Snadd Middle Snadd Amplitude anomalies Lower Snadd WF11860 p6 01.14

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