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FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum

Lundin Petroleum · Aug 15, 2007 · 38 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. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 1
    Financial Results - First Half 2007 C. Ashley Heppenstall, President & CEO WF9689 Geoffrey Turbott, Vice President Finance & CFO
  2. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 2
    Page 3 Financial Results - First Half 2007 1800 1800 +4% 1600 1600 +15% 1400 1400 1200 1200 Million SEK 1641.9 1581.1 1000 1000 800 800 1420.8 1231.6 +2% 600 600 400 400 509.7 502.1 200 200 0 0 Net…
  3. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 3
    Page 4 Financial Performance First Half 2007 Production 37,900 BOEPD Cost of operations USD 15.78 Effective tax rate 47% WF9608 08.07
  4. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 4
    Page 5 Financial Performance First Half 2007 MSEK MUSD Write offs 81.9 11.8 Foreign exchange gain 21.8 3.1 G & A costs 107.7 15.5 WF9608 08.07
  5. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 5
    Page 6 Production & Oil Price - Quarterly Comparison boepd /bbl Brent 45,000 70 40,000 60 35,000 30,000 50 25,000 40 20,000 30 15,000 20 10,000 10 5,000 0 0 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007…
  6. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 6
    Page 7 Margin Netback USD/boe - First Half 2007 First Half Original 2007 Actual 2007 Forecast (USD/boe) (USD/boe) Production (MMboe) 7.0 15.4 Brent oil price 63.06 55.00 Revenue 56.48 49.15 Cost of operations -15.78 -14.55…
  7. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 7
    Page 8 Cost of Operations 2007 USD/boe 18.50 Revised Forecast 18.00 Alvheim end fourth quarter 17.50 17.00 16.50 16.00 15.50 Revised Forecast Alvheim beginning fourth quarter 15.00 14.50 Average of original…
  8. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 8
    Page 9 Balance Sheet - 30 June 2007 30 June 2007 31 Dec 2006 Fixed Assets 17,399 16,188 Net Current Assets (excluding cash) (130) 3 Net Bank Debt 1,439 1,134 Shareholder Equity 9,629 8,953 Net Debt/Equity Ratio 15% 13%…
  9. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 9
    Page 10 Operational Highlights - First Half 2007 Production 37,900 boepd - in line with forecast Outperformance in Oudna, Tunisia and Broom, United Kingdom Underperformance in Heather, United Kingdom Development Alvheim, Norway…
  10. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 10
    Page 11 Production History First Half 2007 Actual 37,900 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 08.07
  11. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 11
    Page 12 Oudna - 2007 Production Oudna field, Tunisia Lundin Petroleum 40% (operator) Atlantis 40% ETAP 20% back-in right exercised March 2007 Production first half 2007 20,100 bopd (gross) Water breakthrough in late…
  12. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 12
    Page 13 Oudna field - 2007 Production Oudna field, Tunisia Average production for 2007 forecast at 14,000 bopd (gross) Gross Barrels Oil Rate Oil Rate Budget 30,000 25,000 20,000 15,000 10,000…
  13. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 13
    Page 14 Broom Field - 2007 Production Broom field, United Kingdom Remaining reserves 34 MMbbls (as at 01.01.07) Average Production for first half 15,900 (gross) Heather Alpha Additional infill production well in second half…
  14. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 14
    Page 15 Broom Field - 2007 Production Broom field, United Kingdom Production recovery from Q2 2006 Gross Oil Oil production ahead of forecast Budget Forecast 35,000 30,000 25,000 Gross oil, bpd 20,000…
  15. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 15
    Page 16 2007 Development Programme Development Norway - Alvheim field, onstream 2007 - Volund field, onstream 2009 UK - Broom field, infill drilling - Thistle field, redevelopment Russia - Ashirovskoye field, Orenburg…
  16. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 16
    Page 17 Alvheim Status First production forecast fourth quarter 2007 Divers and ROV work on buoy installation Development drilling - good results Topsides installation - delays Subsea installation completed Buoy installed…
  17. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 17
    Page 18 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…
  18. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 18
    Page 19 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%)…
  19. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 19
    Page 20 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…
  20. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 20
    Page 21 Production Growth 2008 Onwards 2007 forecast 2005 34,000 - 37,000 BOEPD Actual 2006 2004 33,100 BOEPD Actual Actual 29,400 BOEPD 28,900 BOEPD 2003 Actual 2002 16,100 BOEPD Alvheim Actual 14,010 BOEPD net…
  21. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 21
    Page 22 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
  22. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 22
    Page 23 Thistle Redevelopment 6 8b 4d 7a 8a 6b 5 Nor MAGNUS NORTH WEST UK way Magnus 6c Thistle 4c Recovery Factor < 50% PENGUIN CLUSTER 0034/04 (Area 10) 11b 11a 12a 13a 3-D Seismic 14 033 Drilling Rig…
  23. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 23
    Page 24 Norwegian Undeveloped Discoveries PL006c: South East Tor 75% interest (operator) gross resources: 22.5 mmboe appraisal drilling in 2008 PL148 7/7-2: Nemo 50% interest (operator) gross resources: 20.6 mmboe appraisal…
  24. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 24
    Page 25 Exploration Work Programme - Second Half 2007 Major Exploration drilling activity in second half 2007 Second Half 2007 Exploration Drilling Activity Unrisked Prospective Resource Country Wells Area Potential MMboe…
  25. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 25
    Page 26 Second Half 2007 Exploration Drilling Activity 1.3 billion boe unrisked prospective resources targeted in 2H 2007 Likely Drilling Schedule Second Half 2007 Contracted Country Licence Net Interest Operator Rig Q3…
  26. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 26
    Page 27 Norwegian & UK Continental Shelf Licences (50) 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…
  27. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 27
    Page 28 Indonesia - Tengis Exploration Well China Pacific Java Sea Ocean Philippines Tengis Prospect Cepu Indonesia Java BLORA BLORA Indian Ocean JAVA Australia Oil field/discovery Gas field/discovery…
  28. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 28
    Page 29 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.…
  29. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 29
    Page 30 Russia Lagansky Exploration - Alliance with Gazprom Gazprom option to purchase 50% + one share in Lagansky during exploration phase Lundin Petroleum option to purchase 30% in Lagansky from minority partner during…
  30. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 30
    Page 31 Russia Lagansky Exploration - Permitting Status Working with Gazprom to Resolve licensing issues with Rosnedra Obtain final drilling permit from Rosprirodnadzor Operationally ready to commence drilling Timing of…
  31. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 31
    Page 32 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…
  32. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 32
    Page 33 Sudan - Block 5B National Petroleum Commission (NPC) has confirmed the legal validity of the Block 5B partnership. Requested by NPC to accommodate Nile Pet (Government of South Sudan oil company) with a 10% interest…
  33. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 33
    Page 34 New Ventures - 2007 Signed 5 PSC in First Half 2007 Vietnam Ethiopia Congo (Brazzaville) GABON 0 KM 50 DJIBOUTI Ho Chi Minh 0 KM 100 ADIGALA AREA CONGO (Brazzaville) ETHIOPIA VIETNAM BLOCKS 2 & 6 BLOCKS 7 &…
  34. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 34
    Page 35 Venezuela - Sale of Coln to PetroFalcon Sale of Lundin Latina to PetroFalcon for USD 41 million. Consideration in PetroFalcon shares valued at CAD 0.80 per share Investment of additional USD 8 million PetroFalcon…
  35. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 35
    Page 36 Production Forecast Impact of changed Alvheim startup date 120 Exploration 100 Contingent Resources 2P with changed 80 Alvheim startup date Mboepd 2P Original 60 40 20 0 2002 2003 2004 2005…
  36. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 36
    Page 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…
  37. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 37
    Page 38 Overall Prospective Resources 2007 & Beyond (net unrisked)* 2H 2007 Drilling 1.3 billion boe, 24% 4.1 billion boe, 76% 2008+ Drilling * Includes the licence awards from the Norwegian APA 2006 and UK 24th…
  38. FINANCIAL RESULTS FIRST HALF 2007 – Lundin Petroleum – slide 38
    Page 39 Exploration Upside Potential MMboe (unrisked, net to Lundin) 2000 2008 Russia, France, Norway, UK, Vietnam, Ethiopia, Sudan 1500 Block 5B success, Sudan 2007(500) Indonesia - 6 wells, 2007 (30) 1000 UK, 2007…

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