1 AGM 2008 Ashley Heppenstall, President & CEO WF10263 Stockholm, 13 May 2008
2 Oil Price Brent Spot Price /bbl 140 120 100 80 4.5 times increase in 5 years 60 40 20 0 2003 2004 2005 2006 2007 2008 WF10264 05.08
3 Demand for Oil United States 300 million 20.5 million bbl/d 25 bbl/capita/year China 1.3 billion 7.5 million bbl/d 2.1 bbl/capita/year India 1.1 billion 2.5 million bbl/d 0.8 bbl/capita/year WF10266 05.08
4 Questionable Supply WF10268 05.08
5 Equipment Cost increase 12,000 40,000 2002 Fiat Punto = Valve (2003) 2007 BMW 320 = Valve (2007) WF9549 05.07
10 Lundin Petroleum Four Core Areas: Europe, Africa, Russia, Far East United Kingdom Norway Russia 4 production licences, 4 producing licences, 4 production licences, 1 development licence, 1 exploration licence 19 exploration…
12 2008 Proven & Probable Reserves Total 184.2 MMboe Gas 14.7% Russia (24.7) France (25.8) Oil 85.3% Netherlands (4.9) mmboe 01.01.2007 176.4 Indonesia (16.1) Norway (57.0) - Produced (forecast) -12.4 + New reserves…
13 Production History Compounded annual growth rate 2002-2007 is 19% 2008 Forecast 36,500 BOEPD 2005 2007 Actual 2006 Actual 2004 33,100 BOEPD Actual 34,000 BOEPD Actual 29,400 BOEPD 28,900 BOEPD 2003 Actual 2002…
16 Production Profile based upon 2008 Resource Position Existing resources have the potential to triple existing production 120 100 100,000 bopd Contingent Resources (CR) as at 1.1.2008 80 2P Reserves as at 1.1.2008…
17 Its not all Plain Sailing Sudan Norway Russia WF10270 05.08
18 Sweden and Norway 4.7 million Sweden 9.2 million Norway 2.1 million bbl/d 0 bbl/d WF9974 01.08
19 Norwegians Working for a Swedish Company WF10270 05.08
20 Material Investment in Norway Total Production 2007 34,000 boepd Norway SEK 3.6 billion invested in Norway over the last 4 years Norway - 500 boepd 2% of total production WF10275 05.08
21 Norwegian Licence Position 7220 7128 7030 7219 7127 7029 7218 7126 7216 7217 7125 7215 7124 7123 0 KM 240 7120 7121 7122 Total licences in Norway - 31 7119 7118 7117 7116 7022 7021 7020 7019 7018 7017…
23 Norways Importance 2P Reserves Contingent Resources Russia Others France Netherlands France Norway Norway Indonesia 56% 31% Tunisia UK UK WF10275 05.08
24 Norway - Luno Discovery PL413 PL088 PL363 Peik field P090 PL036c Alvheim field Volund field PL203 PL150 PL412 008 009 PL103B Jotun field PL340 0025 0026 uth 0024 Luno discovery 16/1-4 so UK PL304 well i gh…
25 Norway - Luno Discovery PL304 Lundin 50% (operator) PL413 PL088 PL363 Peik field P090 PL036c Alvheim field PL167 Lundin 20% Volund field PL203 PL150 PL412 008 009 PL103B Jotun field PL340 0025 0026 uth 0024 Luno…
26 Schematic Illustration of Luno Discovery 16/1-5 CHALK GROUP OWC JURASSIC TRIASSIC BASEMENT WF10262 05.08
27 Schematic Illustration of Luno Discovery 11 kilometres 16/1-5 16/1-4 CHALK GROUP OWC JURASSIC TRIASSIC BASEMENT WF10262 05.08
31 Rig Capacity Songa Dee Transocean Winner Semi submersible Semi submersible 1.5 year contract 1 year rig share contract from Q1 09 from 2H 2009 WF10043 01.08
32 Russia - Lagansky Block 0 KM 20 Petrovskaya Prospect Lundin Northern Caspian Concession Oil Field Laganskaya Prospect Gas Field Morskaya Prospect Prospects Kaspiskoye Rakushechnoye Field Gazprom option to acquire 4.4…
33 Russia - Lagansky Mobile Drilling Unit WF10277 02.08
34 Sudan Block 5B Logistics
35 Malaysia - PM308A, PM308B & SB303 Vietnam Bac Lieu Surat Thani Thailand SB303 Phuket Kota Kinabalu Pinang Bandar Seri Begawan Malaysia Medan PM308B PM308A Kuala Lumpur Indonesia Malaysia Singapore…