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FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum

Lundin Petroleum · Feb 22, 2007 · 48 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 YEAR END 2006 – Lundin Petroleum – slide 1
    Page 1 Financial Results - Year End 2006 February 2007 C. Ashley Heppenstall, President & CEO WF9376 Geoff Turbott, Vice President Finance & CFO
  2. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 2
    Page 3 Financial Results - Year End 2006 Year End Fourth Quarter 2006 2006 Turnover 4,415 1,139 Million SEK Net Prot 794 196 Million SEK Operating Cashow 2,271 618 Million SEK EBITDA 2,732 559 Million SEK WF6909…
  3. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 3
    Page 4 Financial Performance MSEK 4,000 3,500 Operating Cash Flow EBITDA 3,000 Net Profit 2,500 2,000 1,500 1,000 500 0 2002 2003 2004 2005 2006 WF8508 02.07
  4. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 4
    Page 5 Financial Highlights Production for the year 29,400 boepd Production for the quarter 33,800 boepd End 2006 at 40,000 boepd Cost of operations USD 18.49 per barrel for fourth quarter Tax rate 57% for 2006 WF8603…
  5. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 5
    Page 6 2006 Margin Netback USD/boe 2006 Actual (USD/boe) Production (MMboe) 10.8 Brent oil price 65.15 Revenue 55.30 Cost of operations -17.01 Taris -1.87 Production & sales taxes -1.94 Stock movements 1.09 35.57…
  6. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 6
    Page 7 Production 2006 boepd 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Q1 Q2 Q3 Q4 2006 WF9378 02.07
  7. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 7
    Page 8 Cost of Operations 2006 9.5% over budget of which 5.5% foreign exchange movements USD millions mboepd /boe 210 210 70 20.00 184 18.00 180 180 60 168 Avg 17.01 16.00 150 150 50 14.00 12.00 120 120 40 10.00 90 90…
  8. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 8
    Page 9 Taxation 2006 eective rate of tax 57% 2006 includes increase in deferred tax liability to record the increase in supplemental tax in UK 2007 eective rate of tax 55% WF9377 02.07
  9. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 9
    Page 10 Balance Sheet - 31 December 2006 31 Dec 2006 31 Dec 2005 Fixed Assets 16,188 6,329 Net Current Assets (excluding cash) (45) (213) Net Bank Debt 1,094 347 Shareholder Equity 10,568 3,683 Net Debt/Equity Ratio 10%…
  10. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 10
    Page 11 Liquidity 2007 work programme 520 MMUSD Funded from cash ow and existing bank facility WF9379 02.07
  11. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 11
    Page 12 2007 Margin Netback USD/boe 2006 Actual 2007 Forecast (USD/boe) (USD/boe) Production (MMboe) 10.8 15.4 Brent oil price 65.15 55.00 Revenue 55.30 49.15 Cost of operations -17.01 -14.55 Taris -1.87 -1.60 Production &…
  12. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 12
    Page 13 Cost of Operations 2007 USD/boe 17.00 16.50 16.00 15.50 15.00 Average 14.50 14.00 13.50 13.00 12.50 12.00 Q1 Q2 Q3 Q4 2007 WF9306 01.07
  13. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 13
    Page 14 2006 - A Year of Consolidation after 4 Years of Growth UK Norway Russia Production Tunisia Tunisia - Oudna producing at 20,000 bopd Vietnam UK - Facilities problems negatively impacted production forecast Singapore…
  14. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 14
    Page 15 2006 Production 50,000 45,000 Tunisia Russia 40,000 (excl. minority) 35,000 Venezuela France 30,000 Netherlands bopd 25,000 Indonesia 20,000 Norway 15,000 UK 10,000 5,000 0 Jan Feb Mar Apr…
  15. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 15
    Page 16 2006 Production 2006 Actual 29,400 BOEPD WF8262 02.07
  16. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 16
    Page 17 2007 Production Forecast End 2007 Exit Rate Forecast 50,000 BOEPD 2007 Forecast 41,000 BOEPD 2005 Actual 2006 2004 33,100 BOEPD Actual Actual 29,400 BOEPD 28,900 BOEPD 2003 Actual 16,100 BOEPD WF8262 02.07
  17. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 17
    Page 18 2006 Year End Production 40,000 boepd Tunisia - Oudna eld Lundin Petroleum 50% (operator) Atlantis 50% (Tunisian Govt 20% buy in option) Original production forecast 20,000 bopd (gross) WF9193 01.07
  18. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 18
    Page 19 Oudna Performance Average production for 2007 forecast at 14,000 bopd (gross) Average production from 1st January 2007 to date 21,000 bopd Gross Barrels Oil Rate Water Injection Rate Oil Rate Budget 30,000 25,000…
  19. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 19
    Page 20 Historical Reserves 200 180 160 140 Russia Norway 120 U.K. MMboe Venezuela 100 Tunisia 80 Indonesia Netherlands 60 France 40 20 0 2003 2004 2005 2006 2007 WF9192 01.07
  20. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 20
    Page 21 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)…
  21. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 21
    Page 22 A Diversified Portfolio United Kingdom Norway Russia 1 production licence, 4 producing blocks, 5 production licences, 1 development licence, 1 exploration licence 20 exploration licences 22 exploration licences…
  22. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 22
    Page 23 USD 520 Million Capital Investment - 2007 Norway UK Russia France Development - USD 290 million Norway - Alvheim eld, onstream 2007 - Volund eld, onstream 2009 Sudan Indonesia UK - Broom eld, inll drilling - Heather…
  23. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 23
    Page 24 Norway - Alvheim Development Lundin Licences Oil Field Gas Field Alvheim project (15%) Vilje Alvheim Facility Operator - Marathon PL088 Well Manifold Water Disposal/Wells 2P reserves 189.1 MMboe gross Gas Export…
  24. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 24
    Page 25 Alvheim Status Development drilling ongoing Divers and ROV work on buoy installation Topsides installation ongoing Subsea installation completed (except wells tie-in) Buoy installed oshore and ready for hook up into…
  25. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 25
    Page 26 Greater Alvheim Area - Upside Potential Alvheim Field 28.5 MMboe (15%): FALLOW ACREAGE GE Boa, Kameleon, Kneler Volund Field 17 MMboe (35%) Contingent Resources 5.3 MMboe: East Kameleon branch wells Gekko Kobra…
  26. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 26
    Page 27 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…
  27. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 27
    Page 28 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…
  28. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 28
    Page 29 UK Producing Assets Otter Nor UK THISTLE way Eider Tern Hudson Statfjord Melville Hutton HEATHER Strathspey Lyell BROOM Ninian Alwyn North Cheviot Dunbar 0 KM 20 WF9225 01.07
  29. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 29
    Page 30 UK - Broom Field Ongoing Projects First oil August 2004 2007 revamp of Broom reservoir Reserves 18.9 MMbbls net to Lundin model integrating new seismic 3D seismic shot in 2006 Installation of water handling equipment on…
  30. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 30
    Page 31 UK Broom 2005 to 2007 Improving Performance Recovery from 2Q 2006 Stable water injection at 45,000 bwpd Gross Oil Liquid Forecast Oil production ahead of forecast Gross Oil 2007 Budget Oil Forecast Gross Liquid BSW…
  31. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 31
    Page 32 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…
  32. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 32
    Page 33 UK - Heather Development and Production Hub Value Creation 131 MMboe produced STOIIP 507 MMboe Broom host Drilling facilities reactivated Life extension investment Greater Heather area 3D seismic shot in 2006…
  33. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 33
    Page 34 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…
  34. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 34
    Page 35 Exploration Activity 2007 Exploration budget of USD 230 MM in 2007 Unrisked nding cost USD 0.16 /boe Risked nding cost USD 1.71 /boe Likely Drilling Schedule 2007 Contracted Country Licence Net Interest Operator Rig…
  35. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 35
    Page 36 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…
  36. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 36
    Page 37 APA 2006 and UK 24th Round Awards 6204 6203 216 217 218 219 220 6201 6202 6203 6204 6103 6106 Norway APA 2006 - 7 licences awarded 6105 6104 214 208 209 210 0033 0036 Tromso 213 0034 0035 211 UK 24th Round 2006…
  37. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 37
    Page 38 Sudan - Block 5B Block B Central Thar Jath (Dev) Duar 0 Km 20 nal Thar Jath lei Ca Baang 1 Block 5B 1500 km 2D seismic survey programme Jong Jarayan 1 Block 5A Haar 509 km of seismic acquired during…
  38. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 38
    Page 39 Sudan - Block 5B Seismic operations 2D seismic: 520 km acquired (15/02/07), acquisition ongoing Drilling preparation Modular oater 21 Crane barge and 2 Transport Barges completed and shipped 1st delivery of 24 units in…
  39. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 39
    Page 40 Russia Exploration - Lagansky Block Tengutinskoye 2 exploration wells in 2007 Lundin Promyslovskoye Concession Sallkhinskaya Oleynikovskoye Mezhevoye Oil Field Gas Field Kurgannoye Petroskaya Lead Kamyshanskoye S. Gas…
  40. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 40
    Page 41 Russia - Lagansky Block Alterations being made on the mud barge Volga canal down towards the Lagansky Block Drilling rig pontoon at winter wharfage Load testing on drilling rig pontoon WF9212 01.07
  41. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 41
    Page 42 Vietnam - Block 06-94 Ho Chi Minh 11-2 05-3 05-2 Lundin Petroleum (33.3%) Lan Do (0.4 TCF) Pearl Energy (33.3% operator) VIETNAM 06-94 Lan Tay (1.6 TCF) 06-1 Serica Energy (33.3%) Work programme - 2D/3D seismic…
  42. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 42
    Page 43 Congo (Brazzaville) - Marine XI Gabon Nyanga Mayombe Marine XI partnership M'Bya Marin M'Wengui Soco International 37.5% (operator) Noumbi Lundin Petroleum 18.75% Dussafu Marin Congo Brazzaville Marine IV 3…
  43. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 43
    Page 44 Overall Prospective Resources 2007 & Beyond (net unrisked)* 2010+ Drilling 2007 Drilling 0.8 billion boe, 24% 1.4 billion boe, 40% 1.2 billion boe, 36% 2008/9 Drilling WF9315 01.07 * Excludes prospect / lead…
  44. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 44
    Page 45 Production - Historical and Forecast 176 million barrels of proven and probable reserves Production (Mboepd) 120 120 100 100 80 80 60 60 Peik acquisition 40 40 2P Reserves 20 20 0 0 2003 2004 2005…
  45. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 45
    Page 46 Production - Historical and Forecast A further 122 million barrels of contingent resources Production (Mboepd) 120 120 100 100 80 80 Contingent resources 60 60 Peik acquisition 40 40 2P Reserves 20…
  46. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 46
    Page 47 Production - Historical and Forecast Exploration and acquisitions to take production to greater then 100,000 boepd Production (Mboepd) 120 120 100 100 Exploration & Acquisitions 80 80 Contingent resources 60…
  47. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 47
    Page 48 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)…
  48. FINANCIAL RESULTS YEAR END 2006 – Lundin Petroleum – slide 48
    Page 49 Summary Increase in reserves of 29%, reserve replacement ratio 122% Current production over 40,000 boepd with Oudna eld onstream Production to increase to 50,000 boepd by end 2007 with Alvheim project in Norway…

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