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FINANCIAL PRESENTATION – Lundin Petroleum

Lundin Petroleum · Feb 18, 2009 · 54 slides

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  1. FINANCIAL PRESENTATION – Lundin Petroleum – slide 1
    1 Financial Presentation - Year End 2008 Lundin Petroleum C. Ashley Heppenstall, President & CEO WF10605 Geoff Turbott, Vice President Finance & CFO
  2. FINANCIAL PRESENTATION – Lundin Petroleum – slide 2
    3 Financial Results - Year End 2008 4,500 4,500 4,000 4,000 3,500 3,500 3,000 3,000 2,500 2,500 2,000 2,000 MSEK 1,500 1,500 MSEK 953 -67% 1,000 1,000 220 500 500 310 0 0 -500 -762 -500…
  3. FINANCIAL PRESENTATION – Lundin Petroleum – slide 3
    4 Net Result 2008 Year End Q4 2008 2008 MSEK MSEK Net result attributable to: Net Result 310.3 -761.8 Minority interest 249.7 195.4 Shareholders of Lundin Petroleum 560.0 -566.4 WF10609 a 02.09
  4. FINANCIAL PRESENTATION – Lundin Petroleum – slide 4
    5 Adjusted Q4 2008 Net Result Q4 2008 MSEK Reported Result -761.8 Exploration Costs 617.6 Impairment Costs 613.7 Foreign Exchange Loss (net) 625.1 Tax Items -587.7 Adjusted Net Result 506.9 WF10609 b 02.09
  5. FINANCIAL PRESENTATION – Lundin Petroleum – slide 5
    6 Financial Results - Year End 2008 4,500 4,500 4,000 4,000 3,500 3,500 3,000 3,000 2,500 2,500 2,000 2,000 MUSD MUSD MSEK 141 60 1,500 1,500 MSEK 953 -67% 1,000 1,000 220 500 500 310 0 0 -500…
  6. FINANCIAL PRESENTATION – Lundin Petroleum – slide 6
    7 Financial Results - Year End 2008 MUSD MUSD 4,500 463 626 4,500 4092 4,000 4,000 +31% 3,500 1129 3,500 3126 3,000 3,000 901 2,500 2,500 2,000 2,000 MUSD MUSD MSEK 141 60 1,500 1,500 MSEK 953 -67%…
  7. FINANCIAL PRESENTATION – Lundin Petroleum – slide 7
    8 Financial Results - Year End 2008 MUSD MUSD 4,500 463 626 MUSD MUSD 4,500 452 592 4092 4,000 3878 4,000 +31% +27% 1129 628 3,500 3,500 3126 3049 3,000 3,000 901 637 2,500 2,500 2,000 2,000 MUSD MUSD MSEK…
  8. FINANCIAL PRESENTATION – Lundin Petroleum – slide 8
    9 Financial Performance MSEK 4,500 Net Profit 4,000 Operating Cash Flow EBITDA 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2002 2003 2004 2005 2006 2007 2008 WF10607 a 02.09
  9. FINANCIAL PRESENTATION – Lundin Petroleum – slide 9
    10 Financial Performance - Year End 2008 Year End Q4 2008 2008 Production 31,700 BOEPD 34,900 BOEPD (after minority interest) Cost of Operations USD 21.44/BBL USD 19.75/BBL (including minority interest) Tax 631 MSEK…
  10. FINANCIAL PRESENTATION – Lundin Petroleum – slide 10
    11 Netback - Year End 2008 [USD/boe] Year End Q4 2008 2008 Average Brent oil price 97.26 55.48 Revenue 82.56 47.96 Cost of operations -21.44 -19.75 Tariffs -2.75 -2.73 Production taxes -6.82 -2.93 Changes in inventory &…
  11. FINANCIAL PRESENTATION – Lundin Petroleum – slide 11
    12 Cost of Operations - Year End 2008 MMBOE USD/boe MUSD Actual 2008 11.84 X 21.44 = 253.9 Forecast 2008 13.74 X 19.40 = 266.7 % Change to Forecast -13.8% 10.5% -4.8% WF10607 d 02.09
  12. FINANCIAL PRESENTATION – Lundin Petroleum – slide 12
    13 2008 Exploration Costs Country MSEK Unsuccessful Successful Resources MMBOE Norway 0 +13.4 MMboe to Contingent Resources Sudan 483 UK 135 Russia 234 +115.0 MMboe to Contingent Resources Netherlands 10 Indonesia 4 +…
  13. FINANCIAL PRESENTATION – Lundin Petroleum – slide 13
    14 Impairment Costs 2008 2008(1) 2P Reserves Impairment MSEK Decreases Increases 26% increase in 2P Reserves Russia 396 U.K. 0 Tunisia 151 Norway 0 Netherlands 0 Indonesia 67 France 0 -5 0 5 10 15 20 25 30 35…
  14. FINANCIAL PRESENTATION – Lundin Petroleum – slide 14
    15 2008 Exchange Movements PRE-TAX EXCHANGE MOVEMENTS (MSEK) 7.0 EXCHANGE RATES NOK/USD 200 100 0 -100 6.5 -200 NOK/USD MSEK -300 -400 6.0 -500 -600 -700 5.5 -800 -900 -1 000 5.0 Q1 2008 Q2 2008…
  15. FINANCIAL PRESENTATION – Lundin Petroleum – slide 15
    16 Taxation - Year End 2008 Effective rate of tax 67% Current tax charge -77 MSEK Deferred tax charge 708 MSEK WF10607 e 02.09
  16. FINANCIAL PRESENTATION – Lundin Petroleum – slide 16
    17 2008 Tax Effective Rate Reported Effective Tax Rate 67% Exploration Costs Impairment Costs Foreign Exchange Loss Asset Sales Revus Shares Thistle Insurance Refund Russia Tax Rate Change Adjusted Effective Tax Rate…
  17. FINANCIAL PRESENTATION – Lundin Petroleum – slide 17
    18 Balance Sheet - 31 December 2008 31 Dec 2008 31 Dec 2007 Fixed Assets 23,129 18,241 Net Current Assets (excluding cash) -346 -224 Net Bank Debt 3,869 2,197 Shareholder Equity 11,438 9,706 Net Debt/Equity Ratio 34%…
  18. FINANCIAL PRESENTATION – Lundin Petroleum – slide 18
    19 Liquidity MUSD Secured Revolving Borrowing Base Facility 850 Unsecured Corporate Facility 150 Total Credit Facility 1,000 Borrowing Base Loan Drawn 31 December 2008 554 Cash Balances 31 December 2008 57 Net Debt…
  19. FINANCIAL PRESENTATION – Lundin Petroleum – slide 19
    20 Liquidity - Borrowing Base Determination Availability amount recalculated every six months Based upon banks oil price and economic parameters Utilising cashflows from certain 2P reserves Borrowing base amounted to approx.…
  20. FINANCIAL PRESENTATION – Lundin Petroleum – slide 20
    21 2009 Forecast Cash Flow Operating Cash Flow Netback* 26.35 USD/boe 2009 Development Expenditure 215 MUSD 2009 Exploration Expenditure 345 MUSD *Assuming USD 40/bbl Brent WF10607 h 02.09
  21. FINANCIAL PRESENTATION – Lundin Petroleum – slide 21
    22 Lundin Petroleum - Summary Strong operating cashflow Reserves growth Production growth Limited capital expenditure budget Focused exploration expenditure Underleveraged borrowing position WF10569 01.09
  22. FINANCIAL PRESENTATION – Lundin Petroleum – slide 22
    23 Lundin Petroleum - Asset Summary Four Core Areas: Europe, Africa, Russia, Far East United Kingdom Norway 4 production licences, 3 production licences, Russia 18 exploration licences 1 development licence, 4 producing…
  23. FINANCIAL PRESENTATION – Lundin Petroleum – slide 23
    24 Operational Highlights 2008 Lundin Petroleum has significantly increased its resource base through organic growth 2P Reserves up from 184 mmboe to 218 mmboe 26% increase - excluding acquisitions reserves replacement ratio of…
  24. FINANCIAL PRESENTATION – Lundin Petroleum – slide 24
    25 2008 Forecast Production Performance 2008 : 31,700 boepd after minority interest Actual Capital Markets Day (CMD) January 2008 Net boe/d 50,000 Russia- PNG Recher Komi production reduced Norway- Alvheim delay Norway-…
  25. FINANCIAL PRESENTATION – Lundin Petroleum – slide 25
    26 2009 Production Forecast France 9% Netherlands 6% Indonesia 7% Norway 38% Russia 14% 50,000 45,000 Tunisia 40,000 2% 35,000 UK 30,000 24% Net boepd 25,000 Norway 20,000 UK Tunisia 15,000…
  26. FINANCIAL PRESENTATION – Lundin Petroleum – slide 26
    27 Reserves Growth Reserves Replacement Ratio of 357% (cumulative production: 62.5 MMBOE) 250 200 Russia MMboe 150 U.K. Norway Tunisia Venezuela 100 Netherlands Indonesia France 50 0 2003 2004 2005…
  27. FINANCIAL PRESENTATION – Lundin Petroleum – slide 27
    28 2009 Proven & Probable Reserves Gas 14.5% Russia (18.6) France (26.4) Oil 85.5% Indonesia (15.2) Netherlands (4.3) Total 217.5 MMboe 01.01.2008 MMboe 184.2 - Produced (forecast) -11.6 U.K. (82.1) + New reserves…
  28. FINANCIAL PRESENTATION – Lundin Petroleum – slide 28
    29 Contingent Resource History 350 300 Russia 250 Venezuela Ireland 200 MMboe Nigeria Congo 150 Indonesia Tunisia 100 France Norway 50 UK 0 2006 2007 2008 2009 WF10560 01.09
  29. FINANCIAL PRESENTATION – Lundin Petroleum – slide 29
    30 Contingent Resources - 1 January 2009 45.7 MMboe to Reserves Nemo Thistle UK, 56.3 Heather Others, 15.6 Broom - Thistle Infill France, 9.9 Peik - Heather Infill Grandville - Heather Triassic Others, 13.0 - SW Heather…
  30. FINANCIAL PRESENTATION – Lundin Petroleum – slide 30
    31 2009 Production - Norway Alvheim Alvheim Field 0 KM 4 PL413 PL088 Lundin Petroleum 15% P090 PL088 Marathon 65% (operator), ConocoPhillips 20% 9/14a-6 PL413 PL088 PL036C Gross Reserves 223 mmboe (01.01.09)…
  31. FINANCIAL PRESENTATION – Lundin Petroleum – slide 31
    32 Norway - Alvheim FPSO Oil Production Forecast Volund Vilje Alvheim 140,000 Capacity assumption 134 Mbopd Volund tie-in SAGE shut-in 120,000 100,000 80,000 bopd 60,000 40,000 20,000 0 Q1 Q2 Q3…
  32. FINANCIAL PRESENTATION – Lundin Petroleum – slide 32
    33 UK Assets (Heather-Broom-Thistle) 2008 Production Broom 6,400 bopd (net) Heather 1,200 bopd (net) Thistle 2,600 bopd (net) Reserves (01.01.09) Increase from 2008 Broom 18.4 MMboe (net) + 3.8 MMboe (net) Heather 27.6 MMboe…
  33. FINANCIAL PRESENTATION – Lundin Petroleum – slide 33
    34 Successful Strategy - Discoveries 2008 Four Core Areas: Europe, Africa, Russia, Far East Norway - Pi North - Oil and gas discovery adjacent to existing UK fields & infrastructure Russia - Morskaya - Major oil field on trend…
  34. FINANCIAL PRESENTATION – Lundin Petroleum – slide 34
    35 Luno Discovery - PL338 PL413 PL088 PL363 Peik field P090 Discovered in 2007 Alvheim field PL036c Volund field PL203 Lundin Petroleum interest: 50% (Operator) PL150 PL412 Wintershall 30%, RWE 20% 008 009 PL340 0025 0026…
  35. FINANCIAL PRESENTATION – Lundin Petroleum – slide 35
    36 Successful Luno Appraisal 16/1-8 16/1-10 (Luno discovery well) (Luno appraisal well) Tested 4,000 bopd OWC Incorporate drilling and test results into updated subsurface model Expected to book Luno reserves in…
  36. FINANCIAL PRESENTATION – Lundin Petroleum – slide 36
    37 Russia - Lagansky Block Lundin Petroleum 70% Kazakhstan Morskaya major oil discovery 2Q 2008 Mid case 230 MMbbls recoverable Astrakhan Field CPC Pipeline Laganskaya well completed (non-commercial) 100 tcfg Small…
  37. FINANCIAL PRESENTATION – Lundin Petroleum – slide 37
    38 Russia - Morskaya Discovery 0 KM 20 Petrovskaya Prospect Lundin Northern Caspian Concession Oil Field Morskaya-1 discovery Morskaya Discovery Gas Field Prospects Kaspiskoye Large structure with areal Laganskaya-1…
  38. FINANCIAL PRESENTATION – Lundin Petroleum – slide 38
    39 Russia - Lagansky Block WF10456 09.08
  39. FINANCIAL PRESENTATION – Lundin Petroleum – slide 39
    40 Norway - Exploration / Appraisal Success PL 292 Lundin Petroleum interest: 40% BG 60% (Operator) Well tested 4,700 bopd from oil zone PDO targeted in 2009 Contingent Gross Resources MMBOE Field MMboe ARUNDEL 12b Pi…
  40. FINANCIAL PRESENTATION – Lundin Petroleum – slide 40
    41 Indonesia - SE Walio Discovery, Salawati Basin W. Klagagi Klagagi Salawati Island Klalin Salawati Basin N.Sele Arar Block Lundin Petroleum interest: 25.936% Gas Field Arar Oil Field Salawati Island PetroChina: 30%…
  41. FINANCIAL PRESENTATION – Lundin Petroleum – slide 41
    42 Development Programme 2009 NORWAY VOLUND - 4 wells to be drilled - Offshore installation substantially complete - First oil late 2009 UNITED KINGDOM THISTLE - Drilling: Top drive installation - Facilities: B turbine…
  42. FINANCIAL PRESENTATION – Lundin Petroleum – slide 42
    43 Exploration Work Programme & Forecast 2009 NORWAY - 9 wells - Appraisal of SE Tor - 3D seismic - Pre-development studies (Nemo, Pi, Luno) RUSSIA - Langansky - 1 exploration well - 1 appraisal / exploration well - 3D…
  43. FINANCIAL PRESENTATION – Lundin Petroleum – slide 43
    44 Norwegian Assets - 2009 Exploration WP & Forecast 7220 7128 7030 7219 7127 7029 7218 7126 7216 7217 7125 7215 7124 7123 0 KM 240 7120 7121 7122 Barents Sea Area 7119 7118 7117 7116 7022 Lundin Licence 7019…
  44. FINANCIAL PRESENTATION – Lundin Petroleum – slide 44
    45 Greater Alvheim Area - Exploration PL340 (15%) PL363 Marihone prospects A/B 37 MMboe - drilling 2009 Padde prospect 42 MMboe PL413 PL412 PL363 (60%) PL363 Mon prospect 123 MMboe - drilling 2009 3 P090 (9/15a) PL088…
  45. FINANCIAL PRESENTATION – Lundin Petroleum – slide 45
    46 Exploration Potential in Greater Luno Area Luno discovery 2007 PL501 (Lundin 40%) Succesfully appraised 2008 Luno Discovery PL167 (Lundin 20%) 65- 190 MMboe PL338 (Lundin 50%) Luno appraisal well Luno Discovery…
  46. FINANCIAL PRESENTATION – Lundin Petroleum – slide 46
    47 Exploration Potential in Greater Luno Area Luno discovery 2007 PL501 (Lundin 40%) Succesfully appraised 2008 Luno Discovery PL167 (Lundin 20%) 65- 190 MMboe Luno Extensions PL 338 (50%) Luno extension (sub-basins) -…
  47. FINANCIAL PRESENTATION – Lundin Petroleum – slide 47
    48 Exploration Potential in Greater Luno Area Luno discovery 2007 PL501 (Lundin 40%) Succesfully appraised 2008 Luno Discovery PL167 (Lundin 20%) 65- 190 MMboe Luno Extensions PL 338 (50%) Luno extension (sub-basins) -…
  48. FINANCIAL PRESENTATION – Lundin Petroleum – slide 48
    49 Russia - Lagansky Block 2009 Exploration Initial work programme 0 KM 20 Petrovskaya Prospect Lundin Northern Caspian Concession commitment of 4 wells Oil Field Morskaya Discovery Gas Field Remaining commitment Kaspiskoye…
  49. FINANCIAL PRESENTATION – Lundin Petroleum – slide 49
    50 Lundin Exploration Licences 90 80 70 60 Far East number of licences Africa ORGANIC Russia 50 GROWTH Holland France 40 Ireland GROWTH BY ACQUISITION UK Norway 30 20 10 0 LUPE creation Coparex…
  50. FINANCIAL PRESENTATION – Lundin Petroleum – slide 50
    51 Core Area - South East Asia THAILAND Country Licences Cambodia 1 CAMBODIA Indonesia 4 VIETNAM Malaysia 3 Vietnam 1 Block 06/94 SB303 Block E Total 9 Baronang Cakalang SABAH BRUNEI MALAYSIA Sokang SARAWAK…
  51. FINANCIAL PRESENTATION – Lundin Petroleum – slide 51
    52 Exploration and Appraisal Activity 2009 Gross Likely Drilling Schedule 2009 Unrisked Net Country Licence Prospect MMboe Interest Operator Q1 Q2 Q3 Q4 Norway PL338 Luno appraisal 65-190 50% Lundin Successfully appraised…
  52. FINANCIAL PRESENTATION – Lundin Petroleum – slide 52
    53 Sale of Kenya / Ethiopia Assets to Africa Oil Corporation SA Y MA MA UN- Eritrea RI B- BA SILA SH SIN Summary of Deal AB WA Yemen BA SIN Consideration USD 20 million - historical costs Deferred payment mechanism…
  53. FINANCIAL PRESENTATION – Lundin Petroleum – slide 53
    54 Reserves Upside Potential PROSPECTIVE RESOURCES MMboe 674 MMboe MMboe net risked* 700 700 2009 drilling 600 targeting 600 293 MMboe net risked 500 500 400 CONTINGENT 400 RESOURCES 294 MMboe 300 300 200 200…
  54. FINANCIAL PRESENTATION – Lundin Petroleum – slide 54
    55 Financial Presentation - Year End 2008 WWW.LUNDIN-PETROLEUM.COM

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