Skip to main content First Nine Months 2010 – Lundin Petroleum Investor Presentation | Shale Experts
Loading...
Pm

First Nine Months 2010 – Lundin Petroleum

Lundin Petroleum · Nov 3, 2010 · 51 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. First Nine Months 2010 – Lundin Petroleum – slide 1
    Financial Presentation - First Nine Months 2010 C. Ashley Heppenstall, President and CEO WF101034 Geoff Turbott, VP Finance and CFO
  2. First Nine Months 2010 – Lundin Petroleum – slide 2
    3 First Nine Months 2010 Highlights First 9 months Third quarter 2010 2010 Production (boepd) 32,800 32,100 Oil price achieved (USD/boe) 70.20 70.15 Cost of operations (USD/boe) 10.66 7.55 Profit after tax (MUSD) 412.1…
  3. First Nine Months 2010 – Lundin Petroleum – slide 3
    4 Financial Results - First Nine Months 2010 MUSD 600 REVENUE 29,800 boepd USD 69.51/boe 550 500 450 400 350 300 250 200 150 100 50 0 WF11119 10.10
  4. First Nine Months 2010 – Lundin Petroleum – slide 4
    5 Financial Results - First Nine Months 2010 MUSD 600 550 OPERATING COSTS Cost of operations USD 8.18/boe 500 450 400 350 300 250 200 150 100 50 0 WF11119 10.10
  5. First Nine Months 2010 – Lundin Petroleum – slide 5
    6 Financial Results - First Nine Months 2010 MUSD 600 550 500 450 DEPLETION 400 MUSD 107.0 350 300 250 EXPLORATION COSTS MUSD 66.8 200 150 100 50 0 WF11119 10.10
  6. First Nine Months 2010 – Lundin Petroleum – slide 6
    7 Financial Results - First Nine Months 2010 MUSD 600 550 500 450 400 350 G&A + Financial 300 MUSD 37.9 250 200 TAX MUSD 195.6 Effective rate 82% 150 100 50 0 WF11119 10.10
  7. First Nine Months 2010 – Lundin Petroleum – slide 7
    8 Financial Results - First Nine Months 2010 MUSD 600 550 500 450 400 NET PROFIT MUSD 412.1 350 300 250 GAIN ON SALE OF UK 200 MUSD 358.4 150 100 UK Q1 10 50 MUSD 10.9 NET PROFIT 0 MUSD 42.8…
  8. First Nine Months 2010 – Lundin Petroleum – slide 8
    9 Financial Results - First Nine Months 2010 412.1 CONTINUING OPERATIONS Gain on sale of UK 55 53.7 55 MUSD 358.4 50 50 UK Q1 45 45 42.8 40 40 35 35 30 30 MUSD MUSD 25 25 20 20 15 15 10 10 5 5…
  9. First Nine Months 2010 – Lundin Petroleum – slide 9
    10 Financial Results - First Nine Months 2010 CONTINUING OPERATIONS 500 500 441.7 416.5 UK Q1 412.1 400 400 43% 300 291.8 300 Gain on sale of UK MUSD MUSD MUSD 358.4 200 200 100 100 53.7 42.8 UK…
  10. First Nine Months 2010 – Lundin Petroleum – slide 10
    11 Financial Results - First Nine Months 2010 CONTINUING OPERATIONS 500 500 458.0 441.7 UK Q1 UK Q1 423.5 412.1 416.5 400 400 43% 47% 300 291.8 288.9 300 Gain on sale of UK MUSD MUSD MUSD 358.4 200…
  11. First Nine Months 2010 – Lundin Petroleum – slide 11
    12 Netback - First Nine Months 2010 [USD/boe] CONTINUING OPERATIONS First 9 months 2010 Average Brent oil price 77.14 Revenue 68.70 Cost of operations -8.18 Tariffs -1.45 Royalty and direct taxes -3.87 Changes in…
  12. First Nine Months 2010 – Lundin Petroleum – slide 12
    13 Cost of Operations 2010 [USD/boe] CONTINUING OPERATIONS USD/boe 11 GUIDANCE MAR 2010 USD 10.35/boe 10 18% 9 USD 8.45/boe 2010 FORECAST 8 7 Q1 actual Q2 actual Q3 actual Q4 forecast WF11118 p3 07.10
  13. First Nine Months 2010 – Lundin Petroleum – slide 13
    14 Exploration Costs - First Nine Months 2010 [MUSD] First 9 months 2010 Norway 33.5 Vietnam 32.2 Other 1.1 Exploration Costs 66.8 Attributable to Lundin Petroleum after tax 36.4 WF11118 p4 07.10
  14. First Nine Months 2010 – Lundin Petroleum – slide 14
    15 Tax - First Nine Months 2010 [USD/boe] CONTINUING OPERATIONS First 9 months Effective 2010 tax rate* Current tax charge 4.15 14% Deferred tax charge 19.90 68% 24.05 82% * as a percentage of pre-tax result…
  15. First Nine Months 2010 – Lundin Petroleum – slide 15
    16 Tax - First Nine Months 2010 [USD/boe] Illustrative example of portfolio effect on effective tax rate Profit before Effective tax Tax tax rate Norway 135 (100) 74% Vietnam (15) 4 25.5% 120 (96) 80% WF11118 p6…
  16. First Nine Months 2010 – Lundin Petroleum – slide 16
    17 General & Administration - First Nine Months 2010 [MUSD] First 9 months Third quarter 2010 2010 General & Administration total 27.4 13.3 Less Etrion (10.9) (5.4) 16.5 7.9 Less Long Term Incentive Plan charge (4.2)…
  17. First Nine Months 2010 – Lundin Petroleum – slide 17
    18 Liquidity (MUSD) at 30 September 2010 Debt Outstanding 535 Cash Balances 54 Net Debt Position 481 Total Credit Facility 850 Borrowing base recalculated at 1 July 2010 850 MUSD = Liquidity not impacted by UK…
  18. First Nine Months 2010 – Lundin Petroleum – slide 18
    19 Impact of Salawatis Deal Effective date 1 January 2010, completion expected Q4 2010 MUSD Sales price 37 Carrying value 22 15 Less transaction costs (1) Gain on sale 1 Jan 2010 14 Forecast accounting gain on sale Q4…
  19. First Nine Months 2010 – Lundin Petroleum – slide 19
    20 Impact of Etrion Deal To Lundin Petroleum Value of distribution 60 MUSD Etrion carrying value at distribution date 5 MUSD Gain on disposal 55 MUSD To Lundin Petroleum shareholders Distribution 0.2283 Etrion shares…
  20. First Nine Months 2010 – Lundin Petroleum – slide 20
    21 Key Operational Highlights - First Nine Months 2010 Strong Production and Low Operating Costs Production for first nine months 32,800 boepd Alvheim/Volund strong production performance Q3 2010 production 32,100 boepd up 12%…
  21. First Nine Months 2010 – Lundin Petroleum – slide 21
    22 Key Operational Highlights - First Nine Months 2010 Strong Production and Low Operating Costs Production for first nine months 32,800 boepd Alvheim/Volund strong production performance Q3 2010 production 32,100 boepd up 12%…
  22. First Nine Months 2010 – Lundin Petroleum – slide 22
    23 Key Operational Highlights - First Nine Months 2010 Strong Production and Low Operating Costs Production for first nine months 32,800 boepd Alvheim/Volund strong production performance Q3 2010 production 32,100 boepd up 12%…
  23. First Nine Months 2010 – Lundin Petroleum – slide 23
    24 Key Operational Highlights - First Nine Months 2010 Strong Production and Low Operating Costs Production for first nine months 32,800 boepd Alvheim/Volund strong production performance Q3 2010 production 32,100 boepd up 12%…
  24. First Nine Months 2010 – Lundin Petroleum – slide 24
    25 Continued Strong Production Strong production in Q3 of 32,100 boepd driven by the Alvheim & Volund fields Year to date cost of operations per bbl 8.18 USD Volund onstream in Q2 2010 - Q3 production at 20,300 boepd gross…
  25. First Nine Months 2010 – Lundin Petroleum – slide 25
    26 Norway Production - Alvheim Field 40 Alvheim net Lundin 2P reserves Lundin Petroleum 15% 35 Cumulative Production 2.3 Hydrocarbon Volume [MMboe] End of Year Reserves 7.3 Marathon 65%, ConocoPhillips 20% 30 32.2 33.4…
  26. First Nine Months 2010 – Lundin Petroleum – slide 26
    27 Norway Production - Volund Onstream Volund Field Alvheim Field Lundin Petroleum 35% Marathon 65% (operator) Gross reserves 49 MMboe Volund Field Gekko All the production wells now onstream Q3 2010 gross production of…
  27. First Nine Months 2010 – Lundin Petroleum – slide 27
    28 Value Crystallisation - Spin-off of UK Assets Lundin Petroleum Petrofac Shareholders Shareholders 55% 45% Petrofac UK Assets UK Assets EnQuest shares listed on main board of London Stock Exchange and secondary…
  28. First Nine Months 2010 – Lundin Petroleum – slide 28
    29 Value Crystallisation - Spin-off of Etrion Shareholding LUPE owns 40% of the shares in Toronto listed solar renewable power company Etrion Corp. One of the largest generators of solar power in Italy. Etrion shares to be…
  29. First Nine Months 2010 – Lundin Petroleum – slide 29
    30 Value Crystallisation - Sale of Indonesia Salawati Assets Sold non-operated 25.9% interest in Salawati Basin and 14.5% in Salawati Island for MUSD 37.1 cash plus contingent payment of up to MUSD 3.9 to RH Petrogas Closing…
  30. First Nine Months 2010 – Lundin Petroleum – slide 30
    31 Increase of Reserves and Production nes l d s Ava Production Growth from Norway Luno Development Projects Onstream Krabbe Onstream Marihone Onstream Nemo +100% increase Onstream in Volund Gaupe production…
  31. First Nine Months 2010 – Lundin Petroleum – slide 31
    32 Increase of Reserves and Production Luno Field Development Licence PL338: Lundin Petroleum interest 50% (operator), PL363 Wintershall 30%, RWE 20% PL036c Alvheim field Luno discovery in 2007 Volund field PL150 PL203…
  32. First Nine Months 2010 – Lundin Petroleum – slide 32
    33 Increase of Reserves and Production Luno Field Development Oil Producer 16/1-13 Oil Producer 16/1-10 149 MMboe Luno commercial on a standalone basis Water Injector Subsurface development SW 1.0 planning complete…
  33. First Nine Months 2010 – Lundin Petroleum – slide 33
    34 Exploration Success - Greater Luno Area Avaldsnes Prospect Location - Pre-Drilling Avaldsnes discovery Oil Gas PL304 0 KM 20 Prospect PL501 PL546 Lundin Petroleum (operator) 40% PL501 Draupne Statoil Petroleum AS 40%…
  34. First Nine Months 2010 – Lundin Petroleum – slide 34
    35 Greater Luno Area - Avaldsnes Discovery Oil PL304 0 KM 20 Gas Prospect PL546 Avaldsnes discovery PL501 Draupne 17 metres excellent quality Jurassic sandstone reservoir Avaldsnes post-drill Prospective resource estimate…
  35. First Nine Months 2010 – Lundin Petroleum – slide 35
    36 Avaldsnes Discovery PL546 PL501 Resources estimate on block at 100-400 MMboe Only include area in green Geological model assumes no Jurassic reservoir in white area 16/2-6 (33m Jurassic Gross Thickness) Triassic…
  36. First Nine Months 2010 – Lundin Petroleum – slide 36
    37 Avaldsnes Discovery PL546 PL501 Using the current geological model 100 MMboe segment is an area Avaldsnes post-drill Avaldsnes post-drill of 30 km around the discovery well 30 km2 - 100 MMboe Prospective resource estimate…
  37. First Nine Months 2010 – Lundin Petroleum – slide 37
    38 Avaldsnes Discovery - Further Upside PL546 PL501 Additional Potential in Avaldsnes West Avaldsnes post-drill Prospective resource estimate located in PL265 100 - 400 MMboe (on block) PL265 Lundin Petroleum 10%…
  38. First Nine Months 2010 – Lundin Petroleum – slide 38
    39 Avaldsnes Discovery - Further Upside - Exploration PL546 Torvastad prospect PL501 Aldous North prospect substantially in PL265 Avaldsnes post-drill Prospective resource estimate 100 - 400 MMboe (on block) Torvastad…
  39. First Nine Months 2010 – Lundin Petroleum – slide 39
    40 Avaldsnes Discovery - 2011 Appraisal PL546 Torvastad prospect PL501 Avaldsnes appraisal drilling to commence in March 2011 Avaldsnes post-drill Bredford Dolphin secured for Prospective resource estimate 2 firm and 2 option…
  40. First Nine Months 2010 – Lundin Petroleum – slide 40
    41 Greater Luno Area - Further Upside - Exploration Oil PL304 0 KM 20 Gas Tellus Prospect Prospect PR unrisked gross: 40 MMboe CoS: 40% Drilling: Jan 2011 PL546 Apollo Prospect Draupne PL501 PR unrisked gross: 20-130 MMboe…
  41. First Nine Months 2010 – Lundin Petroleum – slide 41
    42 Greater Luno Area - Further Upside - Exploration Oil PL304 0 KM 20 Gas Tellus Prospect Prospect PR unrisked gross: 40 MMboe Lead CoS: 40% Drilling: Jan 2011 PL546 Apollo Prospect Draupne PL501 PR unrisked gross: 20-130…
  42. First Nine Months 2010 – Lundin Petroleum – slide 42
    43 Greater Luno Area - Apollo Prospect Summary 25/10-7 S 25/11-17 HANZ 25/10-8 PL 338 - Lundin Petroleum 50% operator Wintershall 30%, RWE 20% PL304 PL546 PL001B PL457 PL501 Apollo prospect (16/1-14) currently…
  43. First Nine Months 2010 – Lundin Petroleum – slide 43
    44 Greater Luno Area - Tellus Prospect Summary 25/10-7 S 25/11-17 HANZ 25/10-8 PL 338 - Lundin Petroleum 50% operator Wintershall 30%, RWE 20% PL304 PL546 PL001B PL457 PL501 Tellus prospect to be drilled in Q1 2011…
  44. First Nine Months 2010 – Lundin Petroleum – slide 44
    45 Exploration - Greater Alvheim Area LundinPetroleum Operator LundinPetroleum Partner PL088 PL088 9/14a-6 2009 Discoveries PL413 0 KM 4 9/15a-1 PL088 bs PL036C P090 PL340 (15%) PL088 BS 9/15a-2…
  45. First Nine Months 2010 – Lundin Petroleum – slide 45
    46 Norway PL400 - Barchan Top Rotlingen Depth Map Lundin Petroleum 50% (operator) 016 0015 0016 PL400 0017 0 0018 10 KM 30 Noreco 30%, Petoro 20% PL292B Barchan Barchan prospect Gaupe (PL292) Combined dip and fault…
  46. First Nine Months 2010 – Lundin Petroleum – slide 46
    6916 6914 47 Barents Sea - Drilling 6813 to6814Commence in 2011 SWEDEN 22E 21E 63 Lead Prospect Oil field Gas field Rauto Numerous multi-stacked prospects matured in the portfolio Licenced Area (NPD) Lundin Norway…
  47. First Nine Months 2010 – Lundin Petroleum – slide 47
    48 Exploration - South East Asia - Building a New Core Area THAILAND TOTAL CAMBODIA Exploration Licences: 9 VIETNAM Direct Joint Studies: 1 WI 33.3% WI 75% Production Licences: 3 Block 06/94 SB303 Total Prospective Resources:…
  48. First Nine Months 2010 – Lundin Petroleum – slide 48
    49 Malaysia 2011 Drilling Programme Bertam 1 Kemaman Harbor B Gemok prospect Beli Unrisked PR (MMbo) COS18%, P50 25 MMbbl Rhu 1A Sembilan Indonesia Prospect Block Gross Net Kuantan New Port Janglau…
  49. First Nine Months 2010 – Lundin Petroleum – slide 49
    50 Targeted Prospective Resources 2010-2011 Drilling Schedule 2010 2011 (1) (2) Country Licence - Prospect Operator LUPE% NURPR CoS% NRPR Q3 Q4 Q1 Q2 Q3 Q4 1 Norway PL501 - Avaldsnes Lundin 40.00 - - - Discovery 2 Norway PL338…
  50. First Nine Months 2010 – Lundin Petroleum – slide 50
    51 Summary Strong Production and Low Operating Costs Value Crystallisation Increase of Reserves and Production Exploration Success WF11113d 10.10
  51. First Nine Months 2010 – Lundin Petroleum – slide 51
    52 Lundin Petroleum WF101034 www.lundin-petroleum.com

From the store

Browse maps, data & reports in the Shale Experts store