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First Nine Month 2012 – Lundin Petroleum

Lundin Petroleum · Oct 31, 2012 · 50 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 Month 2012 – Lundin Petroleum – slide 1
    Financial Presentation - First Nine Months 2012 WF11594 C. Ashley Heppenstall, President & CEO Geoff Turbott, VP Finance & CFO
  2. First Nine Month 2012 – Lundin Petroleum – slide 2
    2 Financial Results 2012 Highlights Third Quarter First Nine Months 2012 2012 Production (boepd) 36,600 35,600 Average Brent oil price (USD/boe) 109.50 112.21 Cost of operations (USD/boe) 7.69 7.83 Net result (MUSD)…
  3. First Nine Month 2012 – Lundin Petroleum – slide 3
    3 Financial Results - Net Result 180 169.3 -8% NET RESULT 160 A Gain of MUSD 30 on sale of Africa Oil shares 156.6 140 A 120 100 MUSD 80 60 15% 40 44.9 38.9 20 WF11475 p2 10.12 0 First Nine…
  4. First Nine Month 2012 – Lundin Petroleum – slide 4
    4 Financial Results - Operating Cash Flow 600 594.0 586.8 1% 550 500 450 400 350 MUSD 300 250 11% 200 218.4 196.5 150 100 50 WF11475 p3 10.12 0 First Nine Months First Nine Months Third…
  5. First Nine Month 2012 – Lundin Petroleum – slide 5
    5 Financial Results - EBITDA 900 850 11% 854.3 800 750 767.3 700 650 600 550 500 MUSD 450 400 350 300 4% 250 273.6 262.0 200 150 100 50 WF11475 p4 10.12 0 First Nine Months First Nine Months…
  6. First Nine Month 2012 – Lundin Petroleum – slide 6
    6 Financial Results - First Nine Months 2012 REVENUE 1100 35,600 boepd USD 101.21/boe MUSD 1,002.5 OPERATING COSTS 1000 MUSD 124.2 Cost of operations USD 7.83/boe 900 DEPLETION + DECOMMISSIONING CASH MARGIN MUSD 141.4 MUSD…
  7. First Nine Month 2012 – Lundin Petroleum – slide 7
    7 Financial Results - Netback [USD/boe] Third Quarter First Nine Months 2012 2012 Average Brent oil price USD/boe 109.50 112.21 Revenue 95.84 102.83 Cost of operations -7.69 -7.83 Tariffs -2.19 -2.15 Production taxes -3.55…
  8. First Nine Month 2012 – Lundin Petroleum – slide 8
    8 Financial Results - Cost of Operations USD/boe 11 France 10 workover operations JAN 2012 USD 9.35/boe 9 HALF YEAR USD 8.60/boe Q3 2012 USD 8.25/boe 8 7 Q1 2012 Q2 2012 Q3 2012 Q4 2012 actual actual actual…
  9. First Nine Month 2012 – Lundin Petroleum – slide 9
    9 Financial Results - Exploration Costs First Nine Months First Nine Months 2012 2012 after Tax MUSD MUSD Norway PL440S Clapton well 13.7 3.0 Indonesia Rangkas Block relinquishment 7.1 5.6 Malaysia Tiga Papan 5 well 9.2…
  10. First Nine Month 2012 – Lundin Petroleum – slide 10
    10 Financial Results - G & A / Financial Items Third Quarter 2012 First Nine Months 2012 General & Administration Expenses MUSD MUSD General & administration charge -3.2 -15.3 Non-cash provision - Long Term Incentive Plan…
  11. First Nine Month 2012 – Lundin Petroleum – slide 11
    11 Financial Results - Tax First Nine Months 2012 Effective USD/boe tax rate Current tax charge 29.17 43% Deferred tax charge 22.02 33% 51.19 76% Non-taxable items -5% Operational tax rate 71% WF11475 p10 10.12
  12. First Nine Month 2012 – Lundin Petroleum – slide 12
    12 Financial Results - Liquidity [MUSD] at 30 Sep 2012 Debt Outstanding 321 Cash Balances 157 Net Debt Position 164 WF11475 p11 10.12
  13. First Nine Month 2012 – Lundin Petroleum – slide 13
    13 Financial Results - Debt Position 250 WORKING CAPITAL & OTHER OPERATING MUSD 12 200 CASH FLOW MUSD 594 150 CLOSING NET DEBT OPENING 30 SEP 2012 NET DEBT 100 MUSD 164 1 JAN 2012 EXPLORATION G&A MUSD 13 MUSD 133 &…
  14. First Nine Month 2012 – Lundin Petroleum – slide 14
    14 Financial Results - Forecast Funding Requirements USD 2.5 billion seven year facility signed 25 June 2012 Secures medium term funding for ongoing Norwegian development projects and exploration programme Development…
  15. First Nine Month 2012 – Lundin Petroleum – slide 15
    15 Nine Months 2012 - Operational Highlights Record Quarterly Production = 36,600 boepd in Q3 Nine months production 35,600 boepd Continued outperformance from Alvheim/Volund Full year production guidance 34,000 37,000 boepd…
  16. First Nine Month 2012 – Lundin Petroleum – slide 16
    16 Financial Performance 1200 1000 Net Profit Operating Cash Flow EBITDA Total Capex 800 600 MUSD 400 200 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 9 mths 2012 -200 Impairment of Russia -400 -600…
  17. First Nine Month 2012 – Lundin Petroleum – slide 17
    17 2012 Production Guidance Actual first 9 months 2012(1) Russia, 8% Tunisia, 0% Nine months production: 35,600 boepd Indonesia, 2% Q3 2012 production 36,600 - record quarterly performance Netherlands, 5% Strong production from…
  18. First Nine Month 2012 – Lundin Petroleum – slide 18
    18 Greater Alvheim Area PEIK Alvheim Field Gross Alvheim Estimated Ultimate Recovery 300 Lundin Petroleum 15% 250 Cumulative Production End of Year Reserves 80 108 Additional infill targets (not in 2P Reserves) Marathon 65%…
  19. First Nine Month 2012 – Lundin Petroleum – slide 19
    19 Gaupe - Production Perfomance Lundin Petroleum 40% 0 1 KM 4 15/12-4 15/12-8 BG Norge 60% (operator) 15/12-15 REV 15/12-8 A 15/12-13 0015 016 Gaupe Field 15/12-17 A 2P gross reserves of 31.3 MMboe 15/12-12…
  20. First Nine Month 2012 – Lundin Petroleum – slide 20
    20 Production to Quadruple from Ongoing Development Projects Discoveries not included Johan in production forecast: Sverdrup Apollo, Skalle, Caterpillar Tarap, Cempulut, Bertam, Janglau, Berangan, Salina +100% increase…
  21. First Nine Month 2012 – Lundin Petroleum – slide 21
    21 Norway Developments North Sea Edvard Grieg Development (Lundin 50% operator) 6205 6204 6203 216 217 218 219 6201 6202 6203 6204 Lundin Petroleum Licences 220 Operated PDO approved 6108 6103 6107 6106 Non-operated…
  22. First Nine Month 2012 – Lundin Petroleum – slide 22
    22 Utsira High Area - Edvard Grieg Development PL340 PL505 0025 0026 0 KM 20 Lundin Petroleum interest: 50% (operator) Byla Field PL340BS OMV 20%(1), Wintershall 15%(1), Statoil 15%(1) PL546 0024 PL570 Plan of Development…
  23. First Nine Month 2012 – Lundin Petroleum – slide 23
    23 Edvard Grieg Development Project Production startup Oct 2015 Capital costs: 24 NOK billion Drilling 15 wells from jack-up rig 11 producers and 4 water injectors Contract award to Rowan companies Platform PdQ Jacket…
  24. First Nine Month 2012 – Lundin Petroleum – slide 24
    24 Exploration & Appraisal 20122013 NORWAY - 5 wells remaining in 2012 (1 exploration, 4 appraisal) - 16 wells proposed in 2013 (10 exploration, 6 appraisal) NETHERLANDS - 3 exploration wells proposed in 2013 FRANCE - 2…
  25. First Nine Month 2012 – Lundin Petroleum – slide 25
    25 Rig Capacity 2013 & Beyond 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Transocean Winner 1 Bredford Dolphin 5 1 1 1 1 3 2 1 Transocean Artic 1 1 1 NORWAY Maersk 2 Guardian…
  26. First Nine Month 2012 – Lundin Petroleum – slide 26
    26 Johan Sverdrup Appraisal Programme Edvard Grieg Johan Sverdrup PL501 & PL265 will be developed PL338 16/2-9S Aldous Major North discovery PL265 16/2-14 appraisal as one field currently drilling 16/2-12 Geitungen Pre-Unit…
  27. First Nine Month 2012 – Lundin Petroleum – slide 27
    27 Johan Sverdrup is One Giant Field Johan Sverdrup PL265 PL265 licence operated by Statoil (40%) Partners: Petoro 30%, Det Norske 20%, Lundin Petroleum 10% Johan Sverdrup PL501 PL501 licence operated by Lundin Petroleum…
  28. First Nine Month 2012 – Lundin Petroleum – slide 28
    28 Norway - 2012-13 Exploration and Appraisal Drilling 2 exploration wells 21 exploration and appraisal wells Barents Sea Area (10 appraisal & 11 exploration wells) 16 exploration and appraisal wells on the Utsira High area…
  29. First Nine Month 2012 – Lundin Petroleum – slide 29
    29 Geitungen Discovery (16/2-12) PL546 PL501 PL265 (Lundin 10%) 16/2-2 Discovery well 16/2-12 Gross contingent resources: 140 to 270 MMboe Aldous Major North 16/2-9S 35 meter gross oil column in Jurassic sandstone reservoir…
  30. First Nine Month 2012 – Lundin Petroleum – slide 30
    30 Utsira High Exploration 2012 and 2013 024 025 8 wells to be drilled Kopervik PL359 Luno II (40%) PL625 PL546 Gross Prospective Resources: 139MMboe PL501 Torvastad PL625 Kopervik (40%) IVAR AASEN Resources estimate…
  31. First Nine Month 2012 – Lundin Petroleum – slide 31
    31 Edvard Grieg SE Appraisal PL338 (Lundin 50%, operator) Edvard Grieg South East Appraisal Drilling in Q3 2013 Target volumes at the flank of the reservoir Improve reservoir definition 16/1-7 16/1-2 16/1-11 PL265…
  32. First Nine Month 2012 – Lundin Petroleum – slide 32
    32 Utsira High Appraisal - Apollo 0024 0025 Apollo extension PL338 (Lundin 50% operated) ALDOUS MAJOR NORTH DISCOVERY Apollo Appraisal Apollo discovery Ivar Net CR: 17.5 MMboe Aasen Located next to the Edvard Grieg field…
  33. First Nine Month 2012 – Lundin Petroleum – slide 33
    33 Utsira High Exploration - Luno II Johan Sverdrup discovery PL359 (Lundin 40% operated) Luno II prospect N Johan Sverdrup or E. Grieg play type Edvard Grieg discovery So Reservoir: Upper Jurassic ut he Gross unrisked…
  34. First Nine Month 2012 – Lundin Petroleum – slide 34
    34 Utsira High Exploration - Biotitt Biotitt 3D View PL544 (Lundin 40% operated) Biotitt prospect Trap: 4-way dip closure Seal: Upper Cretaceous chalk/shales Reservoir: Jurassic Hugin fm 0 4 KM 16 Gross unrisked…
  35. First Nine Month 2012 – Lundin Petroleum – slide 35
    35 Utsira High Exploration - Jorvik PL338 (Lundin 50% operated) Jorvik prospect Gross unrisked prospective resource in PL338: 46 MMboe PL338 PL265 Edvard Grieg extension towards the east Drilling: Q1 2013 0 4 KM…
  36. First Nine Month 2012 – Lundin Petroleum – slide 36
    36 Utsira High Exploration - Kopervik PL625 (Lundin 40% operated) Kopervik prospect Stratigraphic pinchout Targeting Jurassic sands Drilling: Q2 2013 Kopervik 0 2 KM 8 PL625 Kopervik PL167B PL546 PL501 PL167 Aldous…
  37. First Nine Month 2012 – Lundin Petroleum – slide 37
    37 Utsira High Exploration - Torvastad Lundin operated block Lundin non-operated block PL546 PL501 (Lundin 40%, operator) Torvastad PL501 Torvastad prospect 16/2-2 Potential extension of the Geitungen/ Johan Sverdrup…
  38. First Nine Month 2012 – Lundin Petroleum – slide 38
    7221 38 7220 Barents Sea Area Exploration 7219 PL532 0 5 KM 20 PL609 Rauto PL533 Salina discovery Bieksu & Geres PL533 (Lundin 20%) PL609B Salina gas discovery Rein 7317 Gotha7325 7316 7324 PL492 Juksa Juksa 7323 PL438…
  39. First Nine Month 2012 – Lundin Petroleum – slide 39
    39 Barents Sea - Gas Discovery PL533 (Lundin 20%) Salina gas discovery On trend with latest oil discoveries (Skrugard & Havis) Gross contingent resources: 29-41 MMboe Additional gas potential in fault compartments PL659…
  40. First Nine Month 2012 – Lundin Petroleum – slide 40
    40 Barents Sea Exploration - Juksa and Snurrevad PL490 (Lundin 50% Operator) Juksa & Snurrevad prospect Currently drilling Gross unrisked prospective resource: 336 MMboe Reservoir: Jurassic (Snurrevad) Cretaceous (Juksa)…
  41. First Nine Month 2012 – Lundin Petroleum – slide 41
    41 Barents Sea Exploration - Gotha Lundin operated block Lundin non-operated block PL492 (Lundin 40%, operator) 0 KM 20 Drilling: Q3 2013 PL609 Stacked Prospects : Gotha Snadd in Triassic & Gotha Karst in Carboniferous…
  42. First Nine Month 2012 – Lundin Petroleum – slide 42
    42 Southern North Sea Exploration PL453s (Lundin 35%, operator) PL495 (Lundin 60%, operator) Ogna prospect Carlsberg prospect Gross unrisked prospective resource: 156 MMboe Gross unrisked prospective resource: 67 MMboe Drilling…
  43. First Nine Month 2012 – Lundin Petroleum – slide 43
    43 Norwegian Sea Exploration 6711 6703 6704 6705 6706 PL330 6708 PL654 6707 6709 6710 New area with large potential PL330 6611 PL330 (Lundin 30% ) PL653 6610 6609 Sverdrup prospect 6603 6604 Norwegian Sea 6605 6606…
  44. First Nine Month 2012 – Lundin Petroleum – slide 44
    44 South East Asia 2012-13 Exploration Drilling THAILAND TOTAL CAMBODIA Exploration Licences: 11 VIETNAM Production Licences: 1 Peninsular Malaysia SB303 Cakalang Sabah Area Baronang PM307 SB307/308 1 exploration well…
  45. First Nine Month 2012 – Lundin Petroleum – slide 45
    45 Malaysia - Sabah Area Tarap/Cempulut discoveries Lundin Petroleum Licences in 2011 + Titik-Terang discovery. Operated Non-operated Gross contingent resources Hydrocarbon fields/discoveries 250 bcf. Oil SB303 Gas Potential…
  46. First Nine Month 2012 – Lundin Petroleum – slide 46
    46 Peninsular Malaysia - Three Exploration Wells in 2012 PM308A (Lundin 35% operated) Lundin Petroleum Licences Janglau oil discovery Operated Non-operated PM307 (Lundin 75% operated) Hydrocarbon fields/discoveries Successful…
  47. First Nine Month 2012 – Lundin Petroleum – slide 47
    47 Indonesia Natuna Sea Exploration - 2013 Drilling 0 KM 40 Baronang (Lundin 100% ) Baronang Balqis & Boni prospects Cakalang Drilling in Q3 2013 Malaysia Balqis & Boni Prospects Gurita (Lundin 100% ) 1 exploration…
  48. First Nine Month 2012 – Lundin Petroleum – slide 48
    48 2012-13 Exploration and Appraisal Drilling Schedule 2012 2013 Country Licence - Prospect Operator LUPE% NUPR (1) CoS % NRPR (2) Q4 Q1 Q2 Q3 Q4 1 Norway PL519 - Albert 6201/11-3 Lundin 40.00 Discovery 2 Norway PL501 - Johan…
  49. First Nine Month 2012 – Lundin Petroleum – slide 49
    49 Concluding Remarks Strong financial performance with record quarterly production Solid balance sheet to fund ongoing and future developments On target to quadruple production Drilling 33 exploration & appraisal wells…
  50. First Nine Month 2012 – Lundin Petroleum – slide 50
    51 WWW.LUNDIN-PETROLEUM.COM

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