1 Lundin Petroleum Proposed Spin Off of UK Business into EnQuest PLC March 2010 WF10929
2 Petrofac - Lundin Petroleum - EnQuest Petrofac UK Listed Swedish Listed Market Cap Market Cap 5.5 Billion USD 2.5 Billion USD Service Operations Upstream Operations in Worldwide Europe Upstream Operations in Russia UK…
3 Petrofac - Lundin Petroleum - EnQuest Petrofac UK ASSETS UK ASSETS Producing Fields Producing Fields Don West Heather SW Don Broom Thistle Deveron Undeveloped Discoveries Undeveloped Discoveries Elke Peik Scolty SW…
4 Petrofac - Lundin Petroleum - EnQuest Petrofac UK Assets UK Assets Assets transferred to EnQuest free of debt WF10933 p3 03.10
5 Petrofac - Lundin Petroleum - EnQuest Petrofac Lundin Petroleum Shareholders Shareholders 45% 55% Petrofac UK Assets UK Assets EnQuest shares listed on main board of London Stock Exchange and secondary listing on…
6 Deal Rationale Crystallise value for Lundin Petroleum shareholders BY Exposure to a new UK North Sea focused Company WITH Critical mass, strong balance sheet & proven management team TO Grow through exploitation of…
7 EnQuest Assets 11b 13aF2 Nor PENGUIN Petrofac Licence 33 MAGNUS SOUTH12b 14 15a OTTER Lundin Petroleum Licence 13b 13aF1 20d DON West 18aF6 2P Reserves as at 1 January 2010 Oil fields 19a 20a 18aF5 18c DON SW…
8 Experienced Board and Management Team Experienced Board and Management team Jim Buckee, Non-executive Chairman Amjad Bseisu, CEO Nigel Hares, COO Jonathan Swinney, CFO Alex Schneiter, Non-executive Director J. Buckee…
9 Secondary Offering The Lundin family will own 17.5% of EnQuest pre secondary offering Petrofacs CEO (Asfari) and COO (Semaan) will own 12% of EnQuest pre secondary offering To facilitate liquidity in EnQuest the Lundin…
10 Swedish Considerations Secondary listing on NASDAQ OMX Stockholm Tax efficient distribution of shares in EnQuest to Lundin Petroleum shareholders through application of Lex Asea rules EnQuest prospectus available through…
11 Lundin Petroleums UK History Acquired UK assets in 2004 USD 163.5 MM Capital expenditure up to year end 2009 USD 595 MM Post-tax operating cash flow up to year end 2009 USD 945 MM 2P reserves increased by 100% from 2004…
12 Crystallisation of Value Value above 55% of USD 285 million EnQuest to be booked as profit Carrying value of UK assets USD 285 million WF10927 p6 03.10
13 Value of Distribution to Lundin Petroleum Shareholders 31.1 Value of Distribution to LUPE shareholders SEK/share 28.0 24.9 21.8 18.7 15.6 12.5 9.3 6.2 3.1 0.0 - 250 500 750 1,000 1,250 1,500 1,750…
14 Lundin Petroleum Strategy Continued organic reserves growth Production growth from Volund, Luno and Norwegian tie-back opportunities Exploration leverage Norway, Greater Luno Area, Barents Sea South East Asia Russia…
15 Lundin Petroleum Post Deal CMD 2010 2010 including UK excluding UK 2P Reserves, MMboe 256 177 Contingent Resources, MMboe 285 231 Unrisked Prospective Resources, MMboe 1,736 1,656 2010 Capex Budget, million 250 142…
16 Lundin Petroleum 2010 Production Forecast France 11% Norway Netherlands 50% 6% 2010 production guidance 29,000 - 33,000 boepd Indonesia Norway 10% Volund onstream 1H 2010 Indonesia Russia 13% Singa onstream 1H 2010…
17 Expected Timetable 4th March Announcement 8th March EGM notice of information circular 22nd March Lundin Petroleum EGM 29th March Decision on secondary offering Week of 6th April Listing on main board of London Stock…
18 Conditions UK government confirmation Shareholder approval of Lundin Petroleum and Petrofac Finalisation of third party consents WF10932 p6 03.10
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