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First Six Months 2010 – Lundin Petroleum

Lundin Petroleum · Aug 4, 2010 · 44 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 Six Months 2010 – Lundin Petroleum – slide 1
    Financial Presentation - First Six Months 2010 C. Ashley Heppenstall, President and CEO WF101034 Geoff Turbott, VP Finance and CFO
  2. First Six Months 2010 – Lundin Petroleum – slide 2
    3 First Six Months 2010 Highlights First 6 months Second quarter 2010 2010 Production (boepd) 33,100 30,200 Oil price achieved (USD/boe) 70.22 69.96 Cost of operations (USD/boe) 12.17 8.48 Profit after tax (MUSD) 390.1…
  3. First Six Months 2010 – Lundin Petroleum – slide 3
    4 Financial Results - First Six Months 2010 CONTINUING OPERATIONS MUSD MUSD REVENUE 400 28,600 boepd 400 USD 69.16/boe 350 350 REVENUE 300 28,700 boepd 300 USD 47.94/boe 250 250 200 200 150 150 100 100 50…
  4. First Six Months 2010 – Lundin Petroleum – slide 4
    5 Financial Results - First Six Months 2010 CONTINUING OPERATIONS MUSD MUSD 400 400 350 350 OPERATING COSTS Cost of operations USD 8.53/boe 300 300 250 250 OPERATING COSTS Cost of operations USD 8.11/boe 200 200…
  5. First Six Months 2010 – Lundin Petroleum – slide 5
    6 Financial Results - First Six Months 2010 CONTINUING OPERATIONS MUSD MUSD 400 400 350 350 300 300 250 DEPLETION 250 MUSD 65.6 200 200 DEPLETION 150 MUSD 58.2 150 EXPLORATION COSTS MUSD 46.2 100 100 50…
  6. First Six Months 2010 – Lundin Petroleum – slide 6
    7 Financial Results - First Six Months 2010 CONTINUING OPERATIONS MUSD MUSD 400 400 350 350 300 300 250 250 200 G&A + Financial 200 MUSD 25.9 150 150 G&A + Financial TAX MUSD 112.2 MUSD 0.5 100 Effective…
  7. First Six Months 2010 – Lundin Petroleum – slide 7
    8 Financial Results - First Six Months 2010 MUSD MUSD 400 NET PROFIT 400 MUSD 390.1 350 350 300 300 250 250 GAIN ON SALE OF UK MUSD 358.4 200 200 150 150 100 100 NET PROFIT MUSD 18.9 50 50 UK Q1 10 UK…
  8. First Six Months 2010 – Lundin Petroleum – slide 8
    9 Financial Results - First Six Months 2010 390.1 CONTINUING OPERATIONS 35 35 Gain on sale of UK 31.7 30 30 UK Q1 25 25 16% 20.8 20 20 17.9 MUSD MUSD 15 15 10 10 5 5 0 0 Net Profit Net Profit…
  9. First Six Months 2010 – Lundin Petroleum – slide 9
    10 Financial Results - First Six Months 2010 300 300 281.5 UK Q1 256.3 250 250 41% 200 200 181.7 MUSD MUSD 150 150 100 100 50 50 31.7 17.9 16% 20.8 UK Q1 0 0 Net Profit Net Profit Operating…
  10. First Six Months 2010 – Lundin Petroleum – slide 10
    11 Financial Results - First Six Months 2010 CONTINUING OPERATIONS 300 300 290.7 281.5 UK Q1 UK Q1 256.3 257.0 250 250 41% 49% 200 200 181.7 172.2 MUSD MUSD 150 150 100 100 50 50 31.7 17.9 16%…
  11. First Six Months 2010 – Lundin Petroleum – slide 11
    12 Netback - First Six Months 2010 [USD/boe] CONTINUING OPERATIONS First 6 months 2010 Average Brent oil price 77.29 Revenue 68.81 Cost of operations -8.53 Tariffs -1.34 Royalty and direct taxes -4.12 Changes in…
  12. First Six 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 11% 2010 Average USD 9.20/boe 9 8 Q1 actual Q2 actual Q3 forecast Q4 forecast WF10985 p3 07.10
  13. First Six Months 2010 – Lundin Petroleum – slide 13
    14 Exploration Costs - First Six Months 2010 [MUSD] First 6 months 2010 Norway 30.6 Vietnam 15.0 Other 0.6 Exploration Costs 46.2 Attributable to Lundin Petroleum after tax 18.4 WF10985 p4 07.10
  14. First Six Months 2010 – Lundin Petroleum – slide 14
    15 Tax - First Six Months 2010 [USD/boe] CONTINUING OPERATIONS First 6 months Effective 2010 tax rate* Current tax charge 2.78 11% Deferred tax charge 18.90 73% 21.68 84% * as a percentage of pre-tax result excluding…
  15. First Six Months 2010 – Lundin Petroleum – slide 15
    16 Tax - First Six 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% WF10985 p6…
  16. First Six Months 2010 – Lundin Petroleum – slide 16
    17 2H 2010 Forecast Netback 70 USD/bbl Brent Forward [USD/boe] 2H 2010 Forecast Revenue 61.30 Cost of operations -9.75 Tariffs -1.55 Royalty and direct taxes -3.35 Changes in inventory/overlift 1.20 Other -0.30 Cash Margin…
  17. First Six Months 2010 – Lundin Petroleum – slide 17
    18 Liquidity (MUSD) at 30 June 2010 Debt Outstanding 548 (1) Cash Balances 59 (2) Net Debt Position 489 (1) excludes MUSD 49 non-recourse long term debt of Etrion Corp. (2) excludes approx. MUSD 31 held by Etrion…
  18. First Six Months 2010 – Lundin Petroleum – slide 18
    19 Impact of EnQuest Deal To Lundin Petroleum Value of distribution 656 MUSD UK carrying value at distribution date 298 MUSD Gain on disposal 358 MUSD To Lundin Petroleum shareholders Distribution 1.3474 EnQuest shares…
  19. First Six Months 2010 – Lundin Petroleum – slide 19
    20 Key Highlights - First Six Months 2010 UK spin-off through EnQuest 55% of EnQuest shares received by Lundin Petroleum distributed to shareholders Current value of EnQuest shares distributed to Lundin Petroleum shareholders…
  20. First Six Months 2010 – Lundin Petroleum – slide 20
    21 Value Creation - 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 listing on…
  21. First Six Months 2010 – Lundin Petroleum – slide 21
    22 Improved 2010 Production Guidance Tunisia Strong production in Q2 of 30,200 boepd driven Netherlands 7% 3% Norway by the Alvheim & Volund fields UK 7% 54% Increased 2010 production guidance to 31-34,000 boepd Indonesia…
  22. First Six Months 2010 – Lundin Petroleum – slide 22
    23 Norway Production - Alvheim Field 40 Alvheim net Lundin 2P reserves Cumulative Production 35 2.3 Hydrocarbon Volume [MMboe] End of Year Reserves Lundin Petroleum 15% 30 32.2 33.4 7.3 Marathon 65% 25 28.4 29.7…
  23. First Six Months 2010 – Lundin Petroleum – slide 23
    24 Norway Production - Volund Onstream Alvheim Field Volund Field Lundin Petroleum 35% Marathon 65% (operator) Gross reserves 49 MMboe Volund Field Gekko Achieved first oil in April 2010 from one production well Q2 2010…
  24. First Six Months 2010 – Lundin Petroleum – slide 24
    25 Production Growth Luno Production Growth Onstream from Norway Development Projects Krabbe Onstream Nemo +100% increase Onstream in production Volund Gaupe boepd Onstream Onstream 31-34,000 30,200 26,900…
  25. First Six Months 2010 – Lundin Petroleum – slide 25
    26 Subsea Tieback Development - PL292 Gaupe (Pi) 1 10b 15 29c 29cF1 7 12a 0015 8 0015/12 (Area 8) 0016 12f REV 016 12g PL292 is located in Blocks 6/3 and 15/12 9 PL292b 10a 29aF1 12e 12c 12d Lundin Petroleum 40%…
  26. First Six Months 2010 – Lundin Petroleum – slide 26
    27 Greater Luno Area - Luno Field Development PL413 PL363 Peik field PL036c Lundin Petroleum interest: 50% (operator) Alvheim field Wintershall 30%, RWE 20% Volund field PL203 PL505BS PL150 PL412 Discovered in 2007 008 009…
  27. First Six Months 2010 – Lundin Petroleum – slide 27
    28 Greater Luno Area - Successful Second Appraisal Well 16/1-8 16/1-13 16/1-10 16/1-12 (Luno discovery well) (Luno 2 appraisal well) nd (Luno 1st appraisal well) (Luno South discovery well) 50 metres Tested Tested of…
  28. First Six Months 2010 – Lundin Petroleum – slide 28
    29 Russia - Lagansky - Morskaya Discovery Lundin Petroleum interest: 70% (Operator) Russia Gunvor 30% Morskaya major discovery in 2008 Gunvor acquired 30 percent in 2009 Fully Paying Partner Lagansky Deemed strategic assets…
  29. First Six Months 2010 – Lundin Petroleum – slide 29
    30 Exploration 2010 Drilling Second half 2010 exploration drilling Second half 2010 drilling 8 exploration wells is targeting 200-250 MMboe 2H 2010 Forecast Exploration Expenditure 230 MUSD 2H 2010 exploration targets: 225…
  30. First Six Months 2010 – Lundin Petroleum – slide 30
    31 Norway - 3 Key Growth Areas Barents Sea Area Greater Luno Area Greater Alvheim Area Barents Sea Area Greater Alvheim Area Greater Luno Area WF10757 back2 09.09
  31. First Six Months 2010 – Lundin Petroleum – slide 31
    32 Greater Luno Area - Further Exploration Potential PL 501 (40%) PL304 Avaldsnes exploration well currently drilling UK Utsira High PL546 0 KM 20 Prospective resources 127 MMboe gross unrisked Apollo prospect 16/1-14 PL…
  32. First Six Months 2010 – Lundin Petroleum – slide 32
    33 Greater Luno Area - Avaldsnes Prospect Summary PL 501 - Lundin Petroleum operator - 40% Avaldsnes exploration well currently drilling Prospective resources 127 MMboe gross unrisked PL304 0 KM 20 PL546 Utsira High…
  33. First Six Months 2010 – Lundin Petroleum – slide 33
    34 Greater Luno Area - Apollo Prospect Summary 25/10-7 S 25/11-17 Apollo prospect to be drilled in Q3 2010 HANZ 25/10-8 PL304 PL546 Potential Extension of Draupne discovery into PL338 PL001B PL457 PL501 PL167…
  34. First Six Months 2010 – Lundin Petroleum – slide 34
    35 Exploration - Greater Alvheim Area LundinPetroleum Operator LundinPetroleum Partner PL413 2009 APA Award PL088 PL088 9/14a-6 2009 Discoveries PL413 0 KM 4 9/15a-1 PL088 bs PL036C P090 PL340 (15%) PL088…
  35. First Six Months 2010 – Lundin Petroleum – slide 35
    6916 6914 36 Barents Sea - Drilling in6814 2011 SWEDEN 6813 22E 21E 63 Numerous multi-stacked prospects matured in the portfolio Lead Prospect Oil field PL438 Rauto Gas field Licenced Area (NPD) Lundin Petroleum 25%…
  36. First Six Months 2010 – Lundin Petroleum – slide 36
    37 Exploration - South East Asia - Building a New Core Area THAILAND TOTAL CAMBODIA Exploration Licences: 9 VIETNAM Direct Joint Studies: 1 Production Licences: 3 Block 06/94 SB303 Total Prospective Resources: 426 MMboe Sabah…
  37. First Six Months 2010 – Lundin Petroleum – slide 37
    38 Malaysia - New PSCs SB307&308 Lundin Petroleum 42.5% (operator), Nio Petroleum 42.5% & Petronas Carigali 15% PSC signed in May 2010 PSC covers blocks SB307/308 totaling 6,200 km2 Adjacent to existing block SB303 (Lundin 75%,…
  38. First Six Months 2010 – Lundin Petroleum – slide 38
    39 SE Asia - Drilling Activity 15 exploration wells to be drilled over next 3/4 years 2010 2011 2012 2013 Blocks Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 wells Vietnam Block 06/94 5 wells 4 wells Malaysia Blocks…
  39. First Six Months 2010 – Lundin Petroleum – slide 39
    40 Targeted Prospective Resources 2010 Drilling Schedule (1) (2) Country Licence - Prospect Operator LUPE% NURPR CoS% NRPR Q1 Q2 Q3 Q4 1 Norway PL476 - Frusalen Det norske 30.00 - - - P&A dry 2 Norway PL359 - Luno High Lundin…
  40. First Six Months 2010 – Lundin Petroleum – slide 40
    41 Reserves Growth 300 Reserves Replacement Ratio of 361% (cumulative production: 76.3 MMBOE) * Luno successfully appraised in 2010 reserves increase 250 expected for 2011 200 U.K. MMboe 150 Russia Norway…
  41. First Six Months 2010 – Lundin Petroleum – slide 41
    42 2010 Proven & Probable Reserves Tunisia Russia (0.3) Gas 16.8% (16.9) France (21.9) Oil 83.2% PSC 7.7% Tax Royalty Indonesia 92.3% (13.7) Netherlands (3.4) 2009 Reserves Replacement Ratio 398% Norway (120.9)…
  42. First Six Months 2010 – Lundin Petroleum – slide 42
    43 Resource Base Continued focus on organic driven growth Norway, SE Asia & Russia Tunisia Russia France Norway Russia/Others (0.3) (16.9) (9.6) Other (44.6) 11% (13.6) France (21.9) SE Asia 25% Indonesia (13.7)…
  43. First Six Months 2010 – Lundin Petroleum – slide 43
    44 Summary Continued strong operating cashflow generation with USD 136 million in Q2 2010 Increased full year 2010 production guidance to 31 34,000 boepd due to above forecast production from Alvheim and Volund fields…
  44. First Six Months 2010 – Lundin Petroleum – slide 44
    45 Lundin Petroleum WF101034 www.lundin-petroleum.com

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