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CAPITAL MARKET DAY – Lundin Petroleum

Lundin Petroleum · Feb 1, 2011 · 59 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. CAPITAL MARKET DAY – Lundin Petroleum – slide 1
    Lundin Petroleum Capital Market Day Stockholm, 1st February 2011
  2. CAPITAL MARKET DAY – Lundin Petroleum – slide 2
    Lundin Petroleum Capital Market Day notes
  3. CAPITAL MARKET DAY – Lundin Petroleum – slide 3
    Lundin Petroleum Capital Market Day 4 Introduction Capital Market Day WF11207 February 2011 notes 5 2010 - A Defining Year for Lundin Petroleum Value Crystallisation Spin-off of UK business into Enquest…
  4. CAPITAL MARKET DAY – Lundin Petroleum – slide 4
    February 2011 6 2011 - Continued Growth Exploration focus to continue 21 wells. Budget USD 300 million 5 well appraisal and exploration programme in the Greater Luno Area Drilling to commence in the Barents Sea 5…
  5. CAPITAL MARKET DAY – Lundin Petroleum – slide 5
    Lundin Petroleum Capital Market Day 8 2010 Financial Performance Capital Market Day WF11207 February 2011 notes 9 2010 Forecast Cash Margin Netback [USD/boe] Excluding UK Forecast CMD 2010 Jan 10 Brent oil…
  6. CAPITAL MARKET DAY – Lundin Petroleum – slide 6
    February 2011 10 2010 Forecast Cost of Operations Excluding UK 2010 CMD 73.00 2010 Forecast 40 40 38.90 30 30 24.35 USD/boe USD/boe 20 20 17.75 17.45 16.60 14.05 11.40 10 10 10.05…
  7. CAPITAL MARKET DAY – Lundin Petroleum – slide 7
    Lundin Petroleum Capital Market Day 12 2010 Forecast Exploration Costs Q4 2010 2010 Q4 2010 Forecast Forecast Forecast after Tax MUSD MUSD MUSD Norway: PL476 Frusalen, PL359 Luno High, 95 61 13 PL400 Barchan, PL409…
  8. CAPITAL MARKET DAY – Lundin Petroleum – slide 8
    February 2011 14 2010 Forecast Taxation Excluding UK USD/boe Current tax charge 6.10 Deferred tax charge 16.50 22.60 WF11208 p10 01.11 notes 15 Effective Forecast Tax Rate Reconciliation Excluding…
  9. CAPITAL MARKET DAY – Lundin Petroleum – slide 9
    Lundin Petroleum Capital Market Day 16 2010 Forecast EBITDA [USD/boe] Excluding UK 2010 Forecast Cash Margin Netback 56.90 General & Administrative -3.70* EBITDA 53.20 * Includes USD/boe 1.05 of Etrion G&A WF11208…
  10. CAPITAL MARKET DAY – Lundin Petroleum – slide 10
    February 2011 18 Liquidity MUSD Total Credit Facility 850 Borrowing Base Loan Drawn 31 December 2010 459 Cash Balances 31 December 2010 49 Net Debt Position 31 December 2010 410 WF11209 p12 01.11 notes…
  11. CAPITAL MARKET DAY – Lundin Petroleum – slide 11
    Lundin Petroleum Capital Market Day 20 Production, Development and Resources Capital Market Day WF11207 February 2011 notes 21 Proven & Probable Reserves Gas 16% Tunisia Russia 0.5 16.7 Oil 84% Alvheim…
  12. CAPITAL MARKET DAY – Lundin Petroleum – slide 12
    February 2011 22 Reserves Growth 383% reserves increase in Norway No decline in French reserves 200 200 150 150 Russia MMboe 100 100 Norway Tunisia Netherlands Indonesia 50 50 France 0 0 2002 2003…
  13. CAPITAL MARKET DAY – Lundin Petroleum – slide 13
    Lundin Petroleum Capital Market Day 24 Contingent Resources Total 259.2 MMboe Gas 10% Oil 90% Russia 110.1 Avaldsnes 80.1 Norway 139.9 Apollo 17.5 Krabbe Others 9.8 32.5 France 7.3 Indonesia 1.9 WF11210…
  14. CAPITAL MARKET DAY – Lundin Petroleum – slide 14
    February 2011 26 2011 Development Work Programme and Budget RUSSIA - Komi drilling NORWAY ALVHEIM FRANCE - Drill Phase 2 (3 wells) GRANDVILLE GAUPE - 7 development wells - Drill 2 producers - Facilities - Install…
  15. CAPITAL MARKET DAY – Lundin Petroleum – slide 15
    Lundin Petroleum Capital Market Day 28 2011 Production Guidance France 11% 2011 production guidance 28,000 - 33,000 boepd Netherlands 8% Norway 2010 production excluding divested 64% Indonesia assets 28,400 boepd 3%…
  16. CAPITAL MARKET DAY – Lundin Petroleum – slide 16
    February 2011 30 Norway Production - Alvheim Field Lundin Petroleum 15% Marathon 65%, ConocoPhillips 20% Gross 2P reserves 196 MMboe 2010 Production at 12,900 boepd net - 8% above forecast Costs of operations USD…
  17. CAPITAL MARKET DAY – Lundin Petroleum – slide 17
    Lundin Petroleum Capital Market Day 32 Norway Production - Volund Field Volund Field Lundin Petroleum 35% Marathon 65% (operator) Injector Producers Gross 2P reserves 38 MMboe Strong production Q4 2010 gross production…
  18. CAPITAL MARKET DAY – Lundin Petroleum – slide 18
    February 2011 34 Increase of Production Avaldsnes Apollo Luno Onstream Krabbe Onstream Marihone Nemo Onstream Onstream +100% Gaupe increase Onstream in production boepd 28-33,000 28,400 2010 2011 2012…
  19. CAPITAL MARKET DAY – Lundin Petroleum – slide 19
    Lundin Petroleum Capital Market Day 36 Greater Luno Area - Luno Field PL304 0 KM 20 Lundin Petroleum interest: 50% (operator) Oil Gas Wintershall 30%, RWE 20% PL546 PL501 Subsurface work completed Draupne Certified 2P…
  20. CAPITAL MARKET DAY – Lundin Petroleum – slide 20
    February 2011 38 Greater Luno Area - Luno Development Luno stand alone development concept Dry wellheads Oil export to Grane Flexibility regarding oil/gas export or offshore loading Gas export to Sleipner, Sage or…
  21. CAPITAL MARKET DAY – Lundin Petroleum – slide 21
    Lundin Petroleum Capital Market Day 40 Norway - Krabbe Development Lundin Petroleum interest: 40% (operator) PL292 0 KM 10 Lundin Petroleum Operator Skeie 60% Lundin Petroleum Partner Subsurface development concept…
  22. CAPITAL MARKET DAY – Lundin Petroleum – slide 22
    February 2011 42 Norway - Production Growth Avaldsnes Apollo 30,000 boepd Luno Krabbe Marihne Nemo Volund Gaupe 15,000 boepd Alvheim 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 WF10890 p1…
  23. CAPITAL MARKET DAY – Lundin Petroleum – slide 23
    Lundin Petroleum Capital Market Day 44 France Contingent Resources Paris Basin (4.8 MMboe net) Re-development existing fields Infill Villeperdue Grandville additional development Aquitaine (2.6 MMboe net) Re-development…
  24. CAPITAL MARKET DAY – Lundin Petroleum – slide 24
    February 2011 46 France, Paris Basin - Shale Oil Potential Licences Others 0 10 KM 40 Lundin Toreador Vermillion REP Other Urban areas Lotharingian S Lundin application Toreador applications Vermillion REP applications…
  25. CAPITAL MARKET DAY – Lundin Petroleum – slide 25
    Lundin Petroleum Capital Market Day 48 Russia - Lagansky Exploration Exploration Prospects CK Morskaya Discovery LO YB N SK GA LA WF10896 p18 10.10 notes 49 Exploration Capital Market Day…
  26. CAPITAL MARKET DAY – Lundin Petroleum – slide 26
    February 2011 50 Exploration Strategy Objectives Organic Growth Focus on building core exploration areas and countries Criteria Explore within proven petroleum systems Focus on under-explored areas Strategy…
  27. CAPITAL MARKET DAY – Lundin Petroleum – slide 27
    Lundin Petroleum Capital Market Day 52 2011 Budget Exploration Expenditure MUSD Others,15 Congo Brazzaville, 15 Norway - Greater Alvheim Area, 35 Malaysia , 58 Norway - Greater Luno Area, 116 2011 Budget…
  28. CAPITAL MARKET DAY – Lundin Petroleum – slide 28
    February 2011 54 Norway Leading the way Capital Market Day WF11207 February 2011 notes 55 Norway - Licence History Major position built through organic growth Norway number of licences 50 Includes 10…
  29. CAPITAL MARKET DAY – Lundin Petroleum – slide 29
    Lundin Petroleum Capital Market Day 56 Norway - Exploration Greater Luno Area Barents Sea Area 3 Key Areas Barents Sea Area Greater Alvheim Area Greater Alvheim Area Greater Luno Area 2010 APA award…
  30. CAPITAL MARKET DAY – Lundin Petroleum – slide 30
    February 2011 58 Lundin Norway Rig Capacity Transocean Winner Bredford Dolphin Transocean Arctic Rigs secured for all 2011 proposed drilling prospects WF11217 p2 01.11 notes 59 Norway - Proven Track…
  31. CAPITAL MARKET DAY – Lundin Petroleum – slide 31
    Lundin Petroleum Capital Market Day 60 Norway - Significant Oil Discoveries in the Last 5 Years Significant Oil discoveries on NSC 250 200 MMbbl 150 100 50 0 rm es e Go no p r D r ia Gr e Gr g…
  32. CAPITAL MARKET DAY – Lundin Petroleum – slide 32
    February 2011 62 Greater Luno Area Oil PL304 LundinPetroleum Operator LundinPetroleum Partner Gas 2010 APA Award Prospect Tellus Prospect Lead Prospective resources gross: 40 MMboe Drilling: ongoing PL546 PL501…
  33. CAPITAL MARKET DAY – Lundin Petroleum – slide 33
    Lundin Petroleum Capital Market Day 64 Avaldsnes Discovery PL546 (60%) PL501 (40%) Gross Contingent Resources on block 100-400 MMboe Geological model assumes no Jurassic reservoir in white area 16/2-6 (33m Jurassic…
  34. CAPITAL MARKET DAY – Lundin Petroleum – slide 34
    February 2011 66 Norway Exploration - Avaldsnes 3D Perspective Luno Aldous Major North PL338 PL265 Aldous Major South 16/2-7(Avaldsnes 2nd appr.) 16/2-6 Avaldsnes Discovery Well 16/3-4 (Avaldsnes 1st appr.)…
  35. CAPITAL MARKET DAY – Lundin Petroleum – slide 35
    Lundin Petroleum Capital Market Day 68 Greater Luno Area - Luno South Discovery Well defined oil gradient Tellus 2 oil samples at 2 different levels with productivity of 300 and 700 bbls/d LUNO BASIN Undersaturated…
  36. CAPITAL MARKET DAY – Lundin Petroleum – slide 36
    February 2011 70 Greater Luno Area - Further Exploration Potential Oil PL304 LundinPetroleum Operator LundinPetroleum Partner Gas 2010 APA Award Prospect Lead PL546 Tellus Prospect PL501 Draupne Torvastad Prospect…
  37. CAPITAL MARKET DAY – Lundin Petroleum – slide 37
    Lundin Petroleum Capital Market Day 72 Norway Exploration - Regional Barents Sea New border (red line) Lundin core area WF11164 p1 11.10 notes 73 Barents Sea Shtokman Ververis Obelix Obesum…
  38. CAPITAL MARKET DAY – Lundin Petroleum – slide 38
    February 2011 74 Distribution of Oil Prone Source Rocks WF11164 p2 11.10 notes 6915 6916 6914 75 Barents Sea - Drilling 6813 to6814Commence in 2011 SWEDEN 22E 21E 6309 Lead Prospect Oil field Gas field…
  39. CAPITAL MARKET DAY – Lundin Petroleum – slide 39
    Lundin Petroleum Capital Market Day 76 Geological Play Types PL533 PL492 PL438 PL490 NW Skalle SE Lavvo 7120/1-1R 7120/2-1 Pleistocene Shallow gas anomalies Shallow gas anomalies Early Jurassic 1000 ne e oce Pal…
  40. CAPITAL MARKET DAY – Lundin Petroleum – slide 40
    February 2011 78 PL533 Pulk/Salinas Trace 2156 - Proposed well location Pulk/Salinas Proposed well location Pulk/Salinas Pulk (Salinas) well to be drilled towards the end of second half 2011 Pulk/Salinas Prospect - Top…
  41. CAPITAL MARKET DAY – Lundin Petroleum – slide 41
    Lundin Petroleum Capital Market Day 80 Norway Exploration - Greater Alvheim Area LundinPetroleum Operator LundinPetroleum Partner PL088 PL088 2010 APA Award 9/14a-6 0 KM 4 Alvheim Deep 9/15a-1 PL088 bs Prospect…
  42. CAPITAL MARKET DAY – Lundin Petroleum – slide 42
    February 2011 82 Norway Exploration - Greater Alvheim Area Brae Fm Depth Structure and Isopach Top Brae Fm. Eqv. Depth Map (CI=50m) Top Brae Fm. Eqv. Isopach (CI=20m) EARB NORTH EARB NORTH EARB EARB PL505…
  43. CAPITAL MARKET DAY – Lundin Petroleum – slide 43
    Lundin Petroleum Capital Market Day 84 South East Asia Following the Successful Norway Strategy Capital Market Day WF11207 February 2011 notes 85 Exploration - South East Asia - Building a New Core Area…
  44. CAPITAL MARKET DAY – Lundin Petroleum – slide 44
    February 2011 86 Why SE Asia Access to Resources Same Scale Greater Alvheim & Luno Core Areas Sabah Shelf Peik (088) 0 10 KM 40 Lundin Petroleum Licences Operated Non-operated Alvheim (036c,088bs,203) Hydrocarbon…
  45. CAPITAL MARKET DAY – Lundin Petroleum – slide 45
    Lundin Petroleum Capital Market Day 88 Malaysia 2011 Drilling Programme Bertam 1 Kemaman Harbor Belida 5 exploration wells to be drilled in 2011, total PM308B-A prospect Belida net unrisked potential resources 136…
  46. CAPITAL MARKET DAY – Lundin Petroleum – slide 46
    February 2011 90 Sabah Tiga Papan Field - Development Opportunities Tiga Papan field (SB307&308) Three appraisal wells with low flow rates (10s -100s b/d) in low Discovered in 1982 permeability calcareous sandstone 0 km 2…
  47. CAPITAL MARKET DAY – Lundin Petroleum – slide 47
    Lundin Petroleum Capital Market Day 92 2011 Drilling Schedule Capital Market Day WF11207 February 2011 notes 93 Targeted Prospective Resources 2011 Drilling Schedule 2011 (1) (2) Country Licence - Prospect…
  48. CAPITAL MARKET DAY – Lundin Petroleum – slide 48
    February 2011 94 Exploration Activity to Continue Post 2011 Large prospect inventory on NCS has been developed and continues to evolve with new licences award Barents Sea exploration drilling 1 or 2 wells each year SE…
  49. CAPITAL MARKET DAY – Lundin Petroleum – slide 49
    Lundin Petroleum Capital Market Day 96 2011 Forecast Margin Netback [USD/boe] Forecast Forecast Forecast 2011 2011 2010 Brent oil price 75.00 90.00 79.50 Revenue 68.25 80.50 70.95 Cost of operations -8.60 -8.60 -8.65…
  50. CAPITAL MARKET DAY – Lundin Petroleum – slide 50
    February 2011 98 2011 Cost of Operations - Quarterly Forecast 2011 Average 13.00 13.00 12.00 12.00 SAGE shutdown, 11.00 Alvheim workover 11.00 USD/boe 10.00 10.00 USD/boe 9.00 9.00 8.00 8.00 7.00 7.00…
  51. CAPITAL MARKET DAY – Lundin Petroleum – slide 51
    Lundin Petroleum Capital Market Day 100 2011 Forecast Depletion Fo t ast as rec rec Fo 10 11 20 20 30 30 25 25 21.80 20 20 16.10 15.35 15.30 14.55 USD/boe USD/boe 13.05 12.85 15 15…
  52. CAPITAL MARKET DAY – Lundin Petroleum – slide 52
    February 2011 102 Norwegian Tax Value Norwegian Tax Value from historic capex spend - 01.01.2011 (MUSD) 350 350 300 300 Net tax value (MUSD) Net tax value (MUSD) 250 250 200 200 150 150 100 100 50 50 0 0…
  53. CAPITAL MARKET DAY – Lundin Petroleum – slide 53
    Lundin Petroleum Capital Market Day 104 2011 Forecast EBITDA Netback [USD/boe] Forecast Forecast 2011 2011 Brent oil price 75.00 90.00 Cash Margin Netback 54.45 65.85 General & Administrative -2.20 -2.20 EBITDA 52.25…
  54. CAPITAL MARKET DAY – Lundin Petroleum – slide 54
    February 2011 106 Other Investments Africa Oil Corporation MUSD 23.7 convertible loan in consideration for sale of Ethiopia/Kenya assets Maturity date is 31 December 2011 Convertible into shares of AOC at CAD 0.90 per…
  55. CAPITAL MARKET DAY – Lundin Petroleum – slide 55
    Lundin Petroleum Capital Market Day 108 Share Capital 31 December 2010 Shares issued 317.9 million Shares in circulation 311 million Treasury shares 6.9 million WF11209 p14 01.11 notes 109 5 Year…
  56. CAPITAL MARKET DAY – Lundin Petroleum – slide 56
    February 2011 110 Lundin Petroleum 2011 - Continued Growth Exploration focus to continue Development activity to increase Production to increase Strong balance sheet and operating cash flow to fund continued…
  57. CAPITAL MARKET DAY – Lundin Petroleum – slide 57
    Lundin Petroleum Capital Market Day notes
  58. CAPITAL MARKET DAY – Lundin Petroleum – slide 58
    February 2011 notes
  59. CAPITAL MARKET DAY – Lundin Petroleum – slide 59
    For further information, contact Lundin Petroleum Ch. de la Pallanterie 5 1222 Vsenaz Switzerland Telephone: (41 22) 595 10 00 Facsimile: (41 22) 595 10 05 e-mail: infolundin.ch Website: www.lundin-petroleum.com

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