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CAPITAL MARKET DAY 2012 – Lundin Petroleum

Lundin Petroleum · Jan 26, 2012 · 135 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 2012 – Lundin Petroleum – slide 1
    1 Lundin Petroleum - Capital Market Day 2012 Capital Market Day WF11420 January 2012
  2. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 2
    3 Agenda Introduction Ashley Heppenstall, President and CEO 2011 Financial Performance Geoff Turbott, Vice President Finance and CFO Resources and Production Chris Bruijnzeels, Senior Vice President Operations Norway Alex…
  3. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 3
    4 2011 - a Transformational Year for Lundin Petroleum Exploration success in Norway Johan Sverdrup - A new giant in Norway Strong Production Growth Production at upper end of guidance - 33,200 boepd Strong Reserves Growth…
  4. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 4
    5 2012 - Continued Growth Exploration to Continue 24 exploration/appraisal wells - MUSD 460 budget Norway/South East Asia main focus Development Activity Increasing Gaupe onstream shortly Luno PDO submitted Production to…
  5. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 5
    6 2011 Financial Perfomance Capital Market Day WF11422 January 2012
  6. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 6
    7 2011 Forecast Cash Margin Netback [USD/boe] Forecast Capital Market Day 2011 Jan 11 Brent Oil Price 111.25 90.00 Revenue 104.50 80.50 Cost of Operations -8.45 -8.60 Tariffs -1.90 -1.80 Production Taxes -4.30 -4.40…
  7. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 7
    8 2011 Forecast Cost of Operations Russia, 13% 63.55 48.65 Norway, 34% 2011 Capital Market Day Tunisia, 16% 2011 Forecast 40 Indonesia, 5% Netherlands, 11% 30 30 France, 21% USD/boe USD/boe 20 20 19.10…
  8. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 8
    9 2011 Forecast Quarterly Operating Cost Q1 Q2 Q3 Q4 2011 Operating Cost (USD per boe) Actual Actual Actual Forecast Forecast Cost of Operations 7.70 8.96 8.20 8.90 8.45 Tariff and Transportation Expenses 1.98 2.28 1.67 1.65…
  9. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 9
    10 2011 Forecast Exploration Costs Q4 2011 2011 Q4 2011 Forecast Forecast Forecast after Tax MUSD MUSD MUSD Norway: EARB well + licence relinquishments 74 8 2 Congo (Brazzaville): 2 wells + associated costs 51 51 51…
  10. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 10
    11 2011 Forecast Other Items AOC Shares (Q1/Q2) 23.8 MUSD convertible loan converted to AOC shares at CDN 0.90/share 15.6 MUSD (Q1) and 14.3 MUSD (Q2) profit realised (non-taxable) WF11417 p19 01.12
  11. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 11
    12 2011 Forecast Taxation 2011 Q4 2011 Forecast Forecast USD/boe USD/boe Current Tax Charge 32.95 58.55 Deferred Tax Charge 14.35 (9.25) 47.30 49.30 WF11417 p7 01.12
  12. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 12
    13 2011 Forecast Operating Cash Flow Netback [USD/boe] 2011 Forecast Cash Margin Netback 88.55 Cash Taxes -32.95 Operating Cash Flow Netback 55.60 MUSD Development Capex 18.65 225 Exploration Capex 35.85 435 WF11417…
  13. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 13
    14 2011 Forecast EBITDA [USD/boe] 2011 Forecast Cash Margin Netback 88.55 General & Administrative -5.50 EBITDA 83.05 General & Administrative Cash 1.70 Non-cash LTIP 3.80 5.50 Depreciation 0.20 5.70 WF11417 p8 01.12
  14. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 14
    15 Effective Forecast Tax Rate Reconciliation 2011 Effective Tax Rate: 79% Gain on AOC Shares Exploration Costs - Congo (Brazzaville), Malaysia 2011 Effective Tax Rate excluding One-off Items: 75% General &…
  15. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 15
    16 Fourth Quarter 2011 Summary Items Q4 2011 Forecast MUSD Exploration Costs(1) 60 General & Administrative(1) 35 (1) Minimal tax credits WF11417 p23 01.12
  16. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 16
    17 Liquidity [MUSD] at 31 December 2011 Debt Outstanding 207 Cash Balances 75 Net Debt Position 132 Availability Under Credit Facility(1) 630 (1) Loan facility MUSD 850 with reducing availability to 2014 WF11419…
  17. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 17
    18 Debt Position - Forecast End 2011 OPERATING MUSD CASH FLOW G&A MUSD 21 WORKING CAPITAL FINANCIAL MUSD 7 MUSD 139 500 MUSD 675 OPENING LOAN 1 Jan 2011 MUSD 459 400 Loan Reduction 300 MUSD 252 EXPLORATION & APPRAISAL…
  18. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 18
    19 Resources and Production Capital Market Day WF11420 January 2012
  19. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 19
    20 1 January 2012 2P Reserves Gas, 16% Total 210.7 MMboe Oil, 84% PSC, 2% Russia, 16.0 France, 24.7 Tunisia, 0.3 Netherlands, 3.6 Tax/Royalty, 98% B yla Br Indonesia, 3.9 , 3. yn MMboe 2 hi ld ,1 4.3…
  20. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 20
    21 Reserves Growth 347% reserves increase in Norway No decline in French reserves 300 250 200 Russia 150 Norway MMBoe Tunisia Netherlands 100 Indonesia France 50 0 03 04 05 06 07 08…
  21. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 21
    22 Reserves Changes Produced in 2011 Net Replacement Sales/Acquisition Russia -1.1 0.5 Tunisia -0.3 Alvheim Volund Luno/Tellus Others Brynhild Norway -8.5 0.8 4.3 19.1 3.2 4.1 31.4 Netherlands -0.7 0.7 Indonesia…
  22. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 22
    23 1 January 2012 Contingent Resources Total 851 MMboe Norway Others 56.9 Russia, 110.1 Norway(1), 696.9 Indonesia, 2.1 France, 10.2 Johan Sverdrup(1) Malaysia, 31.8 640.0 WF11406 p06 11.11 (1) Includes Statoil…
  23. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 23
    24 Contingent Resource Growth More than ten times resources increase in Norway 900 800 700 600 500 MMBoe 400 Malaysia 300 Russia 200 Others 100 Norway (1) 0 1.1.2006 1.1.2007 1.1.2008 1.1.2009…
  24. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 24
    25 Reserves and Resources Increase End 2011 Reserves & Contingent Resources (1) End 2010 9% es Reserves & Contingent Resources +22nt Resourc o nt inge C +21% Reserves 446 MMboe 1062 MMboe WF11210 p7 10.11…
  25. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 25
    26 2011 Production Performance Russia, 9.4% Tunisia, 2.2% Indonesia, 3.5% Netherlands, 5.9% France, 9.2% 2011 production forecast: 33,200 boepd 40 40 Norway, 69.8% 35 35 33,200 boepd 30 30 Thousand boepd net 25…
  26. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 26
    27 2012 Production Guidance Russia, 9% 2012 production guidance: 32,000 - 38,000 boepd Tunisia, 1% Indonesia, 6% Mid range equals 5% increase from 2011 Netherlands, 6% Norway - production factors FPSO uptime France, 8% Gaupe…
  27. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 27
    28 Norway Capital Market Day WF11420 January 2012
  28. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 28
    29 Norway - An Opportunity for Independents Historically controlled by majors Higher tax rates than UK Lower drill density in same geological area Opportunity for independents WF11443 p1 01.12
  29. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 29
    30 Exploration in Norway - Organic Growth Major position built through organic growth Includes 10 new licences Norway number of licences awarded in 2011 APA 60 55 50 45 40 35 30 25 20 15 10 5 0 WF11443…
  30. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 30
    31 Norway - Successful Organic Growth PRODUCTION RESERVES CONTINGENT boepd MMboe RESOURCES MMboe 697 162.2 23,300 WF11443 p3 01.12 0 0 0 2003 2011 end 2003 end 2011 end 2003 end 2011 WF11420
  31. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 31
    32 Norway - Finding Costs Finding Cost(1) (Pre Tax) 1.04 USD/boe Finding Cost(1) (Post Tax) 0.23 USD/boe (1) Exploration costs (excl. appraisal costs) since inception and WF11415 p2 01.12 up to 31.12.11 divided by…
  32. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 32
    33 Norway - 5 Key Growth Areas Barents Sea Area Greater Alvheim Area Greater Luno Area Mre Basin Area Norway Southern NCS Area Mre Basin Area Barents Sea Area Greater Alvheim Area Greater Luno Area Southern NCS…
  33. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 33
    34 Greater Alvheim Area Capital Market Day WF11420 January 2012
  34. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 34
    35 Greater Alvheim Area BRUCE 0 KM 10 PL088 PL036C PEIK PL088 bs HEIMDAL LEADON BERYL ALVHEIM GEKKO VOLUND PL505BS PL150 PL150B PL203 JOTUN SKENE UK PL340 PL547S Norway BRORA PL505 GRYPHON…
  35. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 35
    36 Greater Alvheim Area Moving On 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 DNO Acquisition Alvheim (WI 15%) PDO First Oil Discovery Volund PDO (WI 35%) First Oil Full Production Discovery…
  36. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 36
    37 Greater Alvheim Area - Alvheim Growth Gross Alvheim Estimated Ultimate Recovery 300 Cumulative Production 108 80 250 End of Year Reserves 49 15 PDO 200 184 189 215 223 198 196 Now MMboe 174 12 Producers 150…
  37. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 37
    38 Greater Alvheim Area .... And Volund as well Gross Volund Estimated Ultimate Recovery 60 Cumulative Production End of Year Reserves 17 50 50 50 49 50 46 6 40 38 37 PDO Now MMboe 30 3 Producers 20 4…
  38. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 38
    39 Norway - Solid Production Fuels Growth Alvheim Field Lundin Petroleum 15% Marathon 65%, ConocoPhillips 20% Norway average production 2011: 23,300 boepd Gross 2P reserves: 174 MMboe 2011 Production at 11,200 boepd net…
  39. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 39
    40 Greater Alvheim Area - Exploration LundinPetroleum Operator LundinPetroleum Partner PL088 PL088 9/14a-6 0 KM 4 Alvheim Deep PL088 bs PL036C Discoveries P090 9/15a-1 PEIK PL088 BS Prospect PL340 & PL340BS…
  40. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 40
    41 Greater Luno Area Capital Market Day WF11420 January 2012
  41. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 41
    42 Greater Luno Area North Sea 6205 6204 6203 216 217 218 219 6201 6202 6203 6204 Lundin Petroleum Licences 220 Operated 6108 6103 6107 6106 Non-operated 6105 6104 214 0033 Hydrocarbon fields/discoveries 208 209 0036…
  42. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 42
    43 Greater Luno Area - An Exploration Success Story 0 KM 20 PL036c Alvheim Area PL203 PL505BS PL150B PL150 008 009 PL547S 0025 0026 PL340 PL505 PL340BS 0024 PL570 PL546 UK PL625 PL167 PL167B Apollo Johan…
  43. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 43
    44 Greater Luno Area - A Bit of History 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 APA License Award Luno Discovery Start Luno Appraisal PL338 Apollo Discovery (WI 50%) Tellus Discovery Luno PDO…
  44. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 44
    45 The Southern Utsira High - A Sleeping Giant 0 KM 20 Oil APA 2012 Gas PL625 APA 2010 PL546 A 4th generation exploration PL501 APA 2009 and a major oil province 45 years after the first award: PL001 in 1965 Major…
  45. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 45
    46 The Luno/Apollo Discoveries - PL338 0 KM 20 Oil Gas PL625 PL625 PL546 PL501 Lundin Petroleum 50% (operator) Partners: RWE Dea 20%, Wintershall 30% Tellus Luno/Tellus discoveries: Apollo Gross reserves: 186 MMboe…
  46. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 46
    47 NW to SE Line Over the Southern Utsira High NW 16/1-14 16/1-8 16/2-5 16/2-6 SE 0.600 0.700 0.800 0.900 1.000 1.100 1.200 1.300 Johan Sverdrup Discovery 1.400 Ragnarrock Discovery 1.500 1.600 Luno Discovery Chalk…
  47. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 47
    48 Johan Sverdrup - A New Giant in Norway PL546 PL501 Johan Sverdrup PL501 (40% operator) Avaldsnes Discovery 2010 (16/2-6) 1st appraisal (16/3-4) & sidetrack completed 16/2-9S 2nd appraisal (16/2-7) & sidetrack completed…
  48. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 48
    49 Johan Sverdrup - A World Class Reservoir Excellent reservoir quality High porosity & permeability sands Normal pressure & temperature Easily producible oil Oil dripping out of the cores 2 full scale production tests…
  49. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 49
    50 Latest Appraisal Well (16/5-2 S) Results Good upper Jurassic reservoir encountered Deeper than expected Same hydrocarbon system WF11424 p1 01.12
  50. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 50
    51 Johan Sverdrup PL501 - Depth Conversion Chalk isochore map Depth Conversion 16/5-2 S is located on edge of thick Has been acurate on massive chalk prognosis in previous wells Depth shift experienced requires investigation…
  51. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 51
    52 2012 Appraisal Programme Appraisal 4 (16/2-11) 2.5 km SE from the Johan Sverdrup (PL265) discovery well Possible geological barriers Provide a further data point / Smaller faults for Draupne sandstone Deeper OWC (proven…
  52. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 52
    53 Johan Sverdrup Further Appraisal Programme Luno Johan Sverdrup PL501 & PL265 will be developed as one field Pre-Unit Agreement 16/2-9S Aldous Major North Discovery discussions ongoing PL338 PL265 16/2-10 (1st appr.)…
  53. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 53
    54 2012 Further Appraisal - Apollo Apollo extension NOOR 16/1-15 Apollo discovery Luno/Tellus Luno South discovery NOOR 16/1-15 Lundin (50%) PL338 PL265 0016 PL359 0015 Lundin Petroleum Operator 0 KM 8 Lundin…
  54. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 54
    55 Greater Luno Area Exploration 2012 Exploration Drilling 0 4 KM 16 PL359 (Lundin 40% operated) 0024 0025 Lundin Petroleum Operator Luno II prospect Lundin Petroleum Partner Gross unrisked prospective resources: 139 MMboe…
  55. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 55
    56 Greater Luno Area Prospectivity WF11438 p1 01.12
  56. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 56
    57 Luno II Prospect - PL359 2012 Exploration Drilling Johan Sverdrup discovery PL359 (Lundin 40% operated) Luno II prospect N Avaldsnes play type Luno discovery So Reservoir: Upper Jurassic ut he Gross unrisked prospective…
  57. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 57
    58 East-West Trending Line Across Luno II A Luno II Luno II A -1600 Top Reservoir -1700 Top Chalk -1800 -1900 -2000 -2100 -2200 Base Jurassic WF11426 p1 01.12 -2300 A A
  58. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 58
    59 Biotitt Prospect - PL544 2012 Exploration Drilling PL544 (Lundin 70% operated) Biotitt 3D View Biotitt prospect Trap: 4-way dip closure Seal: Upper Cretaceous chalk/shales Reservoir: Jurassic Hugin fm Gross unrisked…
  59. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 59
    60 Jorvik Prospect - PL338 2012 Exploration Drilling PL338 (Lundin 50% operated) Jorvik prospect Gross unrisked prospective resource: 46 MMboe Tellus Luno extension towards the east Jorvik Drilling: 4Q 2012 0 4 KM 16…
  60. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 60
    61 Additional Prospectivity in Greater Luno Area 0 2 KM 8 Kopervik Kopervik prospect PL625 Lundin Petroleum interest: 40% (operator) PL167B PL546 PL501 New 2011 APA award PL167 Aldous Major North discovery Apollo…
  61. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 61
    62 Greater Luno Area - Luno Development 0 KM 20 PL036c Lundin Petroleum interest: 50% (operator) Alvheim Area Wintershall 30%, RWE Dea 20% PL203 PL505BS PL150B PL150 008 009 PL547S Development Plan submitted 0025 0026…
  62. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 62
    63 Greater Luno Area - Luno Development Luno Development Water Injectors Oil Producers 11 producers 4 water injectors Luno N WF11115 p6 04.11
  63. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 63
    64 Luno Development Project Execution starting Jan 2012 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…
  64. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 64
    65 Greater Luno Area - Luno Development Draupne/Luno coordinated development under negotiation Hanz Grane to Sture 13km Draupne 38.5km 9km Luno WF11430 p4 01.12
  65. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 65
    66 Mre Basin Area Capital Market Day WF11420 January 2012
  66. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 66
    67 Mre Basin Area - A New Core Area 2012 Exploration Drilling PL519 (Lundin 40% operated) Albert prospect 0 KM 20 Gross unrisked prospective resources: 177 MMboe PL639 Drilling: 2Q 2012 Albert PL519 Norway Further…
  67. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 67
    68 Mre Basin - A New Core Area Lundin block PL519 Lundin 40% (Operator) PL555 Lundin 60% (Operator) a sin Albert 2012 Drilling eB PL579 Lundin 50% (Operator) r M ssiinn Albert BBaa llkk rruu PL519 Storm M M a a…
  68. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 68
    69 Southern NCS Area & Norwegian Sea (PL330) Capital Market Day WF11420 January 2012
  69. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 69
    70 Southern NCS Area 2012 Exploration Drilling PL495 (Lundin 60% operated) Carlsberg prospect PL495B Gross unrisked prospective 0 10 20 40 PL495 KM resources: 67 MMboe Carlsberg Drilling: 4Q 2012 Ogna PL453 (Lundin 35%…
  70. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 70
    71 More Elephants in Norway Lundin operated block Lundin non-operated block New area with large potential 6708 PL654 6709 6710 6711 6703 6704 6705 6706 PL653 6707 PL330, PL653 & PL654 (Lundin 30% ) 6611 Rwe Dea 40%…
  71. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 71
    72 Barents Sea Capital Market Day WF11420 January 2012
  72. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 72
    73 Barents Sea The Exploration History Norwegian side: Some 80+ wells drilled since 1980 0 00'0 KM 100'0E 400 Longyearbyen Svalbard 200'0E 300'0E 400'0E 500'0E 600'0E Most wells drilled in the Hammerfest Basin NPD:…
  73. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 73
    74 Lundin Acreage on Trend with Known Oil Plays Lundin Licence acreage in relation to proven and potential oil plays in the western Barents Sea Carboniferous Permian Possible Triassic Jurassic Base Tertiary oil mature Lower…
  74. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 74
    NORWAY 7221 75 7220 Barents Sea Area 7219 6915 6917 Tromso PL532 0 5 KM 20 PL609 2012 Exploration 6916 Drilling Rauto 6914 PL533 Pulk (Salinas) PL533 (Lundin 20%) Bieksu & Geres Pulk (Salinas) prospect PL609B Rein Gross…
  75. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 75
    76 Pulk on Trend with Discoveries PL609 Pulk (Salinas) April 2011 Skrugard Discovery on trend with latest oil discoveries (Skrugard 150-250 MMboe 7220/6-1 & Havis) 7220/8-1 Januray 2012 Havis Discovery Further…
  76. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 76
    77 Barents Sea PL659 April 2011 PL609 Skrugard Discovery 150-250 MMboe PL609B PL438 PL490 PL492 Januray 2012 Havis Discovery 200-300 MMboe Pulk (Salinas) Skalle S PL563 WF11421 p2 01.12
  77. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 77
    78 Barents Sea - PL659 - APA 2011 Award PL659 Lundin Petroleum 20% 0 KM 20 PL609 Skrugard Discovery Havis Discovery PL659 PL533 PL609B PL492 PL438 PL490 PL563 SNHVIT GOLIAT WF11436 p1 01.12
  78. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 78
    79 Other Developments Capital Market Day WF11420 January 2012
  79. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 79
    80 Norway - Other Development North Sea 6205 6204 6203 216 217 218 219 6201 6202 6203 6204 Lundin Petroleum Licences 220 Operated 6108 6103 6107 6106 Non-operated 6105 6104 214 0033 Hydrocarbon fields/discoveries 208…
  80. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 80
    81 Gaupe - Development 15/12-4 15/12-8 15/12-15 15/12-8 A REV 15/12-13 Lundin Petroleum 40% 0015 016 Gaupe Field 15/12-17 A 15/12-12 15/12-17 S BG Norge 60% (operator) 15/12-16 S PL292b 15/12-7 S 2P gross…
  81. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 81
    82 Brynhild - Development PL292B MARIA 0 KM 20 SEYMOUR PL292 Gaupe Lundin Petroleum Operator Lundin Petroleum interest: 70% (operator) Lundin Petroleum Partner Talisman 30% SHELLEY PL292 PDO approved in November 2011…
  82. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 82
    83 Brynhild - Subsurface Producer Injector Producer Injector 7/4-2 Development Plan 2 producers 2 injectors 7/7-2 Cross Section N-S OWC 3357m SSTVD 7/4-2 7/7-2 N S Porosity Effective OWC WF11394 p1 01.12
  83. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 83
    84 Byla - Development Lundin Petroleum Operator Lundin Petroleum Partner PL088 PL088 9/14a-6 PL413 0 KM 4 9/15a-1 PL088 bs PL036C P090 PL088 BS PEIK Lundin Petroleum interest: 15% 9/15a-2 UK 24/6-1…
  84. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 84
    85 Norway Summary Capital Market Day WF11420 January 2012
  85. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 85
    86 Norway Resources - 01.01.2012 Byla, 3.2 Skalle, 7.1 Others, 32.3 Brynhild, 14.3 Apollo, 17.5 Alvheim, 26.1 Volund, 13.1 Gaupe, 12.5 Luno, 93.0 Johan Sverdrup(1), 640.0 Reserves 162.2 Contingent Resources…
  86. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 86
    87 Norway - Production Growth 60,000 boepd Johan Sverdrup Apollo 45,000 boepd 30,000 boepd Luno Volund Byla Brynhild 15,000 boepd Gaupe Alvheim 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015…
  87. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 87
    88 Norway 2012 Drilling Programme 2012 Norway exploration budget: MUSD 364 Barents Sea 8 exploration & 6 appraisal wells in 2012 in 4 core areas 2012 net unrisked prospective resources: 446 MMboe 2012 net risked prospective…
  88. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 88
    89 Norway - New APA 2011 Award PL631 0 20 KM 80 0 20 KM 80 PL653 0 KM 50 PL654 Barents Sea Bergen PL646 PL659 Greater Alvheim Area PL625 Greater Luno Area Stavanger Norwegian Sea PL609B North Sea PL495B…
  89. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 89
    90
  90. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 90
    91 2012 South East Asia Capital Market Day WF11420 January 2012
  91. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 91
    92 Why South East Asia Opportunity to access resources Open bidding for blocks Foreign investment encouraged Prospective Proven petroleum systems Potential to open new plays Scale Large contract areas Ability to leverage…
  92. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 92
    93 Production: Singa Field 0 KM 20 Indonesia Singa gas field: 25.88% (non-operated) SUMATRA Onshore South Sumatra Gas sales to PGN Singa Production: 2.0 Mboepd 2P reserves: 3.9 MMboe Contingent resources: 2.1 MMboe…
  93. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 93
    94 South East Asia Core Areas Significant expansion of core areas 2008 (5 Blocks), 2010 (2 Blocks), 2011 (3 Blocks) Sabah Core Area Vietnam Malaysia SB303 Thailand Natuna Core Area 2008 SB307/308 Penyu Core Area Cakalang…
  94. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 94
    95 Malaysia - Penyu Basin Core Area Same Scale Norway Greater Alvheim & Luno Core Areas Penyu Basin 0 KM 50 Lundin Petroleum Licences Alvheim 009 Operated 0027 0026 Hydrocarbon fields/discoveries Volund Oil 0025 Gas…
  95. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 95
    96 Malaysia - Penyu Basin Prospectivity Contains the Bertam and Rhu Lundin Petroleum Licences oil discoveries (proven A Operated IND AYSIA ESI petroleum systems) ON Hydrocarbon fields/discoveries L MA…
  96. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 96
    97 Malaysia - Penyu Basin Prospectivity North-South Play Cross-section, Rhu-Cherating-Tenggol Janglau-1 Bertam-1 Rhu-1A Cherating-1 Bertam-2 PM308A PM307 0 SL S N 0 SL Regional seals TENGGOL Shallow play RHU ARCH -1 -1…
  97. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 97
    98 Malaysia - Penyu Basin Exploration: 2012 Lundin Petroleum Licences A Operated IND AYSIA ESI ON Hydrocarbon fields/discoveries L MA Oil Gas Prospect / lead Sotong Field Malong South China Field Sea…
  98. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 98
    99 Malaysia - Sabah Core Area Scale Same Scale Greater Alvheim & Luno Core Areas Sabah Shelf Peik (088) 0 10 KM 40 Lundin Petroleum Licences Alvheim (036c,088bs,203) Operated Hydrocarbon fields/discoveries Cempulut discovery…
  99. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 99
    100 Malaysia - Sabah Core Area Prospectivity Lundin operates large shelf position (SB303 & SB307/308) Lundin Petroleum Licences SB307/308 surrounds major Shell Operated Cempulut discovery producing fields, 500mmbo…
  100. CAPITAL MARKET DAY 2012 – Lundin Petroleum – slide 100
    101 Malaysia - Sabah Core Area Prospectivity Potential Appraisal location N 8310m SW Nangka-1 Tarap-1 Titk Terang-1 meters 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 11 000 12 000 13 000 14 000 15 000 16 000 17 000 18…

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