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DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum

Lundin Petroleum · Dec 2, 2010 · 56 slides

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Slides

  1. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 1
    1 Lundin Petroleum - Norway Analyst Presentation WF11073 2 December 2010
  2. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 2
    2 Norway - Oil Industry Overview WF11073 Analyst Presentation - 2 December 2010
  3. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 3
    3 NCS Development Trends - Last 10 - 12 Years Changes in company structure Production Privatisation of Statoil Statoil/Hydro/Saga merger General Mega mergers acquisition Large amount of new companies, 50+ pre qualified…
  4. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 4
    4 Current Drilling Activities Company activity (wells drilled) 2010 9 8 7 18 wells by oldtimers 27 wells by newcomers 6 number of wells 5 4 3 2 1 0 co so r ke a da l P in…
  5. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 5
    5 Development in Exploration and Delineation Drilling 50 45 40 35 30 25 20 wells2010 15 wells2009 10 wells 2000-2008 5 0 Statoil Eni Talisman Esso CoP Det Norske Shell Marathon BG wells…
  6. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 6
    6 Oil Discoveries above 40 MMbbl in Mature Areas 300 NCS oil discoveries 40 MMbbl After year 2005 250 200 MMbbl 150 100 50 0 lo Jo ep m nes Gr ria 10 a de lia o Gr ling ro ak As…
  7. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 7
    7 New Players in the Last 10 Years Norwegian International E&P companies European Energy start-ups E&P (ca 30) companies (14) (8) WF11158 p5 11.10
  8. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 8
    8 The Right Tool to do the Right Job A new company will not start with yesterdays IT toolbox and its defenders A new company will start with a fresh, new, up to date IT toolbox PC based interpretation and data handling…
  9. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 9
    9 Norwegian Taxation Taxes are profit related: Corporation Tax : 28% Special Petroleum Tax : 50% No Royalty, no Ring Fence 30% uplift against special tax over four years for new investments Interest costs can be deducted…
  10. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 10
    10 Lundin Norway Organisation Managing Director Torstein Sanness Adm./Support Finance Manager Procurement Commercial Manager Manager Andreas Hildeng HSE Manager Exploration Drilling Res. Development Projects…
  11. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 11
    11 Lundin Norway WF11073 Analyst Presentation - 2 December 2010
  12. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 12
    12 Norway - Introduction 2P Reserves of 121 MMboe GCA + additional latest Luno 2P certified Reserves of 27 MMboe (net Lundin) 2 producing fields: Alvheim & Volund Current production 20,000 boepd 1 field under development…
  13. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 13
    WF10757a 01.10 0 5 10 15 20 25 30 35 40 45 31 .1 2. 20 03 31 .1 2. 20 04 31 .1 2. 20 05 31 .1 2. 20 06 31 .1 2. Norway number of licences 20 07 31 .1 2. 20 08 16 .0 9. 20 09 19 .0 1. 20…
  14. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 14
    14 Norway - 3 Key Areas Barents Sea Area Greater Alvheim Area Greater Luno Area Barents Sea Area Greater Alvheim Area Greater Luno Area WF10757b 03.10
  15. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 15
    15 Norway Reserves & Contingent Resources Norway Reserves and Contingent Resources 200 Hydrocarbon Volume [MMboe] 175 CR 150 2P 125 100 75 50 25 0 2005 2006 2007 2008 2009 2010 2010 CR: Luno South discovery,…
  16. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 16
    16 Norway Prospective Resources Norway Prospective Resources 1,800 F/O to Statoil 1,600 + new discoveries Hydrocarbon Volume [mmboe] & unsuccessful wells 1,400 1,200 1,000 800 600 400 200 0 01.01.2006…
  17. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 17
    17 Norway - Proven Track Record Exploration capex 400 400 Development capex 300 300 MUSD MUSD 200 200 People = key Proven basin & petroleum system 100 100 Close to infrastructure - 2004 2005 2006 2007 2008 2009 2010…
  18. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 18
    18 Norway Production Growth Avaldsnes/Apollo Production Growth Luno from Norway Development Projects Onstream Marihne Onstream Krabbe Onstream increase Nemo in production Onstream boepd Gaupe Volund Onstream…
  19. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 19
    19 Norway - Production WF11073 Analyst Presentation - 2 December 2010
  20. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 20
    20 Norway - Greater Alvheim Area LundinPetroleum Operator LundinPetroleum Partner PL088 PL088 9/14a-6 PL413 0 KM 4 9/15a-1 PL088 bs PL036C Alvheim Field P090 Peik PEIK PL088 BS 9/15a-2 UK 24/6-1…
  21. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 21
    21 Norway - 2P Production Alvheim & Volund 24,000 Norway Production 24,000 Volund 22,000 22,000 Alvheim 20,000 20,000 18,000 18,000 16,000 16,000 Quartly Production Rate [boe/d] Quartly Production Rate [boe/d]…
  22. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 22
    22 Norway - Development WF11073 Analyst Presentation - 2 December 2010
  23. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 23
    23 Norway Development Projects - Summary Net Reserves Production(1) First Oil Field MMboe boe/day date Nemo 11 6 000 2012/13 Marihone 3 TBA 2013 Krabbe 9 4 800 2013/14 Gaupe (Pi) 11 5 000 2011 Luno 75 30 000 2014/15…
  24. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 24
    24 Norway - Luno Project WF11073 Analyst Presentation - 2 December 2010
  25. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 25
    25 Greater Luno Area - Luno Field Development 2P reserves increase PL363 Peik field PL036c Alvheim field Volund field PL203 PL505BS PL150 PL412 Lundin Petroleum interest: 50% (operator) 008 PL547S 009 Wintershall 30%, RWE…
  26. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 26
    26 Greater Luno Area - Luno Development Options Oil export to Grane er, 40km Sleipn rt to xpo G as e Luno PDO Submission 2011 First Oil 2014/15 WF10766 p10 07.10
  27. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 27
    27 Greater Luno Area Luno Well Development Outline (9OP + 3WI) Oil Producer Oil Producer 16/1-13 16/1-10 Water Injector SW 1.0 0.8 0.6 0.4 0.2 Luno Field 16/1-8 R WF10766 p7 07.10
  28. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 28
    28 Norway - Exploration WF11073 Analyst Presentation - 2 December 2010
  29. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 29
    29 Lundin Norway Exploration Strategy Lundin strategy: Cash flow protected organic growth Leverage on what we know and develop new concepts Utilise synergy in portfolio in relation to improved exploration and development…
  30. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 30
    30 Norway - Prospective Resource 1.2 billion boe of unrisked prospective resources 36 exploration licences Seismic new coverage 7,115 km2 of 3D 3 rigs on hire Transocean Winner Songa Dee Bredford Dolphin 2 wells remaining…
  31. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 31
    31 Exploration - Norway - 3 Key Areas Barents Sea Area Greater Alvheim Area Greater Luno Area Barents Sea Area Greater Alvheim Area Greater Luno Area WF10757b 03.10
  32. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 32
    32 Exploration - Greater Luno Area Exploration targets in GLA/GAA: Explore inlier basins and fractured porous basement shallower than 1940m MSL on the high and all structural and stratigraphic traps fringing the high in the west…
  33. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 33
    33 New 3D Seismic Techniques Introduced in GLA LN1002 LN0902 LN0803 LN10M06 WF11159 p3 11.10
  34. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 34
    34 Southern Utsira High at BCU and Basement Levels WF11159 p4 11.10
  35. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 35
    35 Exploration - Greater Luno Area 16/2-6 WF11159 p5 11.10
  36. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 36
    36 Exploration - Greater Luno Area 16/2-6 Avaldsnes disc WF11159 p6 11.10
  37. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 37
    37 Greater Luno Area - Further Exploration Potential PL304 UK PL546 0 KM 20 Torvastad Tellus PL501 PL501 (40%) Aldous North Avaldsnes discovery 16/1-14 contingent resources estimates 100-400 MMboe gross Apollo Discovery…
  38. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 38
    38 Greater Luno Area - Further Upside - Exploration Oil PL304 0 KM 20 Gas Tellus Prospect Prospect PR unrisked gross: 40 MMboe Lead CoS: 40% Drilling: Jan 2011 PL546 Draupne PL501 Apollo discovery Torvastad Prospect…
  39. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 39
    39 Avaldsnes Discovery PL546 PL501 Resources estimate on block at 100-400 MMboe Geological model assumes no Jurassic reservoir in white area 16/2-6 (33m Jurassic Gross Thickness) Triassic pinchout 16/3-2 Rotliegendes…
  40. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 40
    40 Avaldsnes Discovery - Further Upside PL546 Torvastad prospect PL501 Avaldsnes post-drill Additional potential in Contingent resource estimate Avaldsnes West located in PL265 100 - 400 MMboe (on block) Aldous North…
  41. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 41
    41 Avaldsnes Top Jurassic sand map (m) Approx Location 16/2-7 Approx Location 16/3-4 A A WF11159 p7 11.10
  42. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 42
    42 Greater Luno Area - Apollo Discovery 0 2.5 5 16/1-6 S Kilometers 16/1-2 PL 338 - Lundin Petroleum 50% operator 16/1-7 16/1-11 Avaldsnes Wintershall 30%, RWE 20% Draupne 16/1-9 Apollo discovery Apollo, Lower…
  43. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 43
    43 Greater Luno Area - Apollo Discovery Dip line showing Palaeocene and Jurassic/Cretaceous discoveries Proven Paleocene owc Flatspot owc Proven Cret owc Crossline showing up dip Palaeocene pot WF11159 p8 11.10
  44. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 44
    44 Other Areas - PL519 Area 0 5 KM 20 Lundin Petroleum Operator Oil Field Gas Field 6201 219 6202 PL519 PL519 Lundin Petroleum 40% (operator) 220 Albert Prospect Spring Energy 20%, Bayerngas 20%, Noreco 20% Work…
  45. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 45
    45 PL 519 - Albert Prospect Planned well NW SE WF11169 12.10
  46. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 46
    46 Norway - Barents Sea WF11073 Analyst Presentation - 2 December 2010
  47. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 47
    47 Regional Barents Sea with New Border Line New border (red line) Lundin core area WF11164 p1 11.10
  48. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 48
    48 Barents Sea Shtokman Ververis Obelix Obesum Arenaria Nucula Lundin Licence area Goliat Oil & Gas Snhvit Gas Oil Source:maps.grida.no WF10825 p3 01.10
  49. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 49
    49 Distribution of oil prone source rocks WF11164 p2 11.10
  50. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 50
    6916 6914 50 Barents Sea - Drilling 6813 to6814Commence in 2011 SWEDEN 22E 21E 63 Lead Prospect Oil field Gas field Rauto Numerous multi-stacked prospects matured in the portfolio Licenced Area (NPD) Lundin Norway…
  51. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 51
    51 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 ene eoc Pal Numerous structural and ou s Late Tria ssic…
  52. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 52
    52 PL438 Skalle Skalle well will be drilled with the Polar Pioneer rig spudded approx. March 2011 WF11159 p12 11.10
  53. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 53
    53 PL533 Pulk/Salinas Pulk well will be drilled with Scarabeo 8 tentatively July 2011 WF11159 p11 11.10
  54. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 54
    54 Triassic channels mapped in by 3D and observed in field Analogue channel seen from outcrop at Edgeya, Spitsbergen PL490 Well with oil shows outside closure Gohta Prospect Middle Triassic channel anomaly…
  55. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 55
    55 Norway - Drilling Schedule WF11073 Analyst Presentation - 2 December 2010
  56. DECEMBER 2010 ANALYST PRESENTATION – Lundin Petroleum – slide 56
    56 Norway Targeted Prospective Resources 2010-11 Drilling Schedule operated non operated 2010 2011 (1) (2) Licence - Prospect Operator LUPE% NURPR CoS% NRPR Q3 Q4 Q1 Q2 Q3 Q4 1 PL501 - Avaldsnes Lundin 40.00 Discovery 2…

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