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FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum

Lundin Petroleum · Nov 11, 2009 · 41 slides

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Slides

  1. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 1
    1 Financial Presentation - First Nine Months 2009 C. Ashley Heppenstall, President and CEO WF10822 Geoff Turbott, VP Finance and CFO
  2. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 2
    3 Financial Results - First Nine Months 2009 MSEK REVENUE 2009 2008 MSEK Production (boepd) 39,100 31,400 5,000 5,000 Oil Price Achieved (USD/bbl) 53.93 99.89 4,500 4,500 4,000 4,000 3,500 3,500 3,000 3,000 2,500…
  3. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 3
    4 Financial Results - First Nine Months 2009 MSEK MSEK 5,000 5,000 4,500 4,500 OPERATING COSTS 2009 2008 4,000 Cost Of Operations (USD/bbl) 15.19 22.08 4,000 Production Costs (USD/bbl) 20.30 32.45 3,500 3,500 3,000…
  4. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 4
    5 Financial Results - First Nine Months 2009 MSEK MSEK 5,000 5,000 4,500 4,500 4,000 4,000 3,500 3,500 3,000 3,000 DEPLETION 2009 2008 2,500 Depletion (MSEK) 991.9 686.9 2,500 Depletion (USD/bbl) 11.84 12.94 2,000…
  5. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 5
    6 Financial Results - First Nine Months 2009 MSEK MSEK 5,000 5,000 4,500 4,500 4,000 4,000 3,500 3,500 3,000 3,000 2,500 2,500 FX (MSEK) 2009 2008 2,000 Gain (Loss) 219.0 (246.0) 2,000 1,500 1,500 TAX 2009…
  6. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 6
    7 Financial Results - First Nine Months 2009 MSEK MSEK 5,000 5,000 4,500 4,500 4,000 4,000 3,500 3,500 3,000 3,000 2,500 2,500 2,000 2,000 1,500 1,500 1,000 1,000 Loss associated with 500 Venezuelan…
  7. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 7
    8 Financial Results - First Nine Months 2009 3,400 MUSD MUSD 3,400 479 360 3,200 3,200 3,000 2,963 3,000 -5% 2,822 2,800 2,800 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000 MSEK MSEK 1,800 1,800 1,600…
  8. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 8
    9 Financial Results - First Nine Months 2009 MUSD MUSD 526 360 3,400 MUSD MUSD 3,400 479 360 3,250 3,200 3,200 3,000 2,963 -13% 3,000 -5% 2,822 2,823 2,800 2,800 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000…
  9. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 9
    10 Netback - First Nine Months 2009 [USD/boe] First 9 months CMD - Jan 09 2009 Forecast 2009 Average Brent oil price 57.32 40.00 Revenue 55.13 39.00 Cost of operations -15.19 -16.95 Tariffs -2.12 -2.20 Royalty and direct…
  10. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 10
    11 Revenue Netback Reconciliation - First Nine Months 2009 [USD/boe] First 9 months CMD - Jan 09 2009 Forecast 2009 Average Brent oil price 57.32 40.00 Sales differential Russia -3.33 -2.25 Gas price differential -1.15…
  11. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 11
    12 Operating Cost - First Nine Months 2009 1 Jan 09 1 Apr 09 1 Jul 09 1 Jan 09 31 Mar 09 30 Jun 09 30 Sep 09 30 Sep 09 Operating Cost (USD per boe) 3 months 3 months 3 months 9 months Cost of operations 14.48 15.15 15.94…
  12. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 12
    13 Cost of Operations - First Nine Months 2009 MMBOE USD/boe MUSD First nine months 2009 10.67 X 15.19 = 162.1 13% below forecast in US dollar terms 4% below forecast in local currency terms WF10676 d 11.09
  13. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 13
    14 Exploration Costs - First Nine Months 2009 YTD Pre-tax Q3 Pre-tax MSEK MSEK Norway PL006c Hyme, PL304 Aegis, PL363 Mon, PL412 Tasta wells 521 291 Vietnam 06/94 Tuong Vi well 57 - UK Exploration licence relinquishments 47…
  14. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 14
    15 Loss Associated with Etrion Corps Venezuelan Assets MSEK MUSD Loss Associated with Etrion Corps Venezuelan Assets (412.8) (52.6) Book value of Etrion 104.6 15.0 Market value of investment in Etrion 255.0 36.5…
  15. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 15
    16 Taxation - First Nine Months 2009 Effective rate of tax 94%* Current tax charge 94 MSEK Deferred tax charge 638 MSEK * YTD 62% and Q3 44% if effect of loss associated with Venezuelan assets is removed WF10676 e…
  16. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 16
    17 Balance Sheet - 30 September 2009 30 Sept 2009 31 Dec 2008 Fixed Assets 22,479 23,129 Net Current Assets (excluding cash) -62 -346 Net Bank Debt 3,593 3,869 Shareholder Equity 10,955 11,438 Net Debt/Equity Ratio 33%…
  17. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 17
    18 Liquidity MUSD Secured Revolving Borrowing Base Facility* 850 Unsecured Corporate Facility (undrawn) 150 Total Credit Facility 1,000 Borrowing Base Loan Drawn 30 September 2009 594 Cash Balances 30 September 2009…
  18. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 18
    First Nine Months 2009 - Key Highlights Production - First nine months 2009 average production 38,600 boepd at high end of forecast Alvheim first nine months production 13,700 boepd United Kingdom first nine months production…
  19. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 19
    20 Production First nine months 2009 actual: 38,600 boepd* 45,000 40,000 26% 22% 35,000 boepd 30,000 25,000 20,000 First nine months 2008 First nine months 2008 2009 WF10679 11.09 * after minority interest
  20. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 20
    21 2009 Production Forecast France 9% Netherlands 2009 production guidance 35,000 - 42,000 boepd 5% First nine months 2009 Actual: 38,600 boepd* Indonesia Fourth quarter production expected to be in 6% Norway 36% line with…
  21. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 21
    22 Proven & Probable Reserves Russia (18.6) France (26.4) Gas 11.9% Indonesia (15.2) Netherlands (4.3) Oil 88.1% U.K. (82.1) Total 265 MMboe 01.01.2008 MMboe 184.2 - Produced -11.6 + New reserves (excl sales/acquisitions)…
  22. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 22
    23 Reserves Growth 300 Reserves Replacement Ratio of 357%* (cumulative production: 62.5 MMBOE) 250 Additional 2P reserves - Luno 47.5 MMboe 200 MMboe Russia 150 U.K. Norway Tunisia 100 Venezuela Netherlands…
  23. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 23
    24 Contingent Resources Discoveries not yet booked as reserves Contingent Resources net Lundin Petroleum 274 MMboe Others, 15.6 France, 9.9 UK, 56.3 Russia, 161.0 Norway, 31.0* WF10560 01.09 * excludes…
  24. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 24
    25 UK - North Sea UK production for the first nine months 2009: 10,500 bopd net 2P Reserves: 82.1 MMboe 3P Reserves: 130 MMboe 18 17 18b 19a 8b VIGDIS THISTLE 20e Contingent Resources 56 MMboe 19b 9c 7a 7c…
  25. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 25
    26 UK - North Sea New Top Drive Development drilling to commence in Thistle and Broom in 2010 Potential for material production increases Redevelopment of Thistle ongoing - Phase 1: 4 workovers/wells - Potential to double…
  26. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 26
    27 Norway Production - Alvheim & Volund Alvheim Field LundinPetroleum Operator LundinPetroleum Partner PL413 PL088 Lundin Petroleum 15% 9/14a-6 P090 PL088 0 KM 4 Marathon 65% (operator), ConocoPhillips 20% PL413…
  27. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 27
    28 Norway - PL338 - Luno Field Lundin Petroleum interest: 50% (operator) PL413 PL088 PL363 Wintershall 30%, RWE 20% Peik field P090 PL036c Discovered in 2007 Alvheim field Volund field PL203 PL412 Discovery 16/1-8 PL150 008…
  28. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 28
    29 Pi Project 1 10b 15 29c 29cF1 7 12a 0015 8 0015/12 (Area 8) 0016 12f REV 23 MMboe contingent resources 016 12g 10a (40% WI) 29aF1 9 PL292b 12e 12c 12d 29aE 15/12-19 PL292 BG operator Pi Discovery Tie back to…
  29. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 29
    30 Exploration and Appraisal Activity 2009 - 2010 Gross Likely Drilling Schedule 2009 Likely Drilling Schedule 2010 Unrisked Net Country Licence Prospect MMboe Interest Operator Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Norway PL338 Luno appraisal…
  30. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 30
    31 Norway - Exploration 2009 - 2010 First nine months 2009 Four dry wells Hyme Aegis Tasta Mon 2 discoveries Luno South Marihne Q4 2009 - 2010 Greater Alvheim Area 1 well Greater Luno Area 4 wells Other 2 wells…
  31. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 31
    32 Greater Alvheim Area - Exploration LundinPetroleum Operator LundinPetroleum Partner PL413 PL088 PL088 0 KM 9/14a-6 4 P090 PL413 9/15a-1 PL088 bs PL036C P090 PL088 BS 9/15a-2 PEIK UK 24/6-1…
  32. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 32
    33 Luno South Discovery PL501 (Lundin 40%) PL167 (Lundin 20%) Luno second PL338 (50%) Luno South discovery appraisal well Q1 2010 Luno appraisal well Exploration well completed as discovery Fractured basement…
  33. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 33
    34 Greater Luno Area Regional OWC Still Holds True 1940m Regional OWC All wells drilled on southern Utsira High above 1940m MSL proved an oil/gas column 16/2-5 1852m MSL GOC Everything porous on southern 16/1-10 1866m MSL…
  34. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 34
    35 Exploration Potential in Greater Luno Area UK PL304 0 KM 20 PL 359 (40%) Luno and Luno South Exploration well in 2010 targeting Luno High discoveries 16/2-1 16/2-3 Avaldsnes prospect 16/1-10 16/1-4 16/2-4 127 MMboe…
  35. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 35
    36 Barents Sea - Drilling in 2011 22E 21E Prospect Licencsed Area (NPD) At least 4 drillable prospects already matured in Lundin Rauto Lundin Norway Licences Operated Petroleum operated portfolio. Non-Operated 0 KM 8…
  36. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 36
    37 Russia - Lagansky Block in Northern Caspian RUSSIA Lundin Petroleum 70% Kazhakstan Sea Caspain Mongolia Gunvor 30% China Kazakhstan Morskaya major oil discovery 2Q 2008 Mid case 230 MMbbls recoverable Astrakhan…
  37. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 37
    38 Russia - Lagansky Block 2009 Exploration 0 KM 20 Petrovskaya Prospect Lundin Northern Caspian Concession Oil Field 2009 Exploration - Petrovskaya Morskaya Discovery Gas Field Prospects Kaspiskoye Petrovskaya-1 currently…
  38. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 38
    39 Congo (Brazzaville) Exploration Lundin Petroleum 0 5 KM 20 Oil field Oil discovery Prospect Lead Congo (Brazzaville) MBoundi Congo (Brazzaville) - Block Marine XI Lundin Petroleum 18.75% Marine XI Exploration well Liyeke…
  39. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 39
    40 South East Asia THAILAND CAMBODIA VIETNAM PHILIPPINE Block 06/94 SB303 Block E Baronang Malaysia Cakalang BRUNEI MALAYSIA 2,000 km2 of 3D seismic acquisition in 2009 PM308A & B substantially complete Lematang…
  40. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 40
    41 2009/2010 Exploration Programme Country Licence Prospect Lundin Spud Gross Unrisked Net Unrisked CoS Net Risked Cum Net Risked Equity MMboe MMboe MMboe MMboe Norway PLPL203 Viper/South Kneler 115% Drilling 20 3 50% 2 2…
  41. FINANCIAL PRESENTATION FIRST NINE MONTHS 2009 – Lundin Petroleum – slide 41
    42 Financial Presentation - First Nine Months 2009 WF10822 www.lundin-petroleum.com

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