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First Nine Months 2011 – Lundin Petroleum

Lundin Petroleum · Nov 2, 2011 · 46 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 Nine Months 2011 – Lundin Petroleum – slide 1
    Financial Presentation - First Nine Months 2011 C. Ashley Heppenstall, President & CEO Geoff Turbott, VP Finance & CFO
  2. First Nine Months 2011 – Lundin Petroleum – slide 2
    3 First Nine Months 2011 Highlights Third Quarter First Nine Months 2011 2011 Production (boepd) 33,900 32,800 Average Brent oil price (USD/boe) 113.41 111.89 Cost of operations (USD/boe) 8.20 8.27 Profit after tax…
  3. First Nine Months 2011 – Lundin Petroleum – slide 3
    4 Financial Results - Third Quarter 2011 REVENUE 33,900 boepd USD 102.41/boe 350 MUSD 327.5 OPERATING COSTS MUSD 48.2 300 Cost of operations USD 8.20/boe CASH MARGIN DEPLETION MUSD 279.3 MUSD 42.7 250 EXPLORATION…
  4. First Nine Months 2011 – Lundin Petroleum – slide 4
    5 Financial Results - First Nine Months 2011 REVENUE 32,800 boepd USD 101.63/boe MUSD 946.5 1,000 OPERATING COSTS 900 MUSD 146.2 Cost of operations USD 8.27/boe 800 CASH MARGIN DEPLETION MUSD 800.3 MUSD 121.4 700…
  5. First Nine Months 2011 – Lundin Petroleum – slide 5
    6 Financial Results - First Nine Months 2011 Net Profit 180 169.3 160 140 120 100 295% MUSD 80 60 42.8 38.9 40 77% 22.0 20 0 Net Profit Net Profit Net Profit Net Profit First Nine Months First…
  6. First Nine Months 2011 – Lundin Petroleum – slide 6
    7 Financial Results - First Nine Months 2011 Operating Cash Flow 600 586.8 500 41% 416.5 400 MUSD 300 196.5 200 23% 160.1 100 0 Operating Cash Flow Operating Cash Flow Operating Cash Flow Operating…
  7. First Nine Months 2011 – Lundin Petroleum – slide 7
    8 Financial Results - First Nine Months 2011 EBITDA 800 767.3 700 600 80% 500 425.6 MUSD 400 300 262.0 57% 200 167.2 100 0 EBITDA EBITDA EBITDA EBITDA First Nine Months First Nine Months Third…
  8. First Nine Months 2011 – Lundin Petroleum – slide 8
    9 Netback - First Nine Months 2011 Third Quarter First Nine Months 2011 2011 Average Brent oil price USD/boe 113.41 111.89 Revenue 105.07 105.60 Cost of operations -8.20 -8.27 Tariffs -1.67 -1.97 Royalty and direct taxes…
  9. First Nine Months 2011 – Lundin Petroleum – slide 9
    10 Cost of Operations 2011 USD/boe 10 - Alvheim fire prevention maintenance - Tunisia FPSO recertification and subsea system inspection 9 GUIDANCE FEB 2011 USD 8.61/boe 2011 FORECAST USD 8.50/boe 8 7 Q1 2011…
  10. First Nine Months 2011 – Lundin Petroleum – slide 10
    11 G & A / Financial Items - First Nine Months 2011 Third Quarter 2011 First Nine Months 2011 General & Administration MUSD MUSD General & administration cash charge (5.6) (17.0) Non-cash provision - Long Term Incentive Plan…
  11. First Nine Months 2011 – Lundin Petroleum – slide 11
    12 Tax - First Nine Months 2011 USD/boe Effective tax rate Current tax charge 23.82 36% Deferred tax charge 22.73 35% 46.55 71% Third Quarter 77% WF11377 p8 10.11
  12. First Nine Months 2011 – Lundin Petroleum – slide 12
    13 Liquidity [MUSD] at 30 September 2011 Debt Outstanding 222 Cash Balances 98 Net Debt Position 124 Availability Under Credit Facility(1) 740 (1) Loan facility MUSD 850 with reducing availability to 2014…
  13. First Nine Months 2011 – Lundin Petroleum – slide 13
    14 Debt Position - First Nine Months 2011 MUSD 500 OPENING LOAN WORKING CAPITAL 1 Jan 2011 G&A MUSD 15 MUSD 58 FINANCIAL MUSD 5 MUSD 459 400 SALE AOC SHARES MUSD 54 Loan Reduction MUSD 237 300 EXPLORATION ETRION LOAN…
  14. First Nine Months 2011 – Lundin Petroleum – slide 14
    15 Debt Position - Forecast End 2011 Current oil prices OPERATING MUSD CASH FLOW G&A MUSD 23 WORKING CAPITAL 500 MUSD 720 FINANCIAL MUSD 7 MUSD 48 OPENING LOAN 1 Jan 2011 MUSD 459 Loan 400 Reduction MUSD 164 300 SALE…
  15. First Nine Months 2011 – Lundin Petroleum – slide 15
    16 First Nine Months 2011 - Operational Highlights Avaldsnes/Aldous - A new giant oil field in Norway Avaldsnes 800 million - 1.8 billion barrels Total 1.7 - 3.3 billion barrels Aldous Major South 900 million - 1.5 billion…
  16. First Nine Months 2011 – Lundin Petroleum – slide 16
    17 First Nine Months 2011 - Operational Highlights Avaldsnes/Aldous - A new giant oil field in Norway Avaldsnes 800 million - 1.8 billion barrels Total 1.7 - 3.3 billion barrels Aldous Major South 900 million - 1.5 billion…
  17. First Nine Months 2011 – Lundin Petroleum – slide 17
    18 First Nine Months 2011 - Operational Highlights Avaldsnes/Aldous - A new giant oil field in Norway Avaldsnes 800 million - 1.8 billion barrels Total 1.7 - 3.3 billion barrels Aldous Major South 900 million - 1.5 billion…
  18. First Nine Months 2011 – Lundin Petroleum – slide 18
    19 First Nine Months 2011 - Operational Highlights Avaldsnes/Aldous - A new giant oil field in Norway Avaldsnes 800 million - 1.8 billion barrels Total 1.7 - 3.3 billion barrels Aldous Major South 900 million - 1.5 billion…
  19. First Nine Months 2011 – Lundin Petroleum – slide 19
    20 Strong Production in First Nine Months 2011 Strong 9 month production 32,800 boepd Outperformance of Volund and Alvheim Alvheim 10,800 boepd Volund 11,900 boepd 2011 production guidance remains at to 31,000 - 34,000 boepd…
  20. First Nine Months 2011 – Lundin Petroleum – slide 20
    21 Increase of Production Avaldsnes/Aldous Luno/Tellus Apollo Skalle Onstream Caterpillar Byla Tarap Onstream Cempulut Brynhild Onstream +100% Discoveries not Gaupe increase included in Onstream in production forecast…
  21. First Nine Months 2011 – Lundin Petroleum – slide 21
    22 Greater Luno Area - Luno /Tellus Development 0 KM 20 PL036c Lundin Petroleum interest: 50% (operator) Alvheim Area Wintershall 30%, RWE 20% PL203 PL505BS PL150B PL150 008 009 PL547S Development Plan substantially…
  22. First Nine Months 2011 – Lundin Petroleum – slide 22
    23 Greater Luno Area - Luno / Tellus Development Luno Subsurface Development Water Injectors Oil Producers Central drilling location 11 producers (7 horizontals) Tellus 4 water injectors Estimated Luno/Tellus reserves: 188…
  23. First Nine Months 2011 – Lundin Petroleum – slide 23
    24 Greater Luno Area - Luno / Tellus Development Luno development concept selected Dry wellheads Flexibility regarding oil/gas export Oil export to Grane or offshore loading FEED studies completed Gas export to Sleipner…
  24. First Nine Months 2011 – Lundin Petroleum – slide 24
    25 Exploration 2011 Drilling Seven successful exploration wells finding net contingent resources of between 57 - 190 MMboe Norway Malaysia Caterpillar Tarap Tellus Cempulut Skalle Aldous Major South Aldous Major North…
  25. First Nine Months 2011 – Lundin Petroleum – slide 25
    26 Exploration 2012 Drilling 2012 drilling is targetting net unrisked prospective resources of 548 MMboe 2012 exploration and appraisal drilling - 24 wells Norway 8 exploration wells 4 appraisal wells Malaysia 5…
  26. First Nine Months 2011 – Lundin Petroleum – slide 26
    27 Avaldsnes - A New Giant in Norway 0 15 KM 60 In the heart of the North Sea Located in the southern Utsira High Snorre Close to existing infrastructure Statfjord Gullfaks 35 km south of Grane - significant spare…
  27. First Nine Months 2011 – Lundin Petroleum – slide 27
    28 The Southern Utsira High - A Sleeping Giant 0 KM 20 Oil Gas 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 acreage position…
  28. First Nine Months 2011 – Lundin Petroleum – slide 28
    29 The Luno/Apollo Discoveries - PL338 0 KM 20 Oil Gas PL546 PL501 Lundin Petroleum 50% (operator) Partners: RWE Dea 20%, Wintershall 30% Tellus Luno/Tellus discoveries: Apollo Estimated gross reserves: 188 MMboe Luno…
  29. First Nine Months 2011 – Lundin Petroleum – slide 29
    30 Avaldsnes / Aldous - A New Giant in Norway PL546 PL501 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 Updated gross…
  30. First Nine Months 2011 – Lundin Petroleum – slide 30
    31 Avaldsnes and Aldous Major South is One Giant Field Aldous Major South PL265 1,700 - 3,300 Avaldsnes MMbo PL501 Lundin Petroleum Interest: 10% PL265 & 40% PL501 Contingent resources are gross WF11366 p13 09.11…
  31. First Nine Months 2011 – Lundin Petroleum – slide 31
    WF11366 p12 10.11 Recoverable Oil (Million bbl) 500 1,000 1,500 2,000 2,500 3,000 3,500 Statfjord Ekofisk Oseberg Gullfaks Troll Snorre Heidrun Valhall Draugen Eldfisk Grane Asgard Norne Ula Balder Tordis…
  32. First Nine Months 2011 – Lundin Petroleum – slide 32
    33 Aldous / Avaldsnes - 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…
  33. First Nine Months 2011 – Lundin Petroleum – slide 33
    34 Avaldsnes Further Appraisal Programme Luno Avaldsnes / Aldous Major South will be developed as one field PL338 16/2-9S Aldous Major North Discovery Pre-Unit Agreement discussions ongoing PL265 16/2-10 (Aldous Major South…
  34. First Nine Months 2011 – Lundin Petroleum – slide 34
    35 Norway 2012 Exploration Drilling Barents Sea 8 exploration wells in 2012 in 4 core areas Norway North Sea 6205 6204 6203 216 217 218 219 6201 6202 6203 6204 Lundin Petroleum Licences 6108 6107 6103 Albert 220 Operated…
  35. First Nine Months 2011 – Lundin Petroleum – slide 35
    36 Greater Luno Area & the Southern Utsira High 2012 Exploration Drilling 0 4 KM 16 0024 Lundin Petroleum Operator 0025 PL544 (Lundin 70% operated) Lundin Petroleum Partner Biotitt prospect Gross unrisked prospective…
  36. First Nine Months 2011 – Lundin Petroleum – slide 36
    37 Greater Luno Area & the Southern Utsira High 2012 Exploration Drilling PL359 (Lundin 40% operated) Luno II prospect N Avaldsnes play type Luno discovery Reservoir: Upper Jurassic Gross unrisked prospective resources:…
  37. First Nine Months 2011 – Lundin Petroleum – slide 37
    38 More Basin Area - A New Core Area 2012 Exploration Drilling PL519 (Lundin 40% operated) Albert prospect Gross unrisked prospective resources: 177 MMboe Further prospectivity identified 0 5 10 20 for 2013 drilling…
  38. First Nine Months 2011 – Lundin Petroleum – slide 38
    39 Quadrant 8 Area 2012 Exploration Drilling PL495 (Lundin 60% operated) Carlsberg prospect PL495 Gross unrisked prospective resources: 67 MMboe (2 levels) Carlsberg Ogna PL453 (Lundin 35% operated) Brynhild (PL148) Ogna…
  39. First Nine Months 2011 – Lundin Petroleum – slide 39
    NORWAY 7221 40 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 Rein Gross unrisked…
  40. First Nine Months 2011 – Lundin Petroleum – slide 40
    41 South East Asia - 2012 Exploration Drilling THAILAND TOTAL Peninsular Malaysia CAMBODIA Exploration Licences: 12 VIETNAM Production Licences: 1 Block 06/94 SB303 Cakalang Sabah Area Baronang SB307/308 PM307 SABAH…
  41. First Nine Months 2011 – Lundin Petroleum – slide 41
    42 Peninsular Malaysia 2011/2012 Drilling Campaign Lundin Petroleum Licences Operated Non-operated PM307 (Lundin 75% operated) Hydrocarbon fields/discoveries Bertam appraisal Oil Gas Sotong Prospect / lead Field PM308B…
  42. First Nine Months 2011 – Lundin Petroleum – slide 42
    43 Malaysia - Sabah Area 0 15 KM 60 Tarap/Cempulut discoveries in 2011 + Titik-Terang discovery. Gross contingent resources SB303 250 bcf. South China Potential cluster development. Sea Cempulut Discovery Tarap Discovery…
  43. First Nine Months 2011 – Lundin Petroleum – slide 43
    44 2011 - 2012 Drilling Schedule 2011 2012 Country Licence - Prospect Operator LUPE% NUPR (1) CoS % NRPR (3) Q4 Q1 Q2 Q3 Q4 1 Norway PL265 - Aldous MS App. 16/2-10 Statoil 10.00 Discovery 2 Norway PL501 - Avaldsnes 16/5-2 App.…
  44. First Nine Months 2011 – Lundin Petroleum – slide 44
    45 Reserves and Resources Increase End 2010 Reserves & Contingent Resources + Avaldsnes & Aldous Major South (1) mid case net contingent resources End 2010 Reserves & Contingent Resources 446 MMboe 1006 MMboe WF11210…
  45. First Nine Months 2011 – Lundin Petroleum – slide 45
    46 Lundin Petroleum 2011 - Continued Growth Strong production and cashflow Development programme. Production to double in 5 years Avaldsnes - a new giant oil field in Norway Major exploration/appraisal programme in…
  46. First Nine Months 2011 – Lundin Petroleum – slide 46
    47 Financial Presentation - First Nine Months 2011 WWW.LUNDIN-PETROLEUM.COM

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