LundinPetroleum Lundin Petroleum Presentation Presentation WF11587 Swedbank First Securities, Nordic Energy Summit 2013 21st March 2013
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3 Lundin Petroleum and Apple 90 Rebased Monthly Average Share Price Monthly Average Closing Share Price (Rebased to 1, Sep 2001) 80 LUPE Apple 70 60 50 40 30 20 10 0 Sep Sep Sep Sep Sep Sep Sep Sep…
4 Company Overview and History History Introduction 2001 Initial listing in Stockholm An organic growth success story Initial cash equity of MUSD 50 Raised cash equity USD 50 million in 2001 2004 Acquisition led growth…
5 Resource Growth is the Key to Value Creation 1,100 1,000 900 Value creation through 800 organic resources growth in Norway 700 MMboe 600 500 400 Resources (2C) 300 Norway Others 200 Reserves (2P) 100…
6 Lundin Petroleum - Asset Overview Norway represents 75 % of our business Core Areas: Europe, SE Asia Norway - Reserves (1): 151.7 MMboe - 16 exploration/appraisal Russia wells in 2013 - Reserves (1): 6.9 MMboe Ireland -…
7 Lundin Petroleum - A Snapshot of the Business Solid financial performance driven by Norwegian production 35,700 boepd. Predominently Brent based oil O PMENT PRO L VE DU Operating cash flow USD 830 million in…
8 Lundin Petroleum - A Snapshot of the Business USD 2.2 billion development capital programme through 2015 Edvard Grieg (50%) gross USD 4 billion operated development. First oil 2015. Ongoing O PMENT PRO L Brynhild (90%)…
9 Lundin Petroleum - A Snapshot of the Business Third largest contingent resource position in Norway 700 MMboe dominated by Johan Sverdrup O PMENT PRO L Appraisal ongoing. 15 wells drilled to date VE DU DE C…
10 Exploration Remains a Key Focus USD 500 million exploration per year O PMENT PRO L Norway key focus 10 wells per year VE DU DE C T I ON E X P Utsira High Area, Barents Sea, new core area AL IS RA…
11 Strong Liquidity USD USD 2.5 billion bank facility 2.5 Mand a BNP P ted Lead Billi Citi ribas a Arran on F 25 international banks acil gers ity Comm o Crdi wealth n t B Libor plus 275-325 bps D e u t s Ag r i…
12 Production to Quadruple from Ongoing Developments 10-15 exploration wells per year Johan Sverdrup Other contingent resources not included in production forecast +100% increase in production Edvard Grieg…
13 Norway - Remains the Key Focus Barents Sea Area Barents Sea 2012 net production 27,200 boepd 2P reserves net 151.7 MMboe 2C contingent resources net 715(1) MMboe Utgard High Area 61 licences operated acreage 11,600 km2…
14 Norway - Successful Organic Growth Licences PRODUCTION RESERVES CONTINGENT boepd MMboe RESOURCES MMboe 715(1) 151.7 27,200 61 15 WF11443 p3 01.13 0 0 0 2003 2013 2003 2012 end 2003 end 2012 end 2003 end…
15 The Million Dollar Question How could a small Swedish oil and gas company find a multibillion barrel recoverable oil field in the heart of the Norwegian North Sea 45 years after the area was opened up for exploration WF11507…
16 Why Invest in Norway 0 KM 60 Excellent exploration potential remains Wells drilled No independents until recently Lower drilling density than UK Close to existing infrastructure Stable and attractive fiscal regime 78%…
17 Why Invest in Norway Finding Cost(1) (Post Tax) Lundin Petroleum Finding Cost (Post Tax) 0.34 USD/boe 2P Reserves & Johan Sverdrup resources PL338 transaction value (Post Tax)(2) OMV Acquisition of PL338 (20%) PL338…
18 Changes to Fiscal Policy and Licensing Rounds APA rounds Cash refunds of exploration allowances Revitalized Norwegian Continetal Shelf Encouraged diversity New players Increased levels of exploration activity…
19 People and Innovative Solutions Best people to run our Norwegian business are Norwegians Theories Data Challe Conventinge o Thinkingnal Methods Tools WF11506 p1 08.12 Leverage the knowledge and…
20 Technology Has improved exploration success rates Widely available to all Differentiating factor is how we use the technology not the technology itself WF11510 p2 08.12
21 Corporate Decision Process Risk assessment and corporate decision making processes are critical to investment Exploitation versus Exploration Reduced exploration activity Too many people / commitees involved…
22 The Utsira High Balder Grane PL546 PL501 Edvard Grieg Utsira High PL338 PL265 Area PL359 PL502 PL410 Johan Sverdrup WF11507 p9 03.13 Sleipner
23 Edvard Grieg Development Lundin Petroleum interest: 50% (operator) OMV 20%, Wintershall 15%(1), Statoil 15%(1) 2P reserves: 186 MMboe gross Plateau production: 100,000 boepd gross Production startup Oct 2015 Jacket: 13,000…
24 Norway - Utsira High - Johan Sverdrup Located in the southern Utsira High Snorre In the heart of the North Sea Norway Statfjord Close to existing infrastructure Gullfaks Sweden Mapped area Water depth: 115m Troll…
25 Norway - Johan Sverdrup 2013 Appraisal Programme Working Interest PL501 PL265 Lundin Petroleum 40% (OP) 10% Edvard Grieg Statoil 40% 40% (OP) Maersk 20% Torvastad PL338 Det norske 20% Petoro 30% 16/2-9S PL265…
26 Johan Sverdrup - Possible Topside Layout Schematic Example of Johan Sverdrup Topside Centre of Field Layout WF11676 p502.13
27 Lundin Petroleum Remains an Exploration Company WF11587 p9 10.12
28 Continue to Increase Acreage Position in Norway Barents Sea Area Norway Norwegian Sea Area Mre Basin Area Greater Alvheim Area Utsira High Area Utsira High Area WF11587 p6 09.12 Southern NCS Area
WF11693 p5 03.13 0 5 10 15 20 25 30 35 40 45 50 Sta L toil 181 De t n und or 29 sk in To e olj t Wi al E& . nt ers P Ta hall lism Ce an nt ric a DO E NG ni E& Ma P rat ho BP nO Sh il ell…
30 Norway - 2013 Exploration Drilling 1 exploration well 10 exploration wells Barents Sea Area 6 wells on the Utsira High Area 1 well in the Barents Sea 2 wells in the Southern NCS Area Norway Utgard High Area 1 well…
31 Norway - Utsira High Exploration 2013 5 exploration wells to be drilled 024 025 Kopervik PL359 Luno II (40%) Gross Prospective Resources: 139MMboe PL625 PL546 Drilling ongoing PL501 Torvastad PL625 Kopervik (40%) PL673…
32 Utsira High 2013 Exploration - Luno II Johan Sverdrup discovery PL359 (Lundin 40% operated) Luno II prospect N Johan Sverdrup or E. Grieg play type Edvard Grieg discovery So Reservoir: Upper Jurassic ut he Gross…
33 A New Oil Province in Norway Longyearbyen 0 KM 400 Faroe Is. 00'0 100'0E 200'0E 300'0E 400'0E 500'0E 600'0E 100'0W 00'0 100'0E 0 KM 400 Svalbard 600'0N 600'0N Russia Norway Barents Sea North Sea Hammerfest…
34 Lundin Petroleum - Acreage Position in the Barents Sea 0 PL609 Largest Independant Acreage Position April 2011 Skrugard Discovery in the Barents Sea 7215 200-300 MMboe 7216 7217 January 72182012 7219 7220 7221 7222…
35 Norway - Norwegian Sea Exploration - Utgard High 0 5 10 20 KM Leads/Prospects New area with large potential Sverdrup prospect Aasta Hansten PL330 PL330 (Lundin 30% ) Sverdrup prospect PL654 Partners: RWE Dea 40% (OP),…
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