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FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum

Lundin Petroleum · Nov 14, 2007 · 36 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. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 1
    1 Financial Results - First Nine Months 2007 C. Ashley Heppenstall, President & CEO WF9825 Geoffrey Turbott, Vice President Finance & CFO
  2. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 2
    3 Financial Results - First Nine Months 2007 2500 2500 +11% 2000 2000 +35% 2,412 2,173 Million SEK 1500 1500 2,226 1,653 1000 1000 +22.5% 500 500 733 599 0 0 Net Profit Net Profit Operating Operating…
  3. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 3
    4 Financial Performance - First Nine Months 2007 Production 36,100 BOEPD Cost of operations USD 16.56/bbl Effective corporate tax rate 47% WF9608 11.07
  4. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 4
    5 Financial Performance First Nine Months 2007 9 months 3 months Jan-Sep 07 Jul-Sep 07 MSEK MSEK Write offs 209.9 128.0 Foreign exchange gain 124.1 102.2 G & A costs 133.7 26.0 WF9608 11.07
  5. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 5
    6 Production & Oil Price - Quarterly Comparison boepd /bbl Brent 45,000 70 40,000 60 35,000 30,000 50 25,000 40 20,000 30 15,000 20 10,000 10 5,000 0 0 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007…
  6. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 6
    7 2007 Cost of Operations /boe 17 2.5% Budget excl. Alvheim Actual 16 12 15 9 Months 2007 Budget (excl. Alvheim) vs Actual Budget (excl. Alvheim) WF9834 11.07
  7. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 7
    8 Margin Netback USD/boe - First Nine Months 2007 First Nine Months Original 2007 Forecast 2007 Actual excluding Alvheim (USD/boe) (USD/boe) Brent oil price 67.11 55.00 Revenue 58.93 48.32 Cost of operations -16.56 -16.28…
  8. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 8
    9 Balance Sheet - 30 September 2007 30 Sept 2007 31 DEC 2006 MSEK MSEK Fixed Assets 17,611 16,188 Net Current Assets (excluding cash) (213) 3 Net Bank Debt 1,566 1,134 Shareholder Equity 9,541 8,953 Net Debt/Equity Ratio…
  9. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 9
    10 Norway Tax Benefits Tax benefit of development expenditure Forecast capital expenditure to end 2007 amounts to NOK 2.2 bn (405 million) Discounted (8%) future tax benefit from the historic capital expenditure is estimated…
  10. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 10
    11 Liquidity New Finance Facility of 1bn 850 million secured revolving reducing credit facility 150 million unsecured credit facility Facility underwritten by BNP Paribas Royal Bank of Scotland Bank of Scotland WF9835…
  11. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 11
    12 Operational Highlights - First Nine Months 2007 Production 36,100 boepd - in line with forecast Outperformance in Oudna, Tunisia and Broom, United Kingdom Underperformance in Heather, United Kingdom Acquisition of…
  12. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 12
    13 Production History First Nine Months 2007 Actual 36,100 BOEPD 2005 Actual 2006 2004 33,100 BOEPD Actual Actual 29,400 BOEPD 28,900 BOEPD 2003 Actual 2002 16,100 BOEPD Actual 14,010 BOEPD 2001 NIL WF9613 11.07
  13. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 13
    14 Operational Highlights - First Nine Months 2007 Development Alvheim, Norway - First oil Q1 2008 Volund, Norway - Development plan approved - First oil 2009 Singa, Indonesia - Gas sales agreement signed - First gas 2009…
  14. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 14
    15 Alvheim Status First production first quarter 2008 Topsides installation - power generation and control system commissioning delays Development drilling - 3 production wells completed Subsea installation completed Plateau…
  15. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 15
    16 Production Growth 2008 Onwards 2007 Forecast 2005 34,000 BOEPD Actual 2006 2004 33,100 BOEPD Actual Actual 29,400 BOEPD 28,900 BOEPD 2003 Actual 2002 16,100 BOEPD Alvheim Actual 14,010 BOEPD net plateau production…
  16. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 16
    17 Operational Highlights - First Nine Months 2007 Exploration Norway - Luno discovery, PL338 UK - Scolty discovery, P1107 Norway/UK - Orange (PL335) and Lytham (P1129) both plugged and abandoned Indonesia - Tengis well…
  17. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 17
    18 Norwegian & UK Continental Shelf Licences Major acreage position in UK and Norwegian North Sea with 50 licences North Sea Operated Positions 1,000 Operated Non-Operated Net remaining reserves (mmboe) Source: Wood…
  18. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 18
    19 Alvheim and Luno Acreage PL413 PL088 PL363 P090 PL036c PL203 Alvheim field PL150 Luno light oil discovery in PL338 008 PL412 009 PL103B Jotun field PL340 0025 0026 Estimated recoverable reserves 65 MMboe to 190 MMboe…
  19. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 19
    20 Luno Regional Setting PL304 Lundin 60% (operator) PL167 Lundin 20% Lundin Petroleum operator and has material equity uth interest in Luno discovery and Luno discovery 16/1-4 so adjoining acreage well i gh 16/1-8 a…
  20. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 20
    21 Luno Discovery 16/1-4 16/1-5 Luno discovery well 16/1-8 Discovery well 16/1-8 discovered oil in Jurassic reservoir Jurassic reservoir with Triassic reservoir below Triassic reservoir oil/water contact WF9828 11.07
  21. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 21
    22 Luno Discovery Upside Luno discovery well 16/1-8 16/1-4 16/1-5 Estimated 65 MMboe to 190 MMboe of recoverable reserves only in Jurassic reservoir Additional potential upside Jurassic reservoir reserves in Triassic…
  22. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 22
    23 Luno Discovery Upside Luno discovery Appraisal 1 well 16/1-8 16/1-4 Appraisal 2 16/1-5 Appraisal programme to commence in 2008 to - appraise lateral extent and quality of Jurassic reservoir and - appraise Triassic…
  23. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 23
    24 UK Exploration - Scolty Discovery (P1107) 29c 26b 27LW 01528c 29d 29b 30 ALBA CALLANISH BRITANNIA 4a 2a 1aN 2aCR 3e FINLAGGAN 1b 021/02 (Area 2) 5a TWEEDSMUIR 3a GLENN BRODGAR 1aS 2aJR 3b 022/01 (Area 4) 4b 2aS 1a 5b…
  24. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 24
    25 UK Exploration - Scolty Discovery (P1107) 21/8-3 Scolty discovery Torphins Prospect Potential 10 MMbbls recoverable Prospective resources 30 MMbbls recoverable. Well planned in 2008 Torphins Middle Jurassic prospects…
  25. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 25
    26 Sudan - Block 5B Block B Central EGYPT Thar Jath (Dev) LIBYA 0 Km 20 Re d Se Thar Jath nal a Port Sudan lei Ca Block 5B Jong Jarayan CHAD ERITREA Block 5A Khartoum SUDAN Kosti Bahr El…
  26. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 26
    27 Well Site Preparation 110m Drilling Area TB SB CB WT DB 110m SB PT DB Drilling Barge CB Crane Barge SB Storage Barge TB Transport Barge WT Well Testing Barge AB Accommodation Barge PT Pusher Tugs Well site…
  27. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 27
    28 Kosti Logistics Base Rig test at Kosti Accomodation barge at Kosti Barges and drilling equipment at Kosti logistics base before transit to well location WF9171 10.07
  28. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 28
    29 Sudan - Block 5B National Petroleum Commission (NPC) has confirmed the legal validity of the Block 5B partnership. Requested by NPC to accommodate Nile Pet (Government of South Sudan oil company) with a 10% interest in…
  29. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 29
    30 Russia Exploration - Lagansky Block 2 exploration wells in 2007 Tengutinskoye Lundin Promyslovskoye Concession Sallkhinskaya Oleynikovskoye Mezhevoye Oil Field Gas Field Kurgannoye Petroskaya Lead Kamyshanskoye S. Gas…
  30. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 30
    31 Russia Lagansky Exploration - Alliance with Gazprom Gazprom option to purchase 50% + one share in Lagansky during exploration phase Lundin Petroleum option to purchase 30% in Lagansky from minority partner during…
  31. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 31
    32 Russia Lagansky Exploration - Permitting Status Permitting Licence amendments approved by Rosnedra Finalising drilling permit from Rosprirodnadzor Operationally ready to commence drilling First well to be drilled in…
  32. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 32
    33 New Ventures - First Nine Months 2007 Signed 7 PSCs Signed 2 Direct Study Options in Indonesia Cambodia Vietnam Ethiopia (3) Indonesia Congo (Brazzaville) Kenya (2 study options) GABON DJIBOUTI 0 KM 100 0 KM 50…
  33. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 33
    34 2007 Proven & Probable Reserves Total 176.4 MMboe Russia (30.3) France (22.6) Netherlands (5.4) Gas 10.9% 176.4 Oil 89.1% Indonesia (17.6) Norway (47.2) Tunisia (3.8) mmboe 01.01.2006 146.1 - Produced (excl Russia)…
  34. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 34
    35 Production Profile based upon 2007 Reserve Position 120 100 Contingent Resources 80 2P as at 1.1.2007 Mboepd 60 40 20 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 WF9688 11.07
  35. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 35
    36 Factors Affecting 2008 Production 2008 negative impact Comparison to original P50 Reserves Certification on production Norway - Alvheim delay 4,100 boepd Indonesia - Delay of Singa first gas from 2008 to 2009 1,100 boepd…
  36. FINANCIAL RESULTS FIRST NINE MONTHS 2007 – Lundin Petroleum – slide 36
    37 Reserves Upside Potential RUSSIA MMboe SUDAN 500 NORWAY UK VIETNAM CONGO 400 LUNO SCOLTY/TORPHINS 32.5 - 95 MMboe LUNO (max) excluding Triassic 15 MMboe LUNO (min) 300 CONTINGENT RESOURCES 133 MMboe 200 100 2P…

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