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FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum

Lundin Petroleum · May 12, 2009 · 40 slides

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Slides

  1. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 1
    1 Financial Presentation - First Three Months 2009 C. Ashley Heppenstall, President and CEO WF10669 Geoff Turbott, VP Finance and CFO
  2. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 2
    3 Financial Results - First Three Months 2009 1 000 1 000 900 900 800 800 700 700 MSEK 600 600 MSEK MUSD MUSD 500 63 11 500 395 -74% 400 400 300 300 200 200 96 100 100 0 0 Net Profit Net…
  3. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 3
    4 Financial Results - First Three Months 2009 1 000 1 000 MUSD MUSD 108 103 900 900 865 800 800 +28% 678 700 700 MSEK 600 600 MSEK MUSD MUSD 500 63 11 500 395 -74% 400 400 300 300 200 200 96 100…
  4. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 4
    5 Financial Results - First Three Months 2009 1 000 1 000 MUSD MUSD 108 103 900 900 865 800 MUSD MUSD 800 +28% 116 91 678 700 700 +5% 764 726 MSEK 600 600 MSEK MUSD MUSD 500 63 11 500 395 -74% 400 400…
  5. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 5
    6 Financial Performance - First Three Months 2009 First 3 Months First 3 Months 2009 2008 Production 38,800 BOEPD 27,100 BOEPD (after minority interest) Oil Price Achieved USD 43.47/BOE USD 83.95/BOE Cost of Operations…
  6. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 6
    7 Netback - First Three Months 2009 [USD/boe] Q1 CMD - Jan 09 2009 Forecast 2009 Average Brent oil price 44.46 40.00 Production MMboe (before MI) 3.54 14.60 Revenue 42.44 39.00 Cost of operations -14.48 -16.95 Tariffs -2.31…
  7. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 7
    8 Revenue Netback Reconciliation - First Three Months 2009 [USD/boe] Actual CMD - Jan 09 first 3 months 2009 Forecast 2009 Average Brent oil price 44.46 40.00 Sales differential Russia -3.33 -2.25 Gas price differential…
  8. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 8
    9 Cost of Operations - First Three Months 2009 MMBOE USD/boe MUSD Actual Q1 2009 3.54 X 14.48 = 51.2 Forecast CMD Q1 2009 3.60 X 17.14 = 61.7 % Change to Forecast -1.7% -18.4% -20.7%* * -4.0% if forecast is foreign…
  9. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 9
    10 Taxation - First Three Months 2009 Effective rate of tax 70% Current tax charge -71 MSEK Deferred tax charge 290 MSEK WF10676 e 05.09
  10. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 10
    11 Balance Sheet - 31 March 2009 31 Mar 2009 31 Dec 2008 Fixed Assets 25,018 23,129 Net Current Assets (excluding cash) -17 -346 Net Bank Debt 4,765 3,869 Shareholder Equity 12,120 11,438 Net Debt/Equity Ratio 39% 34%…
  11. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 11
    12 2009 Forecast Capital Expenditure Forecast CMD - Jan 09 2009 Forecast 2009 2009 Development Expenditure 175 MUSD 215 MUSD Foreign exchange impact Part of Volund expenditure delayed to 2010 2009 Exploration Expenditure…
  12. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 12
    13 Liquidity MUSD Secured Revolving Borrowing Base Facility 850 Unsecured Corporate Facility 150 Total Credit Facility 1,000 Borrowing Base Loan Drawn 31 March 2009 639 Cash Balances 31 March 2009 59 Net Debt Position…
  13. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 13
    14 Liquidity - Borrowing Base Determination Availability amount recalculated every six months Based upon banks oil price and economic parameters Utilising cashflows from certain 2P reserves Borrowing base amounted to approx.…
  14. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 14
    15 Lundin Petroleum - Asset Summary United Kingdom Norway 3 production licences, Russia 4 production licences, 18 exploration licences 1 development licence, 4 producing licences, 32 exploration licences 1 exploration…
  15. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 15
    16 First Three Months 2009 - Key Highlights First three months 2009 average production 38,800 boepd at high end of forecast Alvheim first quarter production 13,800 boepd Broom first quarter production 5,400 boepd Thistle first…
  16. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 16
    17 Production Q1 2009 Actual: 38,800 boepd* 45,000 40,000 22% 11% High/low range Q1 2009 35,000 boepd 30,000 25,000 20,000 2008 Q4 2008 Q1 2009 WF10679 05.09 * after minority interest
  17. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 17
    18 2009 Production Forecast France 9% Netherlands 6% 2009 production guidance 35,000 - 42,000 boepd Indonesia Q1 2009 Actual: 38,800 boepd* 7% Norway 38% Russia 14% 50,000 45,000 40,000 Tunisia 2% 35,000 UK…
  18. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 18
    19 Reserves Growth Reserves Replacement Ratio of 357% (cumulative production: 62.5 MMBOE) 250 200 Russia MMboe 150 U.K. Norway Tunisia Venezuela 100 Netherlands Indonesia France 50 0 2003 2004 2005…
  19. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 19
    20 2009 Proven & Probable Reserves Gas 14.5% Russia (18.6) France (26.4) Oil 85.5% Indonesia (15.2) Netherlands (4.3) Total 217.5 MMboe 01.01.2008 MMboe 184.2 - Produced (forecast) -11.6 U.K. (82.1) + New reserves…
  20. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 20
    21 Contingent Resources - 1 January 2009 45.7 MMboe to Reserves Nemo Thistle UK, 56.3 Heather Others, 15.6 Broom - Thistle Infill France, 9.9 Peik - Heather Infill Grandville - Heather Triassic Others, 13.0 - SW Heather…
  21. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 21
    22 Norway Production/Development - Alvheim & Volund Alvheim Field LundinPetroleum Operator LundinPetroleum Partner PL413 PL088 Lundin Petroleum 15% P090 PL088 0 KM 4 9/14a-6 Marathon 65% (operator), ConocoPhillips…
  22. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 22
    23 UK Assets UK Q1 2009 Production: 10,400 bopd net Reserves (01.01.09): 82.1 MMboe Operating cost per barrel (1) Heather/Broom 21.0 USD/boe (2009) Thistle 52.5 USD/boe (2009) 18 19b 20e THISTLE 17 18b 19a 9c…
  23. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 23
    24 Norwegian Assets - 2009 Exploration WP & Forecast Greater Luno Area Total: USD 68 MM (USD 40 MM drilling) 2 wells Greater Alvheim Area Total: USD 61 MM (USD 57 MM drilling) 4 wells Others Total: USD 66 MM (USD 42 MM…
  24. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 24
    25 Drilling to Commence Songa Dee Transocean Winner Semi submersible Semi submersible 1.5 year contract (including option) 1 year rig share contract Drilling May/June 2009 from 2H 2009 WF10043 05.09
  25. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 25
    26 Greater Alvheim Area - Exploration PL363 Four exploration wells PL413 PL412 PL363 PL304 (50%) Aegis prospect 104 MMboe - drilling 2009 3 P090 (9/15a) PL088 PL036c 8 9 PL340 (15%) Marihone prospects A/B 37 MMboe -…
  26. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 26
    27 Luno Discovery - PL338 PL413 PL088 PL363 Peik field P090 Discovered in 2007 Alvheim field PL036c Volund field PL203 Lundin Petroleum interest: 50% (Operator) PL150 PL412 Wintershall 30%, RWE 20% 008 009 PL340 0025 0026…
  27. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 27
    28 Successful Luno Appraisal 16/1-8 16/1-10 (Luno discovery well) (Luno appraisal well) Tested 4,000 bopd OWC Incorporate drilling and test results into updated subsurface model Expected to book Luno reserves in Q2…
  28. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 28
    29 Exploration Potential in Greater Luno Area Luno discovery 2007 PL501 (Lundin 40%) Succesfully appraised 2009 Luno Discovery PL167 (reserves expected to be booked in (Lundin 20%) Q2 09 within 65- 190 MMboe range) Luno…
  29. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 29
    30 Exploration Potential in Greater Luno Area Luno discovery 2007 PL501 (Lundin 40%) Succesfully appraised 2009 Luno Discovery PL167 (reserves expected to be booked in Luno Extensions (Lundin 20%) Q2 09 within 65- 190 MMboe…
  30. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 30
    31 Exploration Potential in Greater Luno Area Luno discovery 2007 PL501 (Lundin 40%) Succesfully appraised 2009 Luno Discovery PL167 (reserves expected to be booked in Luno Extensions (Lundin 20%) Q2 09 within 65- 190 MMboe…
  31. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 31
    32 StatoilHydro Farm into Greater Luno Area Farmout agreement signed with StatoilHydro in April 2009 for UK PL304 0 KM 20 licences in the Greater Luno Area PL167/167B 30% interest in PL359 and 410 StatoilHydro (Operator)…
  32. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 32
    33 Barents Sea PL438 Lundin Petroleum Operator Lundin Petroleum 35% (operator) 7b Lundin Petroleum Partner 8 9a 9b 7223 10 11 1 2 PL490 7222 7 12 3 PL533 7221 9 11 12a 10 2 12 1 8 11 3 5b 7220 10 7125 Lundin…
  33. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 33
    34 Norway - Q1 2009 PL495 Acquisition of Talismans 40% interest in the Nemo Krabbe Licence (PL301) BARBARA PHYLLIS PL148 Lundin Petroleum 40% interest* Partners: Skeie Energy AS (35%) Mungo DONG E&P Norge AS (25%)…
  34. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 34
    35 Russia - Lagansky Block 2009 Exploration 0 KM 20 Petrovskaya Prospect Lundin Northern Caspian Concession Oil Field Morskaya Discovery Gas Field 2009 Exploration Programme Kaspiskoye Prospects Laganskaya-1 Petrovskaya…
  35. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 35
    36 Core Area - South East Asia Exploration THAILAND Exploration Country Licences CAMBODIA Cambodia 1 VIETNAM Indonesia 4 Malaysia 3 Block 06/94 SB303 Vietnam 1 Block E Total 9 Baronang Cakalang SABAH BRUNEI MALAYSIA…
  36. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 36
    37 Vietnam - Block 06-94 Ho Chi Minh 11-2 05-3 05-2 Lundin Petroleum interest: 33.33% Pearl Energy: 33.33% (operator) Lan Do (0.4 TCF) VIETNAM Lan Tay Australian Worldwide Exploration: 23.33%* 06-94 (1.6 TCF) 06-1 Serica:…
  37. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 37
    38 Lundin Exit of East Africa Eritrea Africa Oil Corp - Lundin Services BV Gulf Djibouti of Sale of Lundin Kenya & Ethiopia subsidaires to AOC Aden Deal closed end of April 2009 Adigala Somalia Sudan Ethiopia Block 5B…
  38. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 38
    39 Exploration and Appraisal Activity 2009 Gross Likely Drilling Schedule 2009 Unrisked Net Country Licence Prospect MMboe Interest Operator Q1 Q2 Q3 Q4 Norway PL338 Luno appraisal 65-190 50% Lundin Successfully appraised…
  39. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 39
    40 2009 Exploration Programme Country Licence Prospect Lundin Spud Gross Unrisked Net Unrisked CoS Net Risked Cum Net Risked Equity MMboe MMboe MMboe MMboe Norway PL304 Aegis 50% Q2 104 52 19% 10 10 Norway PL338 Luno…
  40. FINANCIAL PRESENTATION FIRST THREE MONTHS 2009 – Lundin Petroleum – slide 40
    41 Financial Presentation - First Three Months 2009 WF10669 www.lundin-petroleum.com

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