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FINANCIAL PRESENTATION – Lundin Petroleum

Lundin Petroleum · Aug 12, 2009 · 37 slides

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Slides

  1. FINANCIAL PRESENTATION – Lundin Petroleum – slide 1
    1 Financial Presentation - First Six Months 2009 C. Ashley Heppenstall, President and CEO WF10725 Geoff Turbott, VP Finance and CFO
  2. FINANCIAL PRESENTATION – Lundin Petroleum – slide 2
    3 Financial Results - First Six Months 2009 REVENUE REVENUE MSEK 27,700 boepd* 39,500 boepd** MSEK USD 97.58/bbl USD 49.35/bbl 3,000 3,000 2,750 2,750 2,500 2,500 2,250 2,250 2,000 2,000 1,750 1,750 1,500 1,500…
  3. FINANCIAL PRESENTATION – Lundin Petroleum – slide 3
    4 Financial Results - First Six Months 2009 REVENUE REVENUE MSEK 27,700 boepd* 39,500 boepd** MSEK USD 97.58/bbl USD 49.35/bbl 3,000 3,000 2,750 2,750 2,500 OPERATING COSTS OPERATING COSTS 2,500 Cost of operations USD…
  4. FINANCIAL PRESENTATION – Lundin Petroleum – slide 4
    5 Financial Results - First Six Months 2009 REVENUE REVENUE MSEK 27,700 boepd* 39,500 boepd** MSEK USD 97.58/bbl USD 49.35/bbl 3,000 3,000 2,750 2,750 2,500 OPERATING COSTS OPERATING COSTS 2,500 Cost of operations USD…
  5. FINANCIAL PRESENTATION – Lundin Petroleum – slide 5
    6 Financial Results - First Six Months 2009 REVENUE REVENUE MSEK 27,700 boepd* 39,500 boepd** MSEK USD 97.58/bbl USD 49.35/bbl 3,000 3,000 2,750 2,750 2,500 OPERATING COSTS OPERATING COSTS 2,500 Cost of operations USD…
  6. FINANCIAL PRESENTATION – Lundin Petroleum – slide 6
    7 Financial Results - First Six Months 2009 REVENUE REVENUE MSEK 27,700 boepd* 39,500 boepd** MSEK USD 97.58/bbl USD 49.35/bbl 3,000 3,000 2,750 2,750 2,500 OPERATING COSTS OPERATING COSTS 2,500 Cost of operations USD…
  7. FINANCIAL PRESENTATION – Lundin Petroleum – slide 7
    8 Financial Results - First Six Months 2009 REVENUE REVENUE MSEK 27,700 boepd* 39,500 boepd** MSEK USD 97.58/bbl USD 49.35/bbl 3,000 3,000 2,750 2,750 2,500 OPERATING COSTS OPERATING COSTS 2,500 Cost of operations USD…
  8. FINANCIAL PRESENTATION – Lundin Petroleum – slide 8
    9 Financial Results - First Six Months 2009 MUSD MUSD 2,000 245 223 2,000 1,824 1,800 1,800 +21% 1,600 1,600 1,502 1,400 1,400 MSEK 1,200 1,200 MSEK MUSD MUSD 125 19 1,00 1,00 800 765 800 600 600…
  9. FINANCIAL PRESENTATION – Lundin Petroleum – slide 9
    10 Financial Results - First Six Months 2009 MUSD MUSD MUSD MUSD 2,000 245 223 273 215 2,000 1,824 1,800 1,756 1,800 +5% +21% 1,670 1,600 1,600 1,502 1,400 1,400 MSEK 1,200 1,200 MSEK MUSD MUSD 125 19 1,00…
  10. FINANCIAL PRESENTATION – Lundin Petroleum – slide 10
    11 Netback - First Six Months 2009 [USD/boe] First 6 months CMD - Jan 09 2009 Forecast 2009 Average Brent oil price 51.68 40.00 Revenue 48.76 39.00 Cost of operations -14.82 -16.95 Tariffs -2.16 -2.20 Production taxes…
  11. FINANCIAL PRESENTATION – Lundin Petroleum – slide 11
    12 Revenue Netback Reconciliation - First Six Months 2009 [USD/boe] First 6 months CMD - Jan 09 2009 Forecast 2009 Average Brent oil price 51.68 40.00 Sales differential Russia -3.37 -2.25 Gas price differential -0.22 -0.35…
  12. FINANCIAL PRESENTATION – Lundin Petroleum – slide 12
    13 Cost of Operations - First Six Months 2009 MMBOE USD/boe MUSD First six months 2009 7.15 X 14.82 = 105.9 15.6% below forecast in US dollar terms 4.4% below forecast in local currency terms WF10676 d 05.09
  13. FINANCIAL PRESENTATION – Lundin Petroleum – slide 13
    14 Exploration Costs - First Six Months 2009 Pre-tax MSEK Norway PL006c Hyme well 219 Vietnam 06/94 Tuong Vi well 60 Indonesia Salawati Isand & Basin wells 29 France Ferrieres and Pays du Salnois wells 22 Other 6…
  14. FINANCIAL PRESENTATION – Lundin Petroleum – slide 14
    15 Taxation - First Six Months 2009 Effective rate of tax 76% Current tax charge -7 MSEK Deferred tax charge 504 MSEK WF10676 e 08.09
  15. FINANCIAL PRESENTATION – Lundin Petroleum – slide 15
    16 Taxation - Effective Rate Example Profit before Effective tax Tax rate Norway 100 (72) 72% Others (20) 6 30% 80 (66) 83% Norway 100 (72) 72% Others 20 (6) 30% 120 (78) 65% WF10730 08.09
  16. FINANCIAL PRESENTATION – Lundin Petroleum – slide 16
    17 Balance Sheet - 30 June 2009 30 June 2009 31 Dec 2008 Fixed Assets 24,005 23,129 Net Current Assets (excluding cash) 499 -346 Net Bank Debt 4,780 3,869 Shareholder Equity 11,786 11,438 Net Debt/Equity Ratio 41% 34%…
  17. FINANCIAL PRESENTATION – 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 June 2009 699 Cash Balances 30 June 2009 74 Net Debt…
  18. FINANCIAL PRESENTATION – Lundin Petroleum – slide 18
    19 First Six Months 2009 - Key Highlights Production - First six months 2009 average production 39,000 boepd at high end of forecast Alvheim first six months production 13,400 boepd United Kingdom first six months production…
  19. FINANCIAL PRESENTATION – Lundin Petroleum – slide 19
    20 Production First six months 2009 actual: 39,000 boepd* 45,000 40,000 44% 23% 35,000 boepd 30,000 25,000 20,000 First six months 2008 First six months 2008 2009 WF10679 05.09 * after minority interest
  20. FINANCIAL PRESENTATION – Lundin Petroleum – slide 20
    21 2009 Production Forecast France 9% Netherlands 6% 2009 production guidance 35,000 - 42,000 boepd Indonesia First six months 2009 Actual: 39,000 boepd* 7% Norway 36% Russia 15% 50,000 45,000 40,000 Tunisia 3%…
  21. FINANCIAL PRESENTATION – 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 – 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 – Lundin Petroleum – slide 23
    24 Contingent gentt R Resources esourc r es rc Contingent Resources net Lundin Petroleum 228 MMboe Others, 15.6 France, 9.9 UK, 56.3 Russia, 115.0 Norway, 31.0 WF10560 08.09
  24. FINANCIAL PRESENTATION – Lundin Petroleum – slide 24
    25 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…
  25. FINANCIAL PRESENTATION – Lundin Petroleum – slide 25
    26 Luno Field - PL338 PL413 PL088 PL363 Discovered in 2007 Peik field Appraisal well in 2008/2009 Alvheim field PL036c Volund field PL203 Lundin Petroleum interest: 50% (operator) PL150 PL412 Wintershall 30%, RWE 20% 008…
  26. FINANCIAL PRESENTATION – Lundin Petroleum – slide 26
    27 Prospective Resources 2009 Prospective Resources*: 1.9 bn boe net unrisked 2009 Prospective Resources*: 535 MMboe net risked Congo Congo Tunisia Tunisia Vietnam Vietnam Russia Norway Norway Russia Netherlands…
  27. FINANCIAL PRESENTATION – Lundin Petroleum – slide 27
    28 2009 Exploration Programme Country Licence Prospect Lundin Spud Gross Unrisked Net Unrisked CoS Net Risked Cum Net Risked Equity MMboe MMboe MMboe MMboe Norway PL338 Luno Extension 50% Q3 241 121 50% 60 60 Norway PL363…
  28. FINANCIAL PRESENTATION – Lundin Petroleum – slide 28
    29 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 95(1) 50% Lundin Successfully appraised PL006c…
  29. FINANCIAL PRESENTATION – Lundin Petroleum – slide 29
    30 Norway - Exploration 2009 First six months 2009 Two dry wells Hyme Aegis Second half 2009 Greater Alvheim Area 3 wells Greater Luno Area 2 wells Norwegian Sea 1 well Net second half 2009 unrisked resource…
  30. FINANCIAL PRESENTATION – Lundin Petroleum – slide 30
    31 Greater Alvheim Area - Exploration PL363 Three exploration wells in second PL413 PL412 half 2009 PL363 PL340 (15%) 3 P090 (9/15a) PL036c Marihone prospects A/B 37 MMboe - drilling 2009 8 9 PL363 (45%) PL150 PL203…
  31. FINANCIAL PRESENTATION – Lundin Petroleum – slide 31
    32 Exploration Potential in Greater Luno Area PL338 (50%) PL501 (Lundin 40%) Luno discovery 2007 PL167 - Succesfully appraised 2009 (Lundin 20%) - 2P reserves of 95 MMboe gross Luno appraisal well PL338 (Lundin 50%)…
  32. FINANCIAL PRESENTATION – Lundin Petroleum – slide 32
    33 Exploration Potential in Greater Luno Area PL338 (50%) PL501 (Lundin 40%) Luno discovery 2007 PL167 - Succesfully appraised 2009 (Lundin 20%) - 2P reserves of 95 MMboe gross Luno appraisal Luno extension sub-basins well…
  33. FINANCIAL PRESENTATION – Lundin Petroleum – slide 33
    34 Exploration Potential in Greater Luno Area PL338 (50%) PL501 (Lundin 40%) Luno discovery 2007 PL167 - Succesfully appraised 2009 (Lundin 20%) - 2P reserves of 95 MMboe gross Luno appraisal Luno extension sub-basins well…
  34. FINANCIAL PRESENTATION – 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 – Lundin Petroleum – slide 35
    36 Congo (Brazzaville) Exploration Lundin Petroleum Oil field Oil discovery Prospect Lead Congo (Brazzaville) Congo (Brazzaville) - Block Marine XI MBoundi Lundin Petroleum 18.75% Marine XI 1 exploration well, Lyeke…
  36. FINANCIAL PRESENTATION – Lundin Petroleum – slide 36
    37 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…
  37. FINANCIAL PRESENTATION – Lundin Petroleum – slide 37
    38 Financial Presentation - First Six Months 2009 WF10725 www.lundin-petroleum.com

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