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FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum

Lundin Petroleum · Feb 12, 2013 · 150 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. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 1
    Capital Market Day 2013 Lundin Petroleum Capital Market Day 12 February 2013
  2. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 2
    2 Introduction Lundin Petroleum Capital Market Day 12 February 2013
  3. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 3
    3 Agenda Introduction Ashley Heppenstall, President and CEO Financial Results 2012 Geoff Turbott, Vice President Finance and CFO Production & Resource Overview Chris Bruijnzeels, Senior Vice President Operations Norway…
  4. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 4
    4 Introduction 200 LUPE Share Price 180 160 Lundin Petroleum 140 120 SEK An organic growth success story 100 80 60 Raised cash equity USD 50 million in 2001 40 20 0 2001 2002 2003 2004 2005 2006 2007 2008…
  5. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 5
    5 Lundin Petroleum - Strategy Remains Unchanged Value creation through access to hydrocarbon resources An exploration driven growth strategy Major geographical focus on Norway and South East Asia Long term perspective and…
  6. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 6
    6 Introduction 2012 - Another successful year Record production 35,700 boepd Met guidance for fourth consecutive year Record EBITDA and operating cashflow generation EBITDA USD 1.14 bn Operating cashflow USD 0.83 bn…
  7. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 7
    7 Introduction 2013 and beyond Production guidance of 33,000 38,000 boepd Anticipated 2013 exit rate of 40,000 boepd Remain on schedule to double production by end 2015 and quadruple production when Johan Sverdrup reaches…
  8. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 8
    8 Financial Results 2012 Lundin Petroleum Capital Market Day 12 February 2013
  9. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 9
    9 Financial Results Full Year 2012 1,200 1,144.1 1,100 1,012.1 1,000 900 831.4 800 700 676.2 600 MUSD 500 400 300 200 155.2 103.9 100 WF11675 p1 02.13 0 EBITDA Operating Cash Flow Net Result…
  10. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 10
    10 Financial Results - Full Year 2012 REVENUE 35,700 boepd USD 100.89/boe 1400 MUSD 1,345.1 OPERATING COSTS MUSD 172.5 Cost of operations USD 8.09/boe 1300 1200 DEPLETION + DECOMMISSIONING MUSD 191.4 CASH MARGIN MUSD…
  11. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 11
    11 Financial Results - 2012 Netback [USD/boe] Full Year CMD 2012 2012 Average Brent oil price USD/boe 111.67 115.00 Revenue 103.07 99.30 Cost of operations -8.09 -9.35 Tariffs -2.27 -2.05 Production taxes -3.93 -4.50 Stock…
  12. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 12
    12 Financial Results - Debt Position End 2012 350 WORKING CAPITAL & OTHER CLOSING MUSD 84 300 NET DEBT 250 31 DEC 2012 OPERATING MUSD 335 CASH FLOW 200 MUSD 831 150 G&A MUSD 20 OPENING FINANCIAL MUSD 58 100 NET DEBT…
  13. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 13
    13 Resources & Production Lundin Petroleum Capital Market Day 12 February 2013
  14. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 14
    14 1 January 2013 2P Reserves PSC, 8% Total 201.5 MMboe Gas, 9% Tax/Royalty, 92% Malaysia, 12.7 France, 23.8 Oil, 91% Russia, 6.9 Indonesia, 2.7 Netherlands, 3.7 Bo MMboe yla ,3 .3 End 2011 210.7 Brynhild,…
  15. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 15
    15 2P Reserves Growth New reserves from Malaysia (12.7 MMboe) No decline in French reserves 250 200 Malaysia Russia 150 Norway MMBoe Tunisia Netherlands 100 Indonesia France 50 WF11612 p2 11.12 0 03…
  16. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 16
    16 Reserves Changes Produced in 2012 Reserve Change Sales/Acquisition Malaysia Bertam Russia Komi Tunisia Volund Brynhild Norway Gaupe Alvheim Netherlands Indonesia France -25 -20 -15 -10 -5 0 5 10 15 20…
  17. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 17
    17 01 January 2013 - Contingent Resources Total 923 MMboe Russia, 110.1 Malaysia, 81.7 France, 12.8 Indonesia, 2.9 Norway, 715(1) WF11612 p5 11.12 (1) PL501 mid range of previously guided 800-1800 MMboe gross &…
  18. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 18
    18 Contingent Resource Growth 1000 900 800 700 Others 600 MMBoe Malaysia 500 400 Russia 300 200 Norway 100 0 (1) WF11612 p7 01.13 6 7 8 9 0 1 2 3 . 2 00 . 2 00 . 2 00 . 2 00 . 2 01 . 2 01 . 2 01 .…
  19. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 19
    19 Development Activity 2013 NORWAY USD 1,080 million Edvard Grieg USD 550 million - Jacket - Topside - Export pipelines NETHERLANDS Brynhild USD 470 million Infill drilling - Drilling production and injection wells -…
  20. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 20
    20 2012 Production Performance Tunisia, 0.3% Russia, 7.5% Indonesia, 2.8% Netherlands, 5.3% France, 8.0% 2012 production: 35,700 boepd 45 Norway, 76% 40 35,700 36.6 35 34.7 35.5 35.9 Revised production guidance…
  21. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 21
    21 2013 Production Guidance Russia, 6.9% 2013 production guidance: 33,000 - 38,000 boepd Indonesia, 4.8% Forecast exit rate 2013 at 40,000 boepd Netherlands, 5.8% Norway - production factors France, 8.6% Alvheim FPSO uptime…
  22. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 22
    22 Greater Alvheim Area - Overview BRUCE 0 KM 10 PL088 APA 2012 award PL203B PL036C PEIK Main producing assets PL088 bs HEIMDAL 19 producing wells LEADON BERYL ALVHEIM High quality crude oil GEKKO Satellite…
  23. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 23
    23 Norway - Continued Solid Production Alvheim Field 2012 production (Alvheim/Volund): 24,900 boepd Lundin Petroleum 15% Marathon 65% (operator), ConocoPhillips 20% New award, APA2012 Gross 2P reserves: 154 MMboe Full year…
  24. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 24
    24 Greater Alvheim Area - Alvheim Field Alvheim field (WI 15%) 15 Producers 8 Multilaterals 291 MMboe ultimate recovery Gross 2C contingent resources: 52 MMboe Alvheim field Gross Alvheim Estimated Ultimate Recovery…
  25. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 25
    25 Greater Alvheim Area - Volund Field Volund field Volund field (WI 35%) Injector Producers 4 Producers 1 Multilaterals 62 MMboe ultimate recovery Upside to the West 4th production well onstream Jan13 Gross Volund…
  26. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 26
    26 Norway - Gaupe Lundin Petroleum 40% 0 1 KM 4 15/12-4 15/12-8 BG Norge 60% (operator) 15/12-15 REV 15/12-8 A 15/12-13 0015 016 Gaupe Field 15/12-17 A 2P gross remaining reserves of 2.3 MMboe 15/12-12…
  27. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 27
    27 Norway - Brynhild Subsurface 2P reserves gross: 23 MMboe Late Jurassic reservoir Brynhild Producer field Injector Producer Injecto 3 exploration/appraisal wells drilled Injector 9m interval perforated and flow tested…
  28. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 28
    28 Norway - Edvard Grieg Reservoir 2P reserves gross: 186 MMboe Majority of 2P reserves in high Ivar Aasen Platform permeable sandstone Edvard Grieg Platform 50 MMboe upside reserves in SE 2013 appraisal Gas Export to SAGE…
  29. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 29
    29 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…
  30. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 30
    30 Norway Overview Lundin Petroleum Capital Market Day 12 February 2013
  31. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 31
    31 Norway Overview Alex Schneiter, Executive Vice President and COO Chris Bruijnzeels, Senior Vice President Operations Torstein Sanness, Managing Director, Lundin Norway Hans Christen Rnnevik, Exploration Manager, Lundin…
  32. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 32
    32 Norway 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 62 licences operated acreage 14,500 km2 (gross) Norwegian Sea…
  33. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 33
    33 Norway - An Opportunity for Independents Historically controlled by majors Higher tax rates than UK Lower drill density in same geological area Opportunity for independents WF11443 p1 01.12
  34. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 34
    34 Norway - Successful Organic Growth Licences PRODUCTION RESERVES CONTINGENT boepd MMboe RESOURCES MMboe 715(1) 151.7 27,200 62 15 WF11443 p3 01.13 0 0 0 2003 01.2013 2003 2012 end 2003 end 2012 end 2003…
  35. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 35
    35 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%…
  36. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 36
    36 Norway Exploration/appraisal Organic Growth Major position built through organic growth Includes 7 new licences Appraisal awarded in 2013 Wells Exploration Norway number of licences 16 65 60 14 55 50 12 45 10…
  37. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 37
    37 Norway - Reserves rup 200 e r d n Sv Joha 150 100 Norway MMBoe 50 0 1.1.2005 1.1.2006 1.1.2007 1.1.2008 1.1.2009 1.1.2010 1.1.2011 1.1.2012 1.1.2013 (1) WF11442 p02 01.13 Brynhild (WI: 90%) (1)
  38. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 38
    38 Norway - Contingent Resource Growth 900 800 700 600 MMBoe 500 400 300 200 Norway 100 0 1.1.2006 1.1.2007 1.1.2008 1.1.2009 1.1.2010 1.1.2011 1.1.2012 1.1.2013 (1) WF11442 p03 01.13 (1) PL501 mid…
  39. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 39
    39 Norway - Low Finding Costs 2P Reserves & Johan Sverdrup resources Finding Cost(1) (Pre Tax) 1.53 USD/boe Finding Cost(1) (Post Tax) 0.34 USD/boe Costs include cumulative exploration and appraisal costs since inception…
  40. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 40
    40 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…
  41. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 41
    41 Norway Development Projects Lundin Petroleum Capital Market Day 12 February 2013
  42. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 42
    42 Norway Developments Brynhild Development (Lundin 90% operator) North Sea PDO approved 6205 6204 6203 216 217 218 219 6201 6202 6203 6204 Lundin Petroleum Licences 220 Operated Tie-back to Haewene Brim FPSO located 6108…
  43. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 43
    43 Norway - Brynhild Development Project Pierce Sub-sea tie back to Pierce NO K AY U RW Main contractors: Lundin Petroleum Interest: 90% Aker solutions: Subsea Production System (SPS) PDO approved Technip…
  44. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 44
    44 Brynhild - Capex Split CAPEX 890 MUSD(1) SPS (Aker) Marine Installation & Pipelines (Technip) Pierce tie-in (CTA) Project Mgmt Others Production Drilling WF11555 p24 09.12 (1) Project include 4th well…
  45. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 45
    45 Norway - Brynhild Project Schedule 3 First Oil 01 D2 CM 2012 2013 2014 Template, Manifold & RBM Umbilical X-Mas Testing System Integration Testing Pipelines Modification of FPSO Commissioning Drilling…
  46. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 46
    46 Norway - Brynhild Project Status Subsea Production System (Aker) System Integration Test with template/manifold/subsea trees and controls commencing in Egersund Delivery of template/manifold in March Manifold Template…
  47. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 47
    47 Norway - Utsira High Area - Edvard Grieg PL340 PL505 0025 0026 0 KM 20 Lundin Petroleum interest: 50% (operator) Byla Field PL340BS OMV 20%, Wintershall 15%(1), Statoil 15%(1) PL546 0024 PL570 Plan of Development…
  48. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 48
    48 Norway - Edvard Grieg Development Project Production startup Q4 2015 Drilling 15 wells from jack-up rig 11 producers and 4 water injectors Contract award to Rowan companies Platform PdQ Jacket construction commenced…
  49. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 49
    49 Norway - Edvard Grieg Development Cost Overview Capex assumes 100% ownership in pipelines CAPEX Total 24 BNOK No capital contribution from Ivar Aasen Export pipelines, project management Production drilling…
  50. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 50
    50 Norway - Edvard Grieg Project Schedule Project on schedule CMD 2013 2012 2013 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PDO Approved by Authorities Decision Gate / PDO Jacket Execution Topside…
  51. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 51
    51 Norway - Edvard Grieg Project Status Jacket Started rolling tubulars in November Started fabricating pile clusters Jacket fabrication at Kvrner Verdal started December CONTRACTS AWARDED Topside Detailed engineering…
  52. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 52
    52 Norway - PL338 Resource Base & Opportunities RESOURCE BASE Lundin Petroleum PL625 Operator Partner Edvard Grieg Fields/Discoveries 2P Reserves: 186 MMboe gross Oil Gas Prospect IVAR AASEN 16/1-16 (Asha) Lead…
  53. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 53
    53 Norway - Byla Development Lundin Petroleum Operator PL203B Lundin Petroleum Partner PL088 PL088 9/14a-6 PL413 0 KM 4 9/15a-1 PL088 bs PL036C P090 PL088 BS PEIK Lundin Petroleum interest: 15%…
  54. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 54
    54 Norway - Byla Schedule Gross project costs MUSD 867 CMD 2013 2012 2013 2014 Activity Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PDO approval First Oil Project Project sanction / Execute DG Milestones Award subsea EPIC…
  55. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 55
    55 Norway Johan Sverdrup Lundin Petroleum Capital Market Day 12 February 2013
  56. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 56
    56 Appraisal Activity 2013 NORWAY USD 140 million Johan Sverdrup - 2 appraisal wells on PL501 - 2 appraisal wells on PL265 PL338 - 1 appraisal well on Edvard Grieg - 1 appraisal well on Apollo MALAYSIA USD 10 million…
  57. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 57
    57 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…
  58. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 58
    58 Norway - Johan Sverdrup 2012 Appraisal Programme Working Interest PL501 PL265 Edvard Grieg Lundin Petroleum 40% (OP) 10% Statoil 40% 40% (OP) Maersk 20% Det norske 20% PL338 9S Petoro 30% PL265 12 16/2-14 14 10 8…
  59. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 59
    59 Norway - Johan Sverdrup 2013 Appraisal Programme Edvard Grieg Torvastad PL338 16/2-9S PL265 Cliffhanger 16/2-12 16/2-14 16/2-10 16/2-8 16AT2 Fault Margin 16/2-16 & 16AT2 2 PL50 16 11 11A 16/2-15 16/2-11 & 11A…
  60. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 60
    60 Norway - Johan Sverdrup Appraisal Strategy Concept Selection 2013 Lundin Petroleum Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec BREDFORD DOLPHIN PL501 16/3-5 ongoing PL501 proposed B PL501 proposed C ISLAND…
  61. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 61
    61 Johan Sverdrup Resources In total 15 exploration/appraisal wells drilled on Johan Sverdrup 9 in PL501 (incl 1976 well) plus 5 sidetracks 6 in PL265 (incl Aldous Major North/Geitungen) At least 4 more wells planned during…
  62. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 62
    62 Norway - Johan Sverdrup Appraisal Summary 71m PL265 73m 70m Gross reservoir in metres 35m Gross Gross Oil column 31.5m reservoir 70m 15 55.5m 9S 8m Well identification 52m 48.5m 55m 12 14 PL502 10 8 25m 23.5m…
  63. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 63
    63 Johan Sverdrup Geological Settings West to East X-section of Johan Sverdrup calibrated to various wells SW NE 0 KM 10 Zones Spiculite X-Section Draupne Shale Draupne Sand / Volgian Vestland Group PL265 WF11676…
  64. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 64
    64 Johan Sverdrup - PL501 Appraisal Findings Edvard Grieg PL338 16/2-9S PL265 16/2-12 16/2-14 16/2-10 16/2-8 16AT2 16/2-16 & 16AT2 2 PL50 16 11 11A 16/2-15 16/2-11 & 11A 16/2-6 13S 13A 16/2-13S & 13A 7 7A…
  65. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 65
    65 Johan Sverdrup Resources Working operator Statoil delayed resource update to Q4 2013 Several important wells to be drilled during 2013 Edvard Grieg PL338 PL265 2 PL50 1 PL50 WF116176 p4 01.13 J.…
  66. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 66
    66 Norway - Johan Sverdrup Project Schedule 2012 2013 2014 2015 2016 2017 2018 2019 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Key Project Milestones Concept Selection…
  67. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 67
    67 Norway - Johan Sverdrup Pre-Unit Agreement Pre-Unit Agreement Signed agreement between the two licensees PL 501 (Lundin Operator) & PL 265 (Statoil Operator), March 2012 Duration until entry of DG3 decision Statoil…
  68. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 68
    68 Norway - Johan Sverdrup Unitisation Process 2013 2014 2015 2016 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Unitisation Preparations Negotiations Submittal Approval Sanctioning Unit Operating Agreement WF11661 p2…
  69. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 69
    69 Norway Exploration Lundin Petroleum Capital Market Day 12 February 2013
  70. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 70
    70 Norway Organic Growth Strategy Organic growth (find oil by the drill bit) Barents Sea Area Leverage on organizational knowledging Portfolio synergy in relation to improved exploration and development Design yearly…
  71. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 71
    71 Activity Change on the NCS 5.0 Source: NPD Gas 4.5 The production fall on NCS is a fact but: NGL Condensate 4.0 Oil Does not reflect the subsurface potential 3.5 Production fall is related to reduced exploration 3.0…
  72. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 72
    72 Lundin View on the Remaining Resources on the NCS With an exploration level of 40-50 wells per year it will take at least 20-30 years with exploration to unfold the resource potential of 20-40 billion boe (NPD 16.3 billion…
  73. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 73
    73 Companies and Discoveries on the NCS 170 of wells Number 50 45 40 35 30 25 20 2012 15 2011 10 11 2010 5 9 2000-2009 0 0 l toi 4 m Sta 4 eu ell rol Sh 1 Pet ll ha din…
  74. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 74
    74 Discoveries in Norway 2001-2012 Discoveries in Norway 2001-2012 (1) (over 30 mbls) 2200 Lundin 2000 BG Centrica 1800 Det norske Eni ESSO Marathon 600 Rwe Dea Shell Statoil Suncor Talisman MMBOE 400 Total…
  75. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 75
    75 Exploration Activity 2013 NORWAY USD 330 million 10 exploration wells - 6 wells Utsira High - 1 well in Barents Sea - 1 well in Norwegian Sea NETHERLANDS - 2 wells in Southern North Sea 2 exploration wells 3D seismic…
  76. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 76
    76 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…
  77. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 77
    77 Norway - The Southern Utsira High History Basic concept in 2004 Thin Jurassic sands over inlier basins and basement with a saturated system with a 40-50 m oil leg and a common OWC over the whole high Potential stratigraphic…
  78. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 78
    78 Norway - Discoveries on the Utsira High NW 16/1-14 16/1-8 16/2-5 16/2-6 SE 0.600 0.700 0.800 0.900 1.000 1.100 1.200 1.300 Johan Sverdrup Discovery 1.400 Ragnarrock Discovery 1.500 1.600 Edvard Grieg Field Chalk…
  79. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 79
    79 Norway - Utsira High Broadseis Acquisition PL340 PL505 0025 0026 0 KM 20 Byla Field PL340BS Joint acquisition (area operators) 0024 PL546 PL570 completed in August 2012 UK PL625 Joint fast-track processing…
  80. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 80
    80 Norway - Utsira High Exploration 2013 6 exploration wells to be drilled 024 025 Kopervik PL359 Luno II (40%) Gross Prospective Resources: 139 MMboe PL625 PL546 PL501 PL625 Kopervik (40%) (1) Torvastad 16/1-16 (Asha)…
  81. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 81
    81 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…
  82. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 82
    82 Norway - Utsira High 2013 Exploration - Luno II 0 4 KM 16 0024 Lundin Petroleum Operator 0025 Lundin Petroleum Partner Aldous Major North discovery Apollo discovery Geitengun discovery PL673 Johan Sverdrup…
  83. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 83
    83 Norway - Utsira High 2013 Exploration - Kopervik PL625 (Lundin 40% operated) Kopervik prospect (1) Gross unrisked prospective resources: 163 MMboe Stratigraphic pinchout Targeting Jurassic sands Drilling: Q3 2013 0 2 KM…
  84. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 84
    84 Norway - Utsira High Exploration - Biotitt Biotitt 3D View PL544 (Lundin 40% operated) Biotitt prospect Trap: 4-way dip closure Seal: Upper Cretaceous chalk/shales Reservoir: Jurassic Hugin fm 0 4 KM 16 Gross unrisked…
  85. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 85
    85 Utsira High 2013 Exploration Jorvik 2012 Exploration Drilling PL338 (Lundin 50% operated) Jorvik prospect Gross unrisked prospective resource: 46 MMboe Edvard Grieg extension towards the east Drilling ongoing Jorvik 0 4…
  86. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 86
    86 Norway - Utsira High 2013 Exploration - Torvastad PL501 (Lundin 40%, operator) Torvastad prospect Johan Sverdrup Potential extension of the Geitungen/ Johan Sverdrup discovery PL502 Drilling: Q2 2013 PL546 Torvastad…
  87. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 87
    87 Norway - Barents Sea Acreage on Trend with Known Oil Plays Total area size 236,000 km2 Under explored area Obesum 75 exploration wells drilled to date Small Gas and oil discovery in upper Triassic Small oil discovery in…
  88. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 88
    88 Norway - Barents Sea Geological Play Types PL533 PL492 PL438 PL490 NW Skalle SE Lavvo 7120/1-1R 7120/2-1 Pleistocene Shallow gas anomalies Shallow gas anomalies Early Jurassic 1000 ene eoc Pal Numerous structural…
  89. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 89
    89 Norway - Barents Sea Prospects & Leads 0 km 20 PL609 Neiden Skrugard Havis Lundin Petroleum acreage Pasvik 5,000 km2 Rauto PL659 Skrungen Multiple prospects mapped Formica Matrosen Alta Salina PL533…
  90. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 90
    90 Norway - Barents Sea Area Exploration April 2011 0 KM 40 Skrugard Discovery PL609 200-300 MMboe 6914 PL438 (Lundin 25%, operated) 7215 7216 January 2012 7217 7218 Havis Discovery 7219 7220 7221 7222 7223 7224 Skalle…
  91. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 91
    91 Norway - Barents Sea 2013 Exploration - Gotha Barents Sea PL492 Lundin 40% Operator Det norske 40%, Noreco 20% Drilling: Q3 2013 Stacked Prospects Norway Gotha Snadd in Triassic: 108.5 MMboe(1) Lundin operated block…
  92. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 92
    92 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),…
  93. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 93
    93 Norway - Southern North Sea 2013 Exploration PL453s (Lundin 35%, operator) PL495 (Lundin 60%, operator) Ogna prospect Carlsberg prospect Gross unrisked prospective resource: 156 MMboe Gross unrisked prospective resource: 67…
  94. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 94
    94 Norway - Mre Basin Area Mre Basin Norway PL 555 ( WI 60% OP) Lundin operated block Storm prospect 2014 drilling Lundin non-operated block 0 KM 20 Prospect PL579 ( WI 50% OP) Lead New seismic data PL639 G&G work…
  95. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 95
    95 Norway - 2013 Prospects (Gross Unrisked Resources) Targeting net unrisked prospective resources: 490 MMboe(1) 400 350 300 Gross prospective resources [MMboe] 250 200 150 100 50 0 WF11666 p3…
  96. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 96
    96 Norway - APA 2012 Award Barents Sea Area 7 new Licences Barents Sea Greater Alvheim Area PL203B PL695 Lundin Petroleum 15% Marathon Oil 65% (OP), ConocoPhillips 20% Utsira High Area PL673 Lundin Petroleum 60% Utgard…
  97. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 97
    97 Norway Exploration - Rig Capacity 2013 & Beyond 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Transocean Winner 1 Bredford Dolphin 5 1 1 1 1 3 2 1 Transocean Artic 1 1 1 NORWAY…
  98. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 98
    98 Norway 2013 Exploration & Appraisal Drilling Schedule 2012 2013 Country Licence - Prospect Operator LUPE% NUPR (1) CoS % NRPR (2) Q4 Q1 Q2 Q3 Q4 1 Norway PL501 - Johan Sverdrup 16/3-5 App. 6 Lundin 40.00 Ongoing 2 Norway…
  99. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 99
    99 South East Asia Lundin Petroleum Capital Market Day 12 February 2013
  100. FEBRUARY 2013 CAPITAL MARKET DAY – Lundin Petroleum – slide 100
    100 South East Asia Overview Malaysia Indonesia 6 PSCs (all operated) 6 PSCs (5 operated) 40,000 km2 of gross acreage 23,000 km2 of gross acreage 12.7MMboe of net 2P reserves 2.7MMboe of net 2P reserves 81.7MMboe of net 2C…

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