TD Newcrest Conference, London 18th January 2011 Mark Grace, Exploration Manager A Lundin Group Company
Cautionary Statements 2 This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as…
A Lundin Group Company A Lundin Group Company
Kurdistan The New Frontier 4 Geologically Kurdistan lies within the northern extension of the Zagros fold belt large anticlinal structures Proven petroleum system Large structures with stacked reservoirs Multi-billion barrel…
Kurdistan - Regional Update 5 High Activity Level & Success Rate 40 PSCs awarded 32 companies from more than 14 countries More than 20 rigs in country 14 wells currently operating World class successes 73% success rate for…
Kurdistan PSCs - Success to Date 6 15 Exploration Wells, 11 Successful for Oil (COS = 73%): DNO: Tawke (Tertiary & Cretaceous) - 230 MMBO EUR producing 20,000+ bopd to local market DNO: Hawler aka Benenan field (Jurassic) - Est.…
Pulkhana Field - Third Party Auditor Resources 9 Discovered Oil In Place Low Best Mean High (MMBO) (1C) (2C) (3C) Euphrates / Upper Jaddala 29.5 109.0 174.8 396.6 Shiranish 31.7 141.3 238.8 548.9 Total 413.7 Contingent Reserves*…
Pulkhana Forward Plan 10 Commence Pulkhana-9 well February 2011 Complete Pulkhana-9 well Q2 2011 Workover Pulkhana-8 well Q2 2011 Plan Long Term Testing through EPF Q3/Q4 2011 Plan Pulkhana-10 & -11 wells 2D Seismic…
Arbat On Structural Trend to Miran 11 The mountains in the NE part of the block are part of the Zagros high-folded zone and contain a major anticlinal fold Structural position of block ensure a high level of structural…
ShaMaran Assets: Arbat 12 Acquired 429 line-kms of 2D seismic (vs. 350 line-km commitment) 2D survey extended due to structural complexity and potential leads. Acquisition completed 2nd October - Processing completed at end…
Arbat New Oil Seeps 13 Seeps associated with surface features Shallow water wells contaminated by seeping oil A Lundin Group Company
Geochemical Results to be used for Derisking Prospects 14 A Lundin Group Company
Arbat - Forward Plan 15 Complete interpretation January 2011 Integrate geochemistry survey results McDaniel potential resources in early 2011 Recommend drilling location Commence first well (H2 2011) The Tanjero River runs…
K42 Prospect 17 Prospect 4-way dip closure of more than 80 km2 On trend to Jambur, with stacked reservoirs Jeribe Euphrates / Kirkuk Group Jaddala Shiranish Improved reservoir development in Tertiary & Cretaceous…
K42 - Forward Plan 18 Convert Option Agreement to PSC in Q2 of 2011 Plan forward work programme (Exploration well) A Lundin Group Company
Atrush - Significant New Asset Added to Portfolio 19 One third shareholding in General Exploration Partners (GEP) operator of the Atrush block. Deal announced 30th August 2010 Significant Potential Resources (recoverable oil)…
Regional Surface Structure & Drilling Activity 20 HKN Energy Swara Tika-1 ATRUSH-1 Sheikh Adi Spudded 5th October Drilling Oil shows announced MOL: Bekhme-1 Shaikan 4.2 BBO 1.5 TCF Hunt Oil Simrit-1 KOMET DNO…
Summary of Atrush Potential STOIIP & Resources 21 Consolidated STOIIP (MM STB) P90 P50 P10 Mean Total Potential Resources P90 P50 P10 100% basis 100% basis Fracture Porosity only 295 1372 3946 1872 Oil Recovery Factor from 33% 40%…
Atrush-1 22 Atrush-1 spudded 5th October 2010 - Operating Structural feature just 13km NE of the Shaikan discovery well, and 7km SW of the HKN Energy Swara Tika well (operating). Well targeted the same oil-bearing reservoirs…
Atrush-1 Well Results to Date 23 First oil encountered at 800m Lowest Known Oil at 1540m Oil shows encountered to below 1750m Oil found in the following reservoirs: Highly fractured Lower Cretaceous Garagu formation Fractured…
Atrush - Forward Plan 24 Fault & Fracture Outcrop Drill Atrush-1 exploration well to TD Evaluate through comprehensive well testing programme Plan for possible appraisal programme (3D seismic & second well) A Lundin…
Technical Summary 25 Significant potential demonstrated in all four ShaMaran assets: Pulkhana: Proven oil for appraisal & development K42: Significant prospect on trend to Jambur field Arbat: Active petroleum system with…
Health, Safety & Environment (HSE) 26 Good working relationship with local authorities, communities in the area Excellent Corporate HSE record with no Loss Time Incidents (LTIs) No security incidents in the area of operations…
Financials 27 Robust financial position at 31st December 2010 Cash balance of approx. 58 million Sufficient funds on hand to satisfy remaining 2010 work programs which includes two high profile wells Private share offering…
Corporate Profile & Contacts 28 Symbol TSX V: SNM Share Capital (as of December 31, 2010) Issued and outstanding 623,182,194 shares Fully diluted 627,742,194 shares Directors and Management Keith Hill, Chairman of the Board…
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