Corporate Presentation September 2015 Atrush - August 11, 2015 ShaMaran A Lundin Group Company
Strategy: Return value to shareholders Atrush first oil Ensure efficient project execution Challenging situation in Kurdistan Work closely with our partners and the MNR Realise value through further full field development Further…
Atrush block in Iraqi Kurdistan Awarded in 2007 Atrush ShaMaran acquired interest in 2010 Discovered Atrush in 2011 Kurdistan Partners / working interests Shamaran / 20.1% Taqa (Operator) / 39.9% Marathon / 15% KRG / 25% KRG…
Atrush world class large oil discovery Discovered in 2011 Jurassic fractured carbonate Large 25x3 km structure fault bounded - 3 way dip closed Resources (as at 31 December 2014) MMBoe 1P/C 2P/C 3P/C Gross Reserves 31.2 61.5…
Well tests What does it mean Medium oil column 420 m 25o-27oAPI oil column 9,059 bopd 27oAPI Excellent productivity Communication East-west 8,200 bopd No formation water on test 26oAPI Good vertical communication Proven in…
Atrush Phase 1 development ongoing FDP Phase 1 approved in October Atrush block boundary 2013 Phase 1 starts development of Phase 1 western part of the field Central Processing Facilities to Further Phases handle 30,000 bopd…
Atrush Phase 1 production facilities Modular concept with provisions to expand and replicate. Capable of handling liquid rates of 30,000 bopd, initially Maximize gas utilization. Minimize sour gas flaring with provisions for…
Project progress April 2015 August 2015 ShaMaran A Lundin Group Company 8
Project status Equipment on site Production modules on site Pipe being delivered ShaMaran A Lundin Group Company 9
Project status Civils, underground piping Civil works substantially complete Underground piping nearing final stages ShaMaran A Lundin Group Company 10
Project status Power and tank farm Power generation packages and power sub-station installed Tank farm nearing completion ShaMaran A Lundin Group Company 11
Project status Pipe racks and welding Pipe rack construction Pipe welding started ShaMaran A Lundin Group Company 12
Atrush export pipeline Atrush block Saikhan block Feeder pipeline Main export pipeline PSC partners responsible for in block pipeline section KRG to complete pipeline outside block Right of way and pipeline corridor…
Updated project schedule Main contractors mobilised Delivery materials to site ongoing Continue construction Run completions in 4 development wells in Q3 2015 and first half 2016 Commissioning in second quarter 2016 Install…
Work ongoing to realise full field value Formulate appraisal plan Potential further delineation drilling to the east and west Field development plan update Planned for second half 2015 Drill CK-7 in 2016 ShaMaran A Lundin…
Kurdistan economic and political situation As from June KRG started to directly sell its own output Atrush June: 425 kbopd direct, 150 kbopd via SOMO Kurdistan July: 388 kbopd direct, 71 kbopd via SOMO July sales impacted by…
Funding Current development Rights issue provided funding to get to first oil Deferred non first oil related costs until cash flow is positive Latest forecast shows sufficient funds to get to Phase I first oil Further…
Corporate profile Share capital SNM share price on TSX.V Issued and outstanding 1,579,768,534 Market capitalisation CAD 142M ( 12 August 2015) Major shareholders Lundin family trusts 19.1% Columbia Wanger 8.6% Lundin Petroleum…
The Lundin Group Combined market cap 10.9 Billion ShaMaran A Lundin Group Company 19
Key points Robust Atrush development project World class resource base Gross 2P 61.5 MMBoe Gross 2C 310 MMboe First oil target mid 2016 Construction gaining momentum Prudent management of funds Latest forecast shows sufficient…
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