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March 2016 Corporate Presentation – Lundin Petroleum

Lundin Petroleum · Mar 9, 2016 · 30 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. March 2016 Corporate Presentation – Lundin Petroleum – slide 1
    WF12176 p1 02.16 Lundin Petroleum 1 Lundin Petroleum March 2016 Corporate Presentation
  2. March 2016 Corporate Presentation – Lundin Petroleum – slide 2
    WF12176 p2 02.16 Lundin Petroleum Europe’s Largest Independent E&P Company Reserves 685 MMboe Contingent Resources 386 MMboe Strong balance sheet and liquidity position No cash equity raised since 2001 Share price >40 X increase…
  3. March 2016 Corporate Presentation – Lundin Petroleum – slide 3
    WF12176 p3 02.16 Lundin Petroleum Successful Organic Growth Strategy (1) Post-tax deal value for OMV’s acquisition of PL338 (20%) from RWE Dea. Total consideration was €247.9 million converted to USD at €1.31:USD with effective date…
  4. March 2016 Corporate Presentation – Lundin Petroleum – slide 4
    WF12176 p4 02.16 Geographical Focus Lundin Petroleum Norway assets represent 95% reserves 81% 2016 production North Sea estimated yet to find resource potential 4.7 billion barrels Barents Sea estimated yet to find resource…
  5. March 2016 Corporate Presentation – Lundin Petroleum – slide 5
    WF12176 p5 02.16 Lundin Petroleum Proven Track Record 830 MMboe of net commercial resources discovered by Lundin in Norway 407 MMboe 206 MMboe 2,270 MMboe 351 MMboe Alvheim / Volund 2004 – 2005 Edvard Grieg 2007 Johan…
  6. March 2016 Corporate Presentation – Lundin Petroleum – slide 6
    WF12176 p6 02.16 Norway Quality Assets - Alvheim Hub PDO Gross Alvheim Estimated Ultimate Recovery (MMboe) 2P Reserves 2C Contingent Resources Cumulative Production End of Year 2P Reserves 184 198 174 154 108 137 2015 33…
  7. March 2016 Corporate Presentation – Lundin Petroleum – slide 7
    WF12176 p7 02.16 Norway Quality Assets – Edvard Grieg Area Edvard Grieg Platform Luno South (WI 50%) Luno II (WI 50%) Luno II North (WI 50%) Rolvsnes (WI 50%) Apollo (WI 50%) Gas Export to SAGE Edvard Grieg (WI 50%) Ivar…
  8. March 2016 Corporate Presentation – Lundin Petroleum – slide 8
    WF12176 p17 02.16 Norway Edvard Grieg Project delivered, safely on schedule and on budget Strong intial facilities and reservoir performance Gross plateau production of 100,000 boepd expected 2H 2016 Lundin Petroleum 8
  9. March 2016 Corporate Presentation – Lundin Petroleum – slide 9
    Norway Quality Assets – Johan Sverdrup WF12176 p8 02.16 Gross Reserves: 1.65 - 3.02 billion boe Largest Phase 1 development on the NCS Major importance to all stakeholders Up to 40% of NCS oil production at plateau PDO approved and…
  10. March 2016 Corporate Presentation – Lundin Petroleum – slide 10
    WF12176 p9 02.16 Norway – Utsira High Quality Assets – Johan Sverdrup 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 Q1 Q2 Q3 Q4 2022 PDO Submitted – Phase I PDO Approval – Phase I PDO…
  11. March 2016 Corporate Presentation – Lundin Petroleum – slide 11
    WF12176 p10 02.16 Norway Big Fields Tend to Get Bigger Ekofisk Troll II Snorre Eldfisk Valhall Statfjord øst Statfjord Nord Heidrun Oseberg Gullfaks Gullfaks Sør Oseberg Sør Oseberg øst Balder Grane Njord Jotun Brage…
  12. March 2016 Corporate Presentation – Lundin Petroleum – slide 12
    WF12176 p11 02.16 Lundin Petroleum Low Cost - High Value 2015 2016 Guidance J. Sverdrup Plateau J. Sverdrup Phase 1 Production Guidance (Mboepd) 60 to 70 32 150 USD 2 Bn >100 2015 2016 Guidance J. Sverdrup Plateau…
  13. March 2016 Corporate Presentation – Lundin Petroleum – slide 13
    WF12176 p12 02.16 2016 Funding Liquidity and Net Debt RBL ERF RBL Accordion RBL Cash Net Debt 31/12 Bertam FPSO sale 0 1,000 2,000 3,000 4,000 5,000 6,000 MUSD 4,300 3,858 760 million (committed) 1.65 billion…
  14. March 2016 Corporate Presentation – Lundin Petroleum – slide 14
    WF12176 p13 02.16 Exploration Strategy Geographical focus Norway Shallow water and reservoirs Less than 500 metres water depth Leverage on technology extensive 3D seismic usage Targeting conventional oil play types Norway…
  15. March 2016 Corporate Presentation – Lundin Petroleum – slide 15
    WF12176 p14 02.16 Norway Southern Barents Sea (1) Statoil CMU Feb’16, (2) NPD, (3) Expected startup in 2016 ~ 1 billion boe discovered recently Discoveries Barents Sea Johan Castberg, ~550 MMbbl…
  16. March 2016 Corporate Presentation – Lundin Petroleum – slide 16
    WF12176 p15 02.16 Norway – Southern Barents Sea Loppa High Exploration & Appraisal Barents Sea Alta appraisal programme to continue in 2016/2017 Norway Loppa High Area Gohta/Alta discoveries opens up the area for significant new…
  17. March 2016 Corporate Presentation – Lundin Petroleum – slide 17
    Operator Lundin Petroleum licences Partner Oil field Gas Oil discovery Prospect/lead Norway Utsira High WF12176 p18 02.16 Norway – Utsira High Resources and Upside Potential 0 500 1,000 1,500 2,000 2,500 3,000 2010 2011…
  18. March 2016 Corporate Presentation – Lundin Petroleum – slide 18
    WF12176 p16 02.16 Malaysia Exploration and Production Bertam (WI 75%) (1) source: IHS 2015 Key exploration areas 2nd largest offshore acreage holder (1) Malaysia Sabah Peninsular Malaysia Core exploration positions in…
  19. March 2016 Corporate Presentation – Lundin Petroleum – slide 19
    F12176 p19 02.16 Lundin Petroleum Key Messages Reserves 685 MMboe Contingent Resources 386 MMboe Strong balance sheet and liquidity position Strong production growth with low unit operating costs Proven value creation track…
  20. March 2016 Corporate Presentation – Lundin Petroleum – slide 20
    12112 pt1 p03 09.15 Lundin Petroleum Core Areas: Europe & SE Asia TOTAL 2P reserves: 685.3 MMboe (1) Contingent resources: 386 MMboe (1) (1) Net at end 2015 Russia Malaysia Norway Netherlands France Exploration Development…
  21. March 2016 Corporate Presentation – Lundin Petroleum – slide 21
    WF11543 p5 10.15 Financial Performance EBITDA Operating Cash Flow Total Capex 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2010 2011 MUSD 2012 2013 2014 2015 Production (boepd) Average Brent oil price…
  22. March 2016 Corporate Presentation – Lundin Petroleum – slide 22
    WF12112 pt1 p04 02.16 2P Reserves Lundin Petroleum (1) As per industry standards the reserve replacement ratio is defined as the ratio of reserve additions to production during the year, excluding acquisitions and sales. The reserves…
  23. March 2016 Corporate Presentation – Lundin Petroleum – slide 23
    F12164 p03 01.16 2P Reserves History Excluding discontinued operations 0 100 200 300 400 500 600 700 800 900 MMboe Year End 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Malaysia Norway Tunisia…
  24. March 2016 Corporate Presentation – Lundin Petroleum – slide 24
    58 p02 01.16 Lundin Petroleum 2016 Production Guidance High Low 2016 production guidance: 60 – 70,000 boepd Production guidance reflects the ramp up of Edvard Grieg 0 40 20 80 60 100 0 40 20 80 60 100 2016 Net…
  25. March 2016 Corporate Presentation – Lundin Petroleum – slide 25
    WF12154 p3 20.01.16 Edvard Grieg Production Performance 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 0 20,000 40,000 60,000 80,000 100,000 Gross Production [boepd] Production Nov-15 Dec-15…
  26. March 2016 Corporate Presentation – Lundin Petroleum – slide 26
    WF12158 p06 01.16 Norway - Brynhild (WI 90%) 2015 Net Production 4,200 boepd Haewene Brim FPSO performance improving Water handling constraints resolved Integrity issues being resolved Water injection commenced - remains a…
  27. March 2016 Corporate Presentation – Lundin Petroleum – slide 27
    WF12158 p08 01.16 Malaysia - Bertam (WI 75%) 2015 Net Production 5,480 boepd Average 2015 uptime: 98% Strong facilities performance – 98% uptime Initially planned drilling programme complete A15 infill well drilling Q2 Good…
  28. March 2016 Corporate Presentation – Lundin Petroleum – slide 28
    WF12163 p01 01.16 Overview France & Netherlands Long life steady production and cash flow Low capital requirement Hydrocarbon Type 2015 Production Net, boepd 2P Reserves Net (1), MMboe Best Estimates Contingent Resources Net (1),…
  29. March 2016 Corporate Presentation – Lundin Petroleum – slide 29
    WF11117 p4 23.11.15 Drilling Schedule 2016 2016 Q1 Q2 Q3 Q4 Netherlands exploration wells not included (1) Net Unrisked Prospective Resources (MMboe) (2) Chance of Geological Success (3) Net Risked Prospective Resources (MMboe) 3…
  30. March 2016 Corporate Presentation – Lundin Petroleum – slide 30
    Lundin Petroleum’s Shareholders WF11003 p01 09.15 Number of shares in issue: 311.1 million (1) Average traded volume per day for last 12 months: ~1.9 million shares Part of OMX30, NASDAQ Stockholm source: IPREO 29 February 2016…

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