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Corporate Presentation April 2016 – Lundin Petroleum

Lundin Petroleum · Apr 12, 2016 · 32 slides

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Slides

  1. Corporate Presentation April 2016 – Lundin Petroleum – slide 1
    Lundin Petroleum Corporate Presentation April 2016 WF12176 p1 02.16 12 Apr 16 Lundin Petroleum 1
  2. Corporate Presentation April 2016 – Lundin Petroleum – slide 2
    Lundin Petroleum Europes Largest Independent E&P Company Reserves Contingent Resources 2016 Production Guidance 685 MMboe 386 MMboe 60,00070,000 boepd Strong balance sheet and liquidity position No cash equity raised since…
  3. Corporate Presentation April 2016 – Lundin Petroleum – slide 3
    Lundin Petroleum Successful Organic Growth Strategy Low cost - High value Norway Undeveloped barrel value Norway Finding cost/boe 5 (1, 2) USD/boe 0.7 USD/boe (1) OMV acquired 20% of PL338 (Edvard Grieg) for a post-tax…
  4. Corporate Presentation April 2016 – Lundin Petroleum – slide 4
    Lundin Petroleum Geographical Focus Barents Sea estimated yet to find resource potential Southern 8.8 billion barrels Norway assets represent Barents Sea 95% reserves 81% 2016 production Access North Sea estimated yet to find…
  5. Corporate Presentation April 2016 – Lundin Petroleum – slide 5
    Lundin Petroleum Alta / Gohta Proven Track Record 2013 2014 Johan Sverdrup 830 MMboe 2010 of net commercial resources discovered Edvard Grieg 351 MMboe by Lundin in Norway 2007 Alvheim / Volund 2004 2005 2,270 MMboe…
  6. Corporate Presentation April 2016 – Lundin Petroleum – slide 6
    Norway Quality Assets - Alvheim Hub OPEX < 6 USD/boe Gross Alvheim Estimated Ultimate Recovery (MMboe) Alvheim FPSO 2C Contingent Resources 33 Vilje Cumulative Production 204 End of Year 2P Reserves 137 108 Alvheim +76% 198…
  7. Corporate Presentation April 2016 – Lundin Petroleum – slide 7
    Norway Quality Assets Edvard Grieg Area Edvard Grieg Platform Gross Edvard Grieg 2P Reserves MMboe Oil Export to Grane 2C gross Contingent Resources Gas Export to SAGE Apollo, Rolvsnes, Luno II & Luno II North 90 2P Reserves…
  8. Corporate Presentation April 2016 – Lundin Petroleum – slide 8
    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 WF12176 p17 02.16 Lundin Petroleum 8
  9. Corporate Presentation April 2016 – Lundin Petroleum – slide 9
    Norway Quality Assets Johan Sverdrup Working Interest Johan Sverdrup Unit Largest Phase 1 development on the NCS Major importance to all stakeholders Statoil 40.0267% Up to 40% of NCS oil production at plateau Lundin Petroleum…
  10. Corporate Presentation April 2016 – Lundin Petroleum – slide 10
    Norway Utsira High Quality Assets Johan Sverdrup PDO Submitted Phase I PDO Approval Phase I PDO Submission Phase II First Oil Phase I First Oil Phase II Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 2016 2017…
  11. Corporate Presentation April 2016 – Lundin Petroleum – slide 11
    WF12176 p10 02.16 Norway Factor Change in Total Oil Reserves since PDO 0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Troll II 4.0 Valhall Ula Tordis Gullfaks Sr Ekofisk Balder Oseberg Vigdis Glitne Draugen Big Fields Tend…
  12. Corporate Presentation April 2016 – Lundin Petroleum – slide 12
    Lundin Petroleum Low Cost - High Value 11.56 OPEX Production Guidance (USD/boe) (Mboepd) 150 9.25 (1) 100 60 to 70 32 32 5 2015 2016 J. Sverdrup J. Sverdrup 2015 2016 J. Sverdrup Guidance Phase 1 Plateau Guidance Plateau…
  13. Corporate Presentation April 2016 – Lundin Petroleum – slide 13
    2016 Funding Liquidity and Net Debt New 7 year RBL of up to USD 5.0 billion secured in February 2016 Current commitment USD 4.438 billion Attractive margin: 315 bps 5 year grace period (no amortisation until end 2020) 6,000 200…
  14. Corporate Presentation April 2016 – Lundin Petroleum – slide 14
    Exploration Strategy Southern Barents Sea Geographical focus Norway Shallow water and reservoirs Less than 500 metres water depth Norway Leverage on technology extensive 3D seismic usage Targeting conventional oil play types…
  15. Corporate Presentation April 2016 – Lundin Petroleum – slide 15
    Lundin Petroleum licences Norway Operator Partner Oil Gas Southern Barents Sea Licenced Area Prospect 23rd Round Blocks Industry Broadband 3D Seismic Discoveries Barents Sea 1 billion boe discovered recently Hoop Area…
  16. Corporate Presentation April 2016 – Lundin Petroleum – slide 16
    Loppa High Area Norway Southern Barents Sea Loppa High Exploration & Appraisal Norway Lundin Petroleum licences Operator Partner 609 Brselv Oil Gas Kramsn Prospect Gohta/Alta discoveries opens up the area for significant new…
  17. Corporate Presentation April 2016 – Lundin Petroleum – slide 17
    Malaysia Exploration and Production Malaysia Core exploration positions in Peninsular Malaysia and Sabah Sabah Total acreage is 28,000 km , second largest after Petronas 2 14.3 MMboe gross 2P reserves Peninsular Malaysia 96…
  18. Corporate Presentation April 2016 – Lundin Petroleum – slide 18
    Lundin Petroleum Key Messages Reserves Contingent Resources 2016 Production Guidance 685 MMboe 386 MMboe 60,00070,000 boepd Strong balance sheet and liquidity position Strong production growth with low unit operating costs…
  19. Corporate Presentation April 2016 – Lundin Petroleum – slide 19
    Lundin Petroleum Appendix Lundin Petroleum 19
  20. Corporate Presentation April 2016 – Lundin Petroleum – slide 20
    Lundin Petroleum Core Areas: Europe & SE Asia Norway Netherlands France Russia Exploration Development Production Malaysia TOTAL 2P reserves: 685.3 MMboe (1) WF12112 pt1 p03 09.15 Contingent resources: 386 MMboe…
  21. Corporate Presentation April 2016 – Lundin Petroleum – slide 21
    Financial Performance EBITDA Operating Cash Flow Total Capex 2,000 Full Year Full Year 1,800 2014 2015 1,600 EBITDA (MUSD) 671.3 384.7 1,400 1,200 Operating cash flow (MUSD) 1,138.5 699.6 1,000 Production (boepd) 24,900…
  22. Corporate Presentation April 2016 – Lundin Petroleum – slide 22
    Lundin Petroleum Gas, 4% 2P Reserves Oil & NGL, 96% Total 685.3 MMboe (1) South East Asia (2) 10.7 MMboe 21 Continental Europe End 2014 187.5 NORWAY 95% 37.5 Norway Other - 2015 Production -11.8 102.9 Edvard Grieg -…
  23. Corporate Presentation April 2016 – Lundin Petroleum – slide 23
    2P Reserves History 900 800 700 Cumulative Production 600 Malaysia 500 Norway MMboe Tunisia 400 Netherlands 300 France 200 100 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015…
  24. Corporate Presentation April 2016 – Lundin Petroleum – slide 24
    Lundin Petroleum 2016 Production Guidance 2016 production guidance: 60 70,000 boepd Production guidance reflects the ramp up of Edvard Grieg 2016 Net Production Guidance (Mboepd) 2016 Forecast 100 100 High Low Malaysia 13%…
  25. Corporate Presentation April 2016 – Lundin Petroleum – slide 25
    Edvard Grieg Production Performance Edvard Grieg gross production (boepd) Facility capacity: 100,000 boepd1 Production 100,000 OP3 online Gross Production [boepd] Strong initial facilities and reservoir performance 80,000…
  26. Corporate Presentation April 2016 – Lundin Petroleum – slide 26
    Norway Utsira High Norway Resources and Upside Potential Lundin Petroleum major operated acreage position Utsira High 2.7 billion boe of gross reserves under development 3 PDO approved Edvard Grieg, Ivar Aasen and Johan Sverdrup…
  27. Corporate Presentation April 2016 – Lundin Petroleum – slide 27
    Norway - Brynhild (WI 90%) Brynhild field 2015 Net Production 4,200 boepd Injector (A4) Haewene Brim FPSO performance improving Water handling constraints resolved Integrity issues being resolved Water injection commenced -…
  28. Corporate Presentation April 2016 – Lundin Petroleum – slide 28
    Malaysia - Bertam (WI 75%) Bertam field 2015 Net Production 5,480 boepd Bertam-3 A-15 Strong facilities performance 98% uptime Initially planned drilling programme complete A15 infill well currently drilling 0 KM 1…
  29. Corporate Presentation April 2016 – Lundin Petroleum – slide 29
    Overview France & Netherlands Long life steady production and cash flow Low capital requirement Offshore Netherlands France Netherlands Onshore Hydrocarbon Type Oil Gas 2015 Production Net, boepd 2,730 1,746 2P…
  30. Corporate Presentation April 2016 – Lundin Petroleum – slide 30
    Drilling Schedule 2016 Well LUPE 2016 Country Licence - Prospect type Operator WI % NUPR(1) CoGS(2) NRPR(3) Q1 Q2 Q3 Q4 1 Norway PL544 - Fosen exp Lundin 40.00 Dry 2 Norway PL609 - Alta-3 test app Lundin 40.00 3 Norway PL609 -…
  31. Corporate Presentation April 2016 – Lundin Petroleum – slide 31
    Lundin Petroleums Shareholder structure Shareholders Others, 4% Retail, 11% Lundin Family, 31% Number of shares in issue: 311.1 million (1) Institutional Average traded volume per day for last 12 months: Investors, 41%…
  32. Corporate Presentation April 2016 – Lundin Petroleum – slide 32
    www.lundin-petroleum.com

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