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August 2016 Corporate Presentation – Lundin Petroleum

Lundin Petroleum · Aug 8, 2016 · 33 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. August 2016 Corporate Presentation – Lundin Petroleum – slide 1
  2. August 2016 Corporate Presentation – Lundin Petroleum – slide 2
    Lundin Petroleum Europe?s Largest Independent E&P Company Reserves 716 MMboe(1) Contingent Resources 386 MMboe Strong balance sheet and liquidity position Strong production growth with low operating costs Share price >40 X…
  3. August 2016 Corporate Presentation – Lundin Petroleum – slide 3
    WF12176 p3 02.16 Lundin Petroleum Successful Organic Growth Strategy (1) OMV acquired 20% of PL338 (Edvard Grieg) for a post-tax consideration of 8.7 USD/boe with an effective date of 01 January 2012. (2) Average analyst valuation…
  4. August 2016 Corporate Presentation – Lundin Petroleum – slide 4
    WF12176 p4 02.16 Geographical Focus Lundin Petroleum (1) Additional Edvard Grieg equity from July 2016 Norway assets represent(1) 96% reserves 83% 2016 production North Sea estimated yet to find resource potential 4.7 billion…
  5. August 2016 Corporate Presentation – Lundin Petroleum – slide 5
    WF12176 p5 05.16 Lundin Petroleum Proven Track Record 830 MMboe of net commercial resources discovered by Lundin in Norway 407 MMboe 207 MMboe 2,270 MMboe 351 MMboe Alvheim / Volund 2004 ? 2005 Edvard Grieg 2007 Johan…
  6. August 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. August 2016 Corporate Presentation – Lundin Petroleum – slide 7
    WF12176 p7 05.16 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 65%(2))…
  8. August 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 late 2016 when 4th producer is onstream…
  9. August 2016 Corporate Presentation – Lundin Petroleum – slide 9
    Edvard Grieg Transaction Deal Completed 30 June 2016 15% Edvard Grieg + Pipelines 27.581 million shares for Edvard Grieg Statoil?s Total Shareholding 68.4 million (20.1%) 1.735 million shares 2.000 million treasury shares Adds 31…
  10. August 2016 Corporate Presentation – Lundin Petroleum – slide 10
    Norway Quality Assets ? Johan Sverdrup Gross Reserves: 1.65 - 3.0 billion boe Largest Phase 1 development on the NCS Major importance to all stakeholders Up to 40% of NCS oil production at plateau Construction of all four platforms…
  11. August 2016 Corporate Presentation – Lundin Petroleum – slide 11
    Norway 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 Submission ? Phase II First Oil ? Phase…
  12. August 2016 Corporate Presentation – Lundin Petroleum – slide 12
    Norway Big Fields Tend to Get Bigger Ekofisk Troll II Snorre Eldfisk Valhall Statfjord ?st Statfjord Nord Heidrun Oseberg Gullfaks Gullfaks S?r Oseberg S?r Oseberg ?st Balder Grane Njord Jotun Brage Tor Murchison…
  13. August 2016 Corporate Presentation – Lundin Petroleum – slide 13
    WF12176 p23 06.16 (1) Additional Edvard Grieg equity from July 2016 Lundin Petroleum Low Cost - High Value 2015 2016 Guidance J. Sverdrup Plateau J. Sverdrup Phase 1 Production Guidance (Mboepd) 65 to 75(1) 32 150 USD 2.25…
  14. August 2016 Corporate Presentation – Lundin Petroleum – slide 14
    WF12176 p22 08.16 2016 Funding Liquidity and Net Debt 4,065 193 > USD 1 billion 4,224 34 250 RBL ERF RBL ERF Cash Net Debt 30/06/16 Sources of Liquidity 0 1,000 2,000 3,000 4,000 5,000 6,000 MUSD Available Liquidity…
  15. August 2016 Corporate Presentation – Lundin Petroleum – slide 15
    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…
  16. August 2016 Corporate Presentation – Lundin Petroleum – slide 16
    WF12176 p25 05.16 Norway - Southern Barents Sea Overview 0 KM 100 Operator Lundin Petroleum licences Partner Oil Gas Barents Sea Wisting discovery Sn?hvit Area Goliat development Alta & Gohta discoveries Johan Castberg…
  17. August 2016 Corporate Presentation – Lundin Petroleum – slide 17
    WF12176 p15 02.16 Norway ? Southern Barents Sea Loppa High Exploration and Appraisal Barents Sea Alta appraisal programme to continue in 2016/2017 Norway Gohta/Alta discoveries opens up the area for significant new discoveries…
  18. August 2016 Corporate Presentation – Lundin Petroleum – slide 18
    WF12176 p27 06.16 Norway Southeastern Barents Sea Norway - Southeastern Barents Sea High Impact Exploration Vadso Prospects mapped on new 3D seismic ? drill-ready Multi-billion barrel resource potential Structure aerial closures…
  19. August 2016 Corporate Presentation – Lundin Petroleum – slide 19
    WF12176 p19 05.16 Lundin Petroleum Key Messages Strong production growth with low operating costs Consistent sustainable organic growth strategy going forward Continued strong focus on cost discipline and operating efficiency…
  20. August 2016 Corporate Presentation – Lundin Petroleum – slide 20
    Lundin Petroleum 20 Lundin Petroleum Appendix
  21. August 2016 Corporate Presentation – Lundin Petroleum – slide 21
    Lundin Petroleum Core Areas: Europe & SE Asia TOTAL 2P reserves: 716.2 MMboe (1) Contingent resources: 386 MMboe (2) Russia Malaysia Norway Netherlands France Exploration Development Production (1) Additional Edvard Grieg…
  22. August 2016 Corporate Presentation – Lundin Petroleum – slide 22
    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…
  23. August 2016 Corporate Presentation – Lundin Petroleum – slide 23
    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…
  24. August 2016 Corporate Presentation – Lundin Petroleum – slide 24
    WF12164 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…
  25. August 2016 Corporate Presentation – Lundin Petroleum – slide 25
    WF12213 p02 07.16 2016 Production Lundin Petroleum 1H 2016 production of 63,100 boepd Q2 2016 production of 63,900 boepd Q2 production exceeding upper-end of guidance driven by Edvard Grieg outperformance Full year 2016 production…
  26. August 2016 Corporate Presentation – Lundin Petroleum – slide 26
    WF12213 p06 08.16 Edvard Grieg Production Performance 1H gross production 64,400 boepd Gas production commenced 3 wells on line ? total capacity >90,000 boepd PDO basis 24,000 boepd per well Project delivered ontime ? 28th…
  27. August 2016 Corporate Presentation – Lundin Petroleum – slide 27
    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…
  28. August 2016 Corporate Presentation – Lundin Petroleum – slide 28
    WF12158 p06 08.16 Norway - Brynhild (WI 90%) 1H 2016 Net Production 2,500 boepd Haewene Brim FPSO performance improving Water handling constraints resolved Integrity issues being resolved Water injection commenced Facilities uptime…
  29. August 2016 Corporate Presentation – Lundin Petroleum – slide 29
    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…
  30. August 2016 Corporate Presentation – Lundin Petroleum – slide 30
    WF12158 p08 08.16 Malaysia ? Bertam (WI 75%) 1H 2016 Net Production 8,600 boepd Good reservoir and facilities performance A15 well completed with excellent results Commenced production in May 2016 540m net pay Reservoir quality…
  31. August 2016 Corporate Presentation – Lundin Petroleum – slide 31
    WF12163 p01 01.16 France & Netherlands 1H 2016 Net Production 4,200 boepd Mature Producing Assets Long life steady production and cash flow Low capital requirement Hydrocarbon Type 2015 Production Net, boepd 2P Reserves Net (1),…
  32. August 2016 Corporate Presentation – Lundin Petroleum – slide 32
    WF11117 p4 03.08.16 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)…
  33. August 2016 Corporate Presentation – Lundin Petroleum – slide 33
    Lundin Petroleum?s Shareholders WF11003 p01 09.15 Number of shares in issue: 340.4 million (1) Average traded volume per day for last 12 months: ~1.9 million shares Part of OMX30, NASDAQ Stockholm Shares in free-float approx. 51%…

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