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Capital Markets Day – Lundin Petroleum

Lundin Petroleum · Feb 13, 2017 · 111 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. Capital Markets Day – Lundin Petroleum – slide 1
    Lundin Petroleum Capital Market Day 13 February 2017 WF12289 13/02/16 Lundin Petroleum 1
  2. Capital Markets Day – Lundin Petroleum – slide 2
    Lundin Petroleum Capital Market Day Agenda 1. Introduction 2. Lundin Petroleum Corporate Overview - Production Lundin Alex Schneiter - President and CEO - Reserves and Resources Petroleum Nick Walker - Chief Operating Officer Team…
  3. Capital Markets Day – Lundin Petroleum – slide 3
    Introduction Capital Market Day, 13 February 2017 Lundin Petroleum 3
  4. Capital Markets Day – Lundin Petroleum – slide 4
    Lundin Petroleum Largest independent E&P in Europe by Market Cap 2017 mid-point production guidance of 85'000 boepd on Norway - 3 core areas: Utsira High, Alvheim Area & Southern Barents Sea Organic growth with finding cost in…
  5. Capital Markets Day – Lundin Petroleum – slide 5
    Lundin Petroleum Strategy Grow resource base and production organically with a disciplined geographical focus 2P Reserves [MMboe] Production [Mboepd] Cash Operating Costs [USD/boe] Operating Cash Flow [MUSD] 800 744 90 85 12 11.6…
  6. Capital Markets Day – Lundin Petroleum – slide 6
    Lundin Group of Companies A History of Value Creation 67 X return to date for Lundin Petroleum 200 SEK 4.6 X return Merger to form for Lundin Oil Lundin Oil + INTERNATIONAL 36.5 SEK IPC PETROLEUM CORPORATION + 700…
  7. Capital Markets Day – Lundin Petroleum – slide 7
    Spin-off of Non-Norwegian Assets Lundin Petroleum to spin-off international assets into IPC Assets spun-off: France, Netherlands and Malaysia Shareholders to receive 1 share in IPC for every 3 shares held in LUPE Swedish Lex ASEA…
  8. Capital Markets Day – Lundin Petroleum – slide 8
    Lundin Petroleum IPC 2P Reserves MMboe 2017 Production Mboepd 743.5 7991 International IPC Lundin Petroleum (France, Netherlands, Malaysia) Lundin Petroleum International IPC International 96% 4% 7080 International 911 Norway…
  9. Capital Markets Day – Lundin Petroleum – slide 9
    Lundin Petroleum Post IPC Spin-off Production Cash Operating Costs Norway only Norway only Tax Pool Norway 150 6.8 120 2.60(2) Net thousand boepd 5.3…
  10. Capital Markets Day – Lundin Petroleum – slide 10
    Lundin Petroleum Management and Board of Directors Management Alex Schneiter Nick Walker Teitur Poulsen Henrika Frykman Alex Budden Christine Batruch President & CEO COO CFO VP Legal VP Communications VP CSR and Investor…
  11. Capital Markets Day – Lundin Petroleum – slide 11
    IPC International Petroleum Corporation IPC has applied to list on Toronto Stock Exchange and intends to obtain secondary listing in Stockholm (1) Board of directors Lukas Lundin Mike Nicholson Ashley Heppenstall Chris…
  12. Capital Markets Day – Lundin Petroleum – slide 12
    Lundin Petroleum Responsible Business Conduct Health ption & Sa rru fet High standards of business practice nti-c o y Hu A m cs an Rig Key Focus Pe i Code of Eth hts leblowing Conduct…
  13. Capital Markets Day – Lundin Petroleum – slide 13
    Lundin Petroleum Towards Low Carbon Operations Paris Agreement Landmark decision creating level playing field 2015 greenhouse gas emissions per produced unit in oil & gas production areas Norway kg CO2 equivalents per BOE 40…
  14. Capital Markets Day – Lundin Petroleum – slide 14
    Lundin Petroleum Corporate Overview Production Capital Market Day, 13 February 2017 Lundin Petroleum 14
  15. Capital Markets Day – Lundin Petroleum – slide 15
    Lundin Petroleum 2016 Production 2016 Production Norway Norway Other 5% Alvheim Area 24% 2016 production of 59.3 Mboepd Reservoir outperformance Uptime outperformance Q4 2016 production of 71.1 Mboepd Edvard Grieg 71% 2016…
  16. Capital Markets Day – Lundin Petroleum – slide 16
    Lundin Petroleum 2017 Production Guidance - Norway 2017 production guidance: 7080 Mboepd Steady operations from key assets - no planned shutdowns Q4 reflects contractual requirement to share Edvard Grieg capacity with Ivar…
  17. Capital Markets Day – Lundin Petroleum – slide 17
    Norway Edvard Grieg (WI 65%) Production at Facilities Design Capacity 100 Mboepd gross Reservoir outperforming & reserves increase Extends period at maximum facilities capacity 4 wells online, well capacity 100 Mboepd Edvard Grieg…
  18. Capital Markets Day – Lundin Petroleum – slide 18
    Norway Alvheim Area 2016 Net Production 14.4 Mboepd Continued strong operating & subsurface performance Good results from 2016 infill programme: Alvheim B5 20 Mbopd Viper/Kobra 35 Mbopd 2016 Alvheim Area Net Production 20…
  19. Capital Markets Day – Lundin Petroleum – slide 19
    Lundin Petroleum Norway Low Cost - High Value Maintain long term production outlook post spin-off Improved operating cost outlook 10.70 OPEX Production Guidance (USD/boe) (Mboepd) 150 6.80 120 70 to 80 5.30…
  20. Capital Markets Day – Lundin Petroleum – slide 20
    Lundin Petroleum Corporate Overview Reserves and Resources Capital Market Day, 13 February 2017 Lundin Petroleum 20
  21. Capital Markets Day – Lundin Petroleum – slide 21
    Net 2P Reserves Norway 31 December 2016 Reserves Life Index 26 years(2) Cummulative production to date, 10% Total 714.1 MMboe Remaining Reserves, 90% Edvard Grieg, 127.0 MMboe Ivar Aasen, 2.4 End 2015 653.6 - 2016…
  22. Capital Markets Day – Lundin Petroleum – slide 22
    Net 2P Reserves Norway Changes Johan Sverdrup Improved waterflood performance understanding Edvard Grieg Update based on development drilling results Alvheim Area Inclusion of two additional infill wells and good reservoir…
  23. Capital Markets Day – Lundin Petroleum – slide 23
    Net Contingent Resources Norway 31 December 2016 MMboe 31 Dec 2015 Balance 202.2 End 2016 + Discovery (Neiden) + 8.6 + Revisions + 43.2 Total 249.4 MMboe - Divested/Relinquished (+ Acquisition) -3.9 - 2C to 2P -0.7 Salina, 7.6…
  24. Capital Markets Day – Lundin Petroleum – slide 24
    Lundin Petroleum Norway Big Fields Get Bigger 2,800 2C Contingent Resources 2,600 Cumulative Production 2P Reserves 16% 2,400 2,200 600 Gross MMboe 500 83% 400 300 36% EG South West (1) 200 100…
  25. Capital Markets Day – Lundin Petroleum – slide 25
    2017 2017 net unrisked prospective resources Prospective Resources 1,000 800 Unrisked Million boe 600 Target Unrisked 500 MMboe 400 200 0 lv (1) 1) ) rri (1 di l t fsa ( jel es…
  26. Capital Markets Day – Lundin Petroleum – slide 26
    Lundin Petroleum Corporate Overview Expenditure and 2017 Work Programme Capital Market Day, 13 February 2017 Lundin Petroleum 26
  27. Capital Markets Day – Lundin Petroleum – slide 27
    2016/2017 Capital Expenditure - Norway 2016 Guidance vs Actual 2017 Guidance Peak year for Johan Sverdrup 2016 2017 1,400 1,400 Exploration Appraisal 1,200 1,200 Development 1,000 1,000 Million USD Million USD…
  28. Capital Markets Day – Lundin Petroleum – slide 28
    Lundin Petroleum Barents Sea 2017 Development Activity Norway Barents Sea 2017 Budget 1,085 MUSD Alvheim Area Other Utsira High Norwegian Sea Edvard Grieg Johan Sverdrup Phase 1 Johan Sverdrup Phase 1 Facilities…
  29. Capital Markets Day – Lundin Petroleum – slide 29
    Korpfjell 1 exploration well Lundin Petroleum Barents Sea 2017 Exploration & Appraisal Activity Brselv 1 exploration well(1) Filicudi 1 exploration well 2017 Budget 210 MUSD 12 possible follow-on wells(1) Alta/Gohta 1 Alta…
  30. Capital Markets Day – Lundin Petroleum – slide 30
    2017 Drilling Schedule Norway Well LUPE 2017 Licence - Prospect type Operator WI % Q1 Q2 Q3 Q4 1 PL533 - Filicudi exp Lundin 35.00 Discovery 2 PL492 - Gohta-3 app Lundin 40.00 3 PL609 - Alta-4 app Lundin 40.00 4 PL609 - Brselv…
  31. Capital Markets Day – Lundin Petroleum – slide 31
    Lundin Petroleum Corporate Overview Financials and Funding Capital Market Day, 13 February 2017 Lundin Petroleum 31
  32. Capital Markets Day – Lundin Petroleum – slide 32
    Lundin Petroleum Funding Status and Guidance High cash-margin barrels 89% oil and 5.3 USD/boe of cash operating costs USD 5 bn of available credit lines underpinned by the 2P reserves - no amortisation until late 2020 USD 1 bn of…
  33. Capital Markets Day – Lundin Petroleum – slide 33
    Lundin Petroleum Guidance Basis Post IPC Spin-off Guidance based on pro-forma 01.01.2017 For accounting purposes Lundin Petroleum will account for IPCs production up to IPC transaction completion (expected to be by end Q1 2017)…
  34. Capital Markets Day – Lundin Petroleum – slide 34
    2017 Forecast Netback (USD/boe) Forecast 2017 Average Brent oil price USD/boe 40.00 50.00 60.00 Revenue 39.40 48.75 58.15 Cost of Operations - Base -3.45 -3.45 -3.45 - Projects -0.45 -0.45 -0.45 Tariff & Transportation -1.40…
  35. Capital Markets Day – Lundin Petroleum – slide 35
    2017 Forecast Cash Operating Costs Quarterly USD/boe USD/boe 8 8 7 7 6 6 Average Forecast 2017 USD 5.30/boe 5 5 4 4 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Forecast Forecast Forecast Forecast WF12306 p02 02.17…
  36. Capital Markets Day – Lundin Petroleum – slide 36
    2017 Forecast EBITDA Netback (USD/boe) Forecast 2017 Average Brent oil price USD/boe 40.00 50.00 60.00 Cash Margin Netback 33.75 43.10 52.50 General & Administration (1) -0.70 -0.70 -0.70 EBITDA Netback 33.05 42.40 51.80…
  37. Capital Markets Day – Lundin Petroleum – slide 37
    2017 Forecast Tax Forecast 2017 Average Brent oil price USD/boe 40.00 50.00 60.00 Current tax credit 5.65 0.40 Deferred tax charge -10.40 -12.45 -18.60 Total -4.75 -12.05 -18.60 Budgeted E&A spend of MUSD 210 WF12306 p03…
  38. Capital Markets Day – Lundin Petroleum – slide 38
    Norway Tax Value Tax Value from Historic Capex Spend as at 01 January 2017 Available Available Available USD 2.6 billion 2017-2021 2017-2019 Immediately 25,000 in tax value(1) 1,139 20,000 4,851 15,000 780 Million NOK…
  39. Capital Markets Day – Lundin Petroleum – slide 39
    2017 Forecast Operating Cash Flow Netback (USD/boe) Forecast 2017 Average Brent oil price USD/boe 40.00 50.00 60.00 Cash Margin Netback 33.75 43.10 52.50 Cash Taxes 5.65 0.40 Operating Cash Flow Netback 39.40 43.50 52.50…
  40. Capital Markets Day – Lundin Petroleum – slide 40
    2017 Forecast Profit Netback (USD/boe) Forecast 2017 Average Brent oil price USD/boe 40.00 50.00 60.00 Cash Margin Netback 33.75 43.10 52.50 Depletion/Depreciation -18.20 -18.20 -18.20 G&A -0.80 -0.80 -0.80 Financial items, net…
  41. Capital Markets Day – Lundin Petroleum – slide 41
    Funding Liquidity and Net Debt New 7 year USD 5.0 billion RBL secured in February 2016 - fully committed Attractive margin: 315 bps 5 year grace period (no amortisation until end 2020) Year End 2016 5,000 5,000 4,145 70 4,075…
  42. Capital Markets Day – Lundin Petroleum – slide 42
    2017 Forecast Funding & Liquidity (USD/boe) Forecast 2017 Brent oil price (USD) 40.00 50.00 60.00 Operating Cash Flow Netback 39.40 43.50 52.50 Cash General & Administrative / Financial Items -8.90 -8.75 -8.60 Cash Flow Available…
  43. Capital Markets Day – Lundin Petroleum – slide 43
    Norway Forecast Development Expenditure on Commited Projects Forecast Development Expenditure (Million USD) Committed Projects 1,000 Johan Sverdrup Phase 1 Johan Sverdrup Phase 2 Edvard Grieg drilling Alvheim Area infill…
  44. Capital Markets Day – Lundin Petroleum – slide 44
    Risk Mitigation Norway Business Interruption Insurance on Edvard Grieg Currency exposure on NOK denominated capex for Johan Sverdrup phase 1 locked-in Currency BUY SELL Average rate MNOK MUSD NOK : USD 2017 3,492.6 423.6 8.25…
  45. Capital Markets Day – Lundin Petroleum – slide 45
    Summary Remarks Corporate Overview Norway 2016 record production of 59 Mboepd 180% increase on 2015 Production guidance for 2017 of 70 80 Mboepd Operating costs guidance for 2017 of 5.3 USD/boe record low 2P reserves continuing…
  46. Capital Markets Day – Lundin Petroleum – slide 46
    Lundin Petroleum Q&A Lundin Petroleum 46
  47. Capital Markets Day – Lundin Petroleum – slide 47
    BREAK Lundin Petroleum 47
  48. Capital Markets Day – Lundin Petroleum – slide 48
    Lundin Petroleum Norway Overview Capital Market Day, 13 February 2017 Lundin Petroleum 48
  49. Capital Markets Day – Lundin Petroleum – slide 49
    Norway Strategy On Course for Continued Organic Growth Exploration Appraisal Development Production Growing, high margin production and reserves Southern Exciting development Barents Sea Alta potential from own Edvard Grieg…
  50. Capital Markets Day – Lundin Petroleum – slide 50
    Well Positioned on the NCS Exploration Barents Sea Appraisal Great Platform for Growth Filicudi Loppa High Producing fields: Alta/Gohta Alvheim Area - Alvheim/Byla - Lundin 15% - Volund - Lundin 35% Southern Barents Sea Edvard…
  51. Capital Markets Day – Lundin Petroleum – slide 51
    Organisational Enablers right cultur The e Entrepeneurial, exploratory, nimble, fast moving Curious, courageous, creative, competent WF12303 p03 02.17 The r o p l e i g ht p e Lundin Petroleum 51
  52. Capital Markets Day – Lundin Petroleum – slide 52
    Lundin Petroleum Norway Production and Development Assets WF12303 p08 02.17 Lundin Petroleum 52
  53. Capital Markets Day – Lundin Petroleum – slide 53
    Alvheim Area Continuous Reserves Growth Alvheim FPSO Online June 2016 Vilje Strong reservoir performance Boa Kam North Alvheim Facilities well managed (2 new wells) Production decline arrested by Volund West (expl well 2017)…
  54. Capital Markets Day – Lundin Petroleum – slide 54
    Edvard Grieg Overview Edvard Grieg Platform Oil Export to Grane Lundin operated (65% working interest) Gas Export to SAGE first oil Nov 2015 Ivar Aasen (WI 1.385%) onstream Q4 2016 Production reached facilities design…
  55. Capital Markets Day – Lundin Petroleum – slide 55
    Edvard Grieg Safe and Reliable Delivery with Upside Potential Strong performance across the board Safety No people injuries in 2016 Edvard Grieg Facilities Uptime Facilities uptime 97% (1) 100 % Reservoir Outperforming…
  56. Capital Markets Day – Lundin Petroleum – slide 56
    Lundin Norway Operations From Green Field to Successful Producer Quality it on Th Competence The right contractors c Experience tru e Ri Early operations Diversity ns gh involvement Culture Co tP…
  57. Capital Markets Day – Lundin Petroleum – slide 57
    Edvard Grieg Production Wells Strong reservoir performance High well potential built in first 4 production wells Natural pressure support better than expected Production at facilities design capacity 5th oil producer completed…
  58. Capital Markets Day – Lundin Petroleum – slide 58
    Edvard Grieg Positive Injector Well Results First two water injection wells came in shallow to prognosis and with thicker and better reservoir Excellent pressure communication between - (A02) WI1 production wells Very high…
  59. Capital Markets Day – Lundin Petroleum – slide 59
    Edvard Grieg 2016 Reserves Increase & Significant Reserves Upside Positive 2P reserves increase end 2016 Edvard Grieg Drilled Producer 16 MMboe gross increase Drilled WI Positive development well results 2017 wells Prior OWC…
  60. Capital Markets Day – Lundin Petroleum – slide 60
    Edvard Grieg OP5 2017 Wells 2017 Drilling Programme OP5 OP6 (completed) WI4 16/1-15 Further 2 producers and 2 water injectors in 2017 OP11 WI1 WI2 OP4 16/1-13 OP1 16/1-10 Wells 2017 OP6 Completed OP2 OP5 OP6 OP6…
  61. Capital Markets Day – Lundin Petroleum – slide 61
    Norway Full Field Break Even Price Johan Sverdrup Largest Phase 1 development on the NCS Investment Cost Reserves Estimate Up to 40% of NCS oil production at full field plateau Capacity Project metrics continue to get better…
  62. Capital Markets Day – Lundin Petroleum – slide 62
    Norway FX SPLIT Phase 1 Johan Sverdrup USD 15% First oil Phase 1: Q4 2019 Other NOK PDO Submission Phase 2 First Oil 25% 60% Concept Select Phase 2 First Oil Phase 1 Phase 2 2017 2018 2019 2020 2021 2022 PRODUCTION CAPACITY…
  63. Capital Markets Day – Lundin Petroleum – slide 63
    Norway Johan Sverdrup Phase 1 Progressing to Schedule Kvrner, Verdal Phase 1 project completion 40% Construction commenced on all elements of the project Work ongoing on 22 sites First jacket to be installed summer 2017 8…
  64. Capital Markets Day – Lundin Petroleum – slide 64
    0 km 5 Norway Johan Sverdrup Reserves Espevr Pilot hole Geitungen 16/2-U-19 16/2-U-18 Pilot hole Excellent reservoir High recovery factor and high well rates Drilling status: 8 Pre-drilled 8 production wells and 3…
  65. Capital Markets Day – Lundin Petroleum – slide 65
    Johan Sverdrup Phase 2 Concept Selection Phase 2 gross capex significantly reduced latest estimate 4055 Bn NOK (1) PDO 85 Bn NOK Optimised and reduced facility scope Improved drilling performance and reduced number of wells…
  66. Capital Markets Day – Lundin Petroleum – slide 66
    Top Basement (base reservoir) map Norway Utsira High Luno II D PL359 (Lundin 50% operated) 16/4-6S 16/4-9S Main project drivers C Utilise Edvard Grieg facilities once capacity is available Luno II Development concept that is…
  67. Capital Markets Day – Lundin Petroleum – slide 67
    Norway Utsira High - Rolvsnes PL501 PL338C (Lundin 50% operated) Ivar Aasen Johan Sverdrup Unit Rolvsnes discovery Apollo PL338 30m oil column in porous granitic basement Edvard Grieg Successfully tested PL338C Johan…
  68. Capital Markets Day – Lundin Petroleum – slide 68
    Southern Barents Sea Area Norway - Southern Barents Sea An Emerging Major Production Area PL715 Norway Johan Castberg discoveries 550 MMboe (3) Discoveries Barents Sea Filicudi discovery 1 billion boe discovered recently…
  69. Capital Markets Day – Lundin Petroleum – slide 69
    Southern Barents Sea Area Norway Alta / Gohta Norway Alta Discovery PL609 & PL492 (Lundin 40% operated) Alta-4 Appraisal Gross contingent resources: Alta-3 Alta 125 400 MMboe Alta-2 Gohta 91184 MMboe Senilex well (1985) To…
  70. Capital Markets Day – Lundin Petroleum – slide 70
    Norway Alta/Gohta Carbonate Reservoirs Very good quality of main reservoirs Good pressure communication Large resource range with complex reservoirs Alta 2+2A Alta 1 Alta 3 rn Basement Ugle Falk WF12250 p02 09.16…
  71. Capital Markets Day – Lundin Petroleum – slide 71
    Norway Alta/Gohta Reducing Uncertainty EWTs planned for 2018: Key development challenges: Confirm long-term productivity Define the resource base 2 months production per discovery Conceptual Development Technological: Drilling…
  72. Capital Markets Day – Lundin Petroleum – slide 72
    Lundin Petroleum Norway Exploration Capital Market Day, 13 February 2017 Korpfjell Johan Sverdrup Brselv Alvheim Edvard Grieg Alta/Gohta Filicudi Neiden Lundin Petroleum 72
  73. Capital Markets Day – Lundin Petroleum – slide 73
    Southeastern trend Norway Loppa High trend Exploration Strategy Barents Sea Filicudi trend Southern Barents Sea Focus on organic growth Inverted highs Building new core areas Continuous activity in Southern Barents Sea…
  74. Capital Markets Day – Lundin Petroleum – slide 74
    Norway Lundin Petroleum - The Most Successful Explorer Norway Undeveloped barrel value Low cost - High value Largest resources discovered on NCS 20072016 (2) Norway Finding cost/boe 5 (1) Other USD/boe 28% 0.7 USD/boe…
  75. Capital Markets Day – Lundin Petroleum – slide 75
    Lundin Norway The Importance of being Active in the Barents Sea Yet to find resources North Highest remaining potential on NCS Sea 25% Barents (4.7 Bn boe) Breakthrough Steepest curve Sea 48% (8.8 Bn boe) Giant structures 23rd…
  76. Capital Markets Day – Lundin Petroleum – slide 76
    Southeastern Barents Sea Southern Barents Sea Multi billion barrel Potential (1) 3 High Impact Exploration Trends Loppa High Trend 1 Bn bo(1) Korpfjell Prospect 1 Bn boe gross (3) PL715(3) Brselv Prospect Krktind (3) 244…
  77. Capital Markets Day – Lundin Petroleum – slide 77
    Norway - Loppa High Area Evolution 2010-2017 2010 2014 2017 Licences: 5 Licences: 13 Hanssen (2014) Licences: 20 Wells - Wells 7 Wells 14 PL722 (2017)(1) Discoveries - Discoveries 5 Discoveries 8 Wisting (2013) PL853 (2016)…
  78. Capital Markets Day – Lundin Petroleum – slide 78
    Lundin Norway R&D 533 Alta TopSeis 609 C Salina 805 609 B Gohta 492 902 New technology to improve imaging Skalle TopSeis Acq. 2017 767 of the reservoirs of the Loppa High WF12300 p06 01.17 Lundin Petroleum 78
  79. Capital Markets Day – Lundin Petroleum – slide 79
    Norway Southern Barents Sea Neiden Discovery and Brselv Prospect PL609 40% Lundin operator Krktind Prospect 176 MMboe(1) Neiden Discovery Krktind Proved oil and good quality karstified reservoir Gross contingent resources 25-60…
  80. Capital Markets Day – Lundin Petroleum – slide 80
    Top Reservoir Map Norway Southern Barents Sea Filicudi Discovery Filicudi east flank upside PL533 (Lundin 35%, operated) Filicudi discovery well and sidetrack Oil discovery - 35100 MMbo gross contingent resources 129m…
  81. Capital Markets Day – Lundin Petroleum – slide 81
    Southern Barents Sea Prolific Filicudi - Johan Castberg Trend Hurri prospect: Kramsn Nunatak Skrugard Johan Castberg Adjacent to the recent Filicudi discovery Skavl Havis EM anomaly Drivis Bjrnyrenna Fault complex 7219/9-1…
  82. Capital Markets Day – Lundin Petroleum – slide 82
    Southeastern Barents Sea Norway Southeastern Barents Sea Signalhornet Dome High Impact Exploration Norway Prospects mapped on new 3D seismic drill-ready Multi-billion barrel resource potential Structure aerial closures 34 times…
  83. Capital Markets Day – Lundin Petroleum – slide 83
    Norway Utsira High Resources and Upside Potential PL501 Johan Sverdrup Unit Ivar Aasen Major Lundin Petroleum operated acreage position Apollo PL338 Edvard Grieg Prospects will be matured and drilled over the PL338C (Luno…
  84. Capital Markets Day – Lundin Petroleum – slide 84
    Norway Exploration Conclusion Working the assets maturing discoveries and growing organically Focus is: Maturing Alta/Gohta and Filicudi Exploring 3 high impact trends in the Southern Barents Sea Prospect maturation over the…
  85. Capital Markets Day – Lundin Petroleum – slide 85
    Lundin Petroleum Norway Q&A Lundin Petroleum 85
  86. Capital Markets Day – Lundin Petroleum – slide 86
    A new Lundin Group Company International Petroleum Corp. Internationally Focused Upstream Company NCF00001 p01 12.16 86
  87. Capital Markets Day – Lundin Petroleum – slide 87
    The Lundin Group of Companies A History of Value Creation IPC Lundin Petroleum Africa Oil Lundin Gold o il a n d g BlackPearl Resources NGEx Resources as ShaMaran Petroleum o ld Africa Energy g m onds ia d base m…
  88. Capital Markets Day – Lundin Petroleum – slide 88
    International Petroleum Corp. Listing and Shareholders Lundin Family 29% 71% IPC has applied to list on Toronto Stock Exchange and intends to list in Stockholm(1) CAD SEK Lundin Petroleum shareholders to receive one IPC…
  89. Capital Markets Day – Lundin Petroleum – slide 89
    International Petroleum Corp. Focus, Execute and Grow A platform for growth - Board and management team with a proven track record - Free cash flow from existing asset base, with minimal commitments International Petroleum…
  90. Capital Markets Day – Lundin Petroleum – slide 90
    International Petroleum Corp. Set up for Success Experienced board and senior management team - Lundin family commitment and expertise - IPC management team transfers from Lundin Petroleum - depth of knowledge and experience in the…
  91. Capital Markets Day – Lundin Petroleum – slide 91
    International Petroleum Corp. Board of Directors and Senior Management Team Board of Directors Board composition reflects Lundin Family support and Lundin Petroleum expertise Lukas Lundin Mike Nicholson Ashley Heppenstall Chris…
  92. Capital Markets Day – Lundin Petroleum – slide 92
    International Petroleum Corp. Solid Asset Base Y/E 2016 2P Reserves Netherlands Malaysia High quality diversified asset base of oil weighted reserves (94% of 2P) High proportion of asset base is operated (86% of 2P) France Low…
  93. Capital Markets Day – Lundin Petroleum – slide 93
    International Petroleum Corp. Financially Strong Producing assets with - Low cash taxes - Low cost of production - Limited capex commitments No debt at inception - Ability to leverage existing assets - Experience and existing…
  94. Capital Markets Day – Lundin Petroleum – slide 94
    International Petroleum Corp. Growth Opportunities Grow through strategic acquisition(s) - Lundin companies have a track record as early movers in the value creation process - Current favourable market environment for…
  95. Capital Markets Day – Lundin Petroleum – slide 95
    International Petroleum Corp. Asset Overview & 2017 Guidance NCF00001 p22 01.17 95
  96. Capital Markets Day – Lundin Petroleum – slide 96
    Bertam Field - K10.1 Depth Map International Petroleum Corp. Malaysia Asset Overview Bertam Field I35 Prospect - Light oil offshore development (75% working interest, operated) - 12 horizontal producers tied back to Bertam FPSO -…
  97. Capital Markets Day – Lundin Petroleum – slide 97
    International Petroleum Corp. France Asset Overview Paris Basin Paris and Aquitaine Basins France - Mature light oil onshore assets Aquitaine Basin - 87% of the reserves base is operated - France represents 60% of IPC 2P…
  98. Capital Markets Day – Lundin Petroleum – slide 98
    A 0 5504 KM 100 International Petroleum Corp. 5506 5505 5507 A 034 035 036 037 038 5504 Offshore DENMARK Netherlands Asset Overview A 5504 5505 5506 5507 040 Onshore F6a G 041 NORTH TEESSIDE J H 042 043 044 E…
  99. Capital Markets Day – Lundin Petroleum – slide 99
    International Petroleum Corp. 2P Reserves - 29.4 MMboe Proved + Probable Reserves France Aquitaine Basin, 2.4 Netherlands, 1.8 Malaysia, 9.5 29.4 MMboe 2P reserves, 94% light oil Track record of reserves increases France…
  100. Capital Markets Day – Lundin Petroleum – slide 100
    International Petroleum Corp. 2017 Production Forecast 2017 Production Guidance France 21% 2016 production above guidance Malaysia 67% Netherlands 12% 2017 production guidance 9,000 to 11,000 boepd net - Planned shutdown on…

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