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May 2017 Corporate Presentation – Lundin Petroleum

Lundin Petroleum · May 19, 2017 · 36 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. May 2017 Corporate Presentation – Lundin Petroleum – slide 1
    Lundin Petroleum Corporate Presentation May 2017 11 5.16 May 17 WF12310 Lundin Petroleum 1
  2. May 2017 Corporate Presentation – Lundin Petroleum – slide 2
    Lundin Petroleum At a Glance Geographical Focus Norway pure play Organic growth strategy Strong production growth with low operating costs Resource base of 1 billion barrels WF12310 p01 02.17 Lundin Petroleum 2
  3. May 2017 Corporate Presentation – Lundin Petroleum – slide 3
    Lundin Petroleum 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 International PETROLEUM CORPORATION Petroleum Corp. 700…
  4. May 2017 Corporate Presentation – Lundin Petroleum – slide 4
    Lundin Petroleum Key Metrics 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 90 12 1500 714…
  5. May 2017 Corporate Presentation – Lundin Petroleum – slide 5
    Lundin Petroleum 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) 5,000 5,000 4,085 56 4,029 77 4,000 USD 1…
  6. May 2017 Corporate Presentation – Lundin Petroleum – slide 6
    Lundin Petroleum Norway Investment Framework Southern Barents Sea Organic Growth 8.8 billion barrels (1) Significant yet to find resources Lundin Petroleum has a material acreage position in both the Southern Barents Sea and the…
  7. May 2017 Corporate Presentation – Lundin Petroleum – slide 7
    Lundin Petroleum Key Production Asset Edvard Grieg 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 Facilities able…
  8. May 2017 Corporate Presentation – Lundin Petroleum – slide 8
    Lundin Petroleum Continuous Reserves Growth Alvheim Area BoA 2 infill wells Alvheim FPSO Vilje Strong reservoir performance Online 2018 Alvheim Facilities well managed Production decline arrested by Volund West (expl well…
  9. May 2017 Corporate Presentation – Lundin Petroleum – slide 9
    Lundin Petroleum Full Field Break Even Price Quality Asset Johan Sverdrup Largest Phase 1 development on the NCS Investment Cost Reserves Estimate Project on schedule Capacity Project metrics continue to get better Further…
  10. May 2017 Corporate Presentation – Lundin Petroleum – slide 10
    Lundin Petroleum Johan Sverdrup PDO Submission Phase 2 First Oil Concept Select Phase 2 First Oil Phase 1 Phase 2 2017 2018 2019 2020 2021 2022 PRODUCTION CAPACITY First oil Phase 1: Late 2019 Phase I Full Field First oil…
  11. May 2017 Corporate Presentation – Lundin Petroleum – slide 11
    Lundin Petroleum 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 WF12297 p08…
  12. May 2017 Corporate Presentation – Lundin Petroleum – slide 12
    Lundin Petroleum Peer Comparison Reserves Life Index (1) Lundin Petroleums growth profile better than peers 30 25 20 Years 15 10 5 0 Lundin Petroleum WF12310 p10 02.17 (1) Data Source: based on…
  13. May 2017 Corporate Presentation – Lundin Petroleum – slide 13
    Lundin Petroleum Low Carbon Operations 2015 Greenhouse Gas Emissions Intensity The Challenge: the world needs oil and 40 needs to reduce CO2 emissions 35 Norway has one of the lowest carbon 30 emission rates per barrel in the…
  14. May 2017 Corporate Presentation – Lundin Petroleum – slide 14
    Lundin Petroleum Alta / Gohta Southern Appraisal and Pre-development Projects Barents Filicudi Sea Southern Barents Sea Alta / Gohta 216584 MMboe 2 appraisal wells in 2017 (1 completed) Net Contingent Resources Filicudi 35100…
  15. May 2017 Corporate Presentation – Lundin Petroleum – slide 15
    Lundin Petroleum Exploration Strategy Southeastern Trend Loppa High & Filicudi Trends Barents Sea Hammerfest Focus on organic growth 3 high impact trends in Southern Barents Sea Continuous activity Utsira High, Alvheim Area…
  16. May 2017 Corporate Presentation – Lundin Petroleum – slide 16
    Southeastern Trend Lundin Petroleum 0 KM 100 Exploration Areas Korpfjell 0 KM 10 PL859 Barents Sea Johan Sverdrup Unit Hammerfest Ivar Aasen PL338 Apollo Edvard Grieg PL338C Johan Sverdrup Rolvsnes Loppa High &…
  17. May 2017 Corporate Presentation – Lundin Petroleum – slide 17
    Lundin Petroleum 3 High Impact Exploration Trends in the Southern Barents Sea Loppa High Trend 1 Bn bo(1) Southeastern Trend Multi billion barrel Potential PL715(3) Brselv Prospect Krktind 244 MMboe gross Brselv Korpfjell…
  18. May 2017 Corporate Presentation – Lundin Petroleum – slide 18
    Southern PL859 Southeastern Barents Sea Barents Sea Korpfjell Prospect PL859 (Statoil operator, Lundin 15%) Norway Prospects mapped on new 3D seismic drill-ready Multi-billion barrel resource potential Structure aerial closures…
  19. May 2017 Corporate Presentation – Lundin Petroleum – slide 19
    Lundin Petroleum Key Messages 10.7 OPEX Production Guidance (USD/boe) (Mboepd) 150 120 6.8 (1) 4.9 7585 4.5 59.3 20.7 32 2015 2016 2017 J. Sverdrup J. Sverdrup 2015 2016 2017 J. Sverdrup Guidance Phase 1 Plateau Guidance…
  20. May 2017 Corporate Presentation – Lundin Petroleum – slide 20
    Lundin Petroleum Appendix Lundin Petroleum 20
  21. May 2017 Corporate Presentation – Lundin Petroleum – slide 21
    Financial Performance EBITDA Operating Cash Flow Total Capex 2,000 Full Year Full Year 1,800 2015 2016 1,600 EBITDA (MUSD) 384.7 902.6 1,400 1,200 Operating cash flow (MUSD) 699.6 1010.8 1,000 Production (boepd) 32,300…
  22. May 2017 Corporate Presentation – Lundin Petroleum – slide 22
    Lundin Petroleum Funding and Liquidity - 2017 Guidance Brent 50 USD/bbl (1) 80 45 70 60 USD/boe 50 40 34 44 30 27 8 20 10 0 Liquidity OCF (2) Capex/ Finance/ Liquidity Headroom E&A G&A Headroom start 2017 end…
  23. May 2017 Corporate Presentation – Lundin Petroleum – slide 23
    Net 2P Reserves 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 Production…
  24. May 2017 Corporate Presentation – Lundin Petroleum – slide 24
    Net Contingent Resources 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 Alvheim…
  25. May 2017 Corporate Presentation – Lundin Petroleum – slide 25
    2017 Forecast Lundin Petroleum Other 3% 2017 Production Alvheim Area 18% Q1 2017 production of 82,6 Mboepd Q1 production at upper end of guidance range Reservoir and facilities outperformance Edvard Grieg 79% Increased Edvard…
  26. May 2017 Corporate Presentation – Lundin Petroleum – slide 26
    Lundin Petroleum Barents Sea 2017 Development Activity Norway 2017 Budget 1,085 MUSD Alvheim Area Other Utsira High Norwegian Sea Edvard Grieg Johan Sverdrup Phase 1 Johan Sverdrup Phase 1 Facilities construction…
  27. May 2017 Corporate Presentation – Lundin Petroleum – slide 27
    Lundin Petroleum FX SPLIT Phase 1 Johan Sverdrup USD 15% First oil Phase 1: Q4 2019 Other NOK PDO Submission Phase 2 First Oil 24% 61% Concept Select Phase 2 First Oil Phase 1 Phase 2 2017 2018 2019 2020 2021 2022 PRODUCTION…
  28. May 2017 Corporate Presentation – Lundin Petroleum – slide 28
    Korpfjell 1 exploration well Lundin Petroleum Barents Sea 2017 Exploration & Appraisal Activity Brselv 1 exploration well Filicudi 1 exploration well 2017 Budget 210 MUSD 2 (Hufsa & Hurri) follow-on wells(1) Alta/Gohta 1 Alta…
  29. May 2017 Corporate Presentation – Lundin Petroleum – slide 29
    Southern Barents Sea Area Southern Barents Sea Alta / Gohta Norway Alta Discovery Gohta-3 Appraisal Well Poor reservoir quality Downgrades resource estimate update at year end Alta-4 Appraisal (ongoing) Alta-3 Gohta…
  30. May 2017 Corporate Presentation – Lundin Petroleum – slide 30
    Edvard Grieg Southwest Appraisal Success Drilled Producer Drilled WI Prior OWC Edvard Grieg Latest OWC 15m gross oil column OP5 ONGOING Top reservoir 9m deep, but oil-water contact WI1 (A02) 9m deep to prognosis…
  31. May 2017 Corporate Presentation – Lundin Petroleum – slide 31
    Lundin Petroleum Low cost - High value The Most Successful Explorer Norway Undeveloped barrel value Second most active explorer No. exploration wells (wildcat) 60 Norway 55 Finding cost/boe 5 (1) 50 Commercial discovery…
  32. May 2017 Corporate Presentation – Lundin Petroleum – slide 32
    Southern Barents Sea Filicudi Trend 2017 Drilling Hurri prospect: Kramsn Nunatak Skrugard Johan Castberg Adjacent to the recent Filicudi discovery Skavl Havis EM anomaly Drivis Bjrnyrenna Fault complex 7219/9-1 Hufsa…
  33. May 2017 Corporate Presentation – Lundin Petroleum – slide 33
    Lundin Petroleum Loppa High Trend Krktind Prospect Brselv Prospect 176 MMboe(1) 244 MMboe(1) CoS 39% Neiden Discovery 25-60 MMboe(2) (PL715) Hellemobotn Prospect PL851 PL659 PL609c Alta Significant operated acreage…
  34. May 2017 Corporate Presentation – Lundin Petroleum – slide 34
    2017 Drilling Schedule 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 Completed 3 PL609 - Alta-4 app Lundin 40.00 Ongoing 4…
  35. May 2017 Corporate Presentation – Lundin Petroleum – slide 35
    Lundin Petroleums Shareholder structure Shareholders Others, 9% Retail, 9% Lundin Family, 29% Number of shares in issue: 340.4 million Institutional Investors, 33% Average traded volume per trading day in 2016: 1.2 million…
  36. May 2017 Corporate Presentation – Lundin Petroleum – slide 36
    www.lundin-petroleum.com

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