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September 2017 Corporate Presentation – Lundin Petroleum

Lundin Petroleum · Sep 5, 2017 · 37 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. September 2017 Corporate Presentation – Lundin Petroleum – slide 1
    Lundin Petroleum Corporate Presentation September 2017 05 Sep 17 WF12310
  2. September 2017 Corporate Presentation – Lundin Petroleum – slide 2
    Lundin Petroleum Delivering Growth 90 4 x Production 8085 Mboepd 8085 (1) Mboepd 80 Production (Mboepd) 70 60 50 40 30 20 Cash operating cost (USD/boe) 10 4.60 USD/boe (1) 0 2015 2016 2017 (1) 2017 forecast…
  3. September 2017 Corporate Presentation – Lundin Petroleum – slide 3
    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 3
  4. September 2017 Corporate Presentation – Lundin Petroleum – slide 4
    Lundin Petroleum Key Metrics Grow resource base and production organically with a disciplined geographical focus 2P Reserves Production Cash Operating Costs Operating Cash Flow 800 90 12 1500 714 82.5 10.7 80 700 654 10 70…
  5. September 2017 Corporate Presentation – Lundin Petroleum – slide 5
    Lundin Petroleum Financial Highlights - First Half 2017 Operating Cash Flow EBITDA from continuing operations from continuing operations 800 800 705.9 700 700 689.3 600 600 125% 500 500 165% Million USD Million…
  6. September 2017 Corporate Presentation – Lundin Petroleum – slide 6
    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…
  7. September 2017 Corporate Presentation – Lundin Petroleum – slide 7
    Lundin Petroleum Debt USD 5.0 billion RBL secured Attractive margin: 315 bps No amortisation until end 2020 5,000 5,000 USD 1 billion 4,155 74 4,081 80 Available Liquidity 4,000 Headroom MUSD 3,000 2,000 1,000…
  8. September 2017 Corporate Presentation – Lundin Petroleum – slide 8
    Lundin Petroleum Norway Investment Framework Organic Growth Southern Barents Sea 8.8 billion barrels (1) Significant yet to find resources Material acreage position in both the southern Barents Sea and the North Sea Attractive…
  9. September 2017 Corporate Presentation – Lundin Petroleum – slide 9
    Lundin Petroleum Key Production Asset Edvard Grieg Edvard Grieg Platform Oil Export to Grane Lundin operated Gas Export to SAGE 2P reserves: 223 MMboe Ivar Aasen (WI 1.385%) onstream Q4 2016 Increased facilities capacity:…
  10. September 2017 Corporate Presentation – Lundin Petroleum – slide 10
    Lundin Petroleum Continuous Reserves Growth Alvheim Area Strong reservoir performance BoA 2 infill wells Alvheim FPSO Vilje Facilities well managed Online 2018 Production decline arrested by Alvheim infill drilling keeps…
  11. September 2017 Corporate Presentation – Lundin Petroleum – slide 11
    Full Field Lundin Petroleum Break Even Price Johan Sverdrup Largest Phase 1 development on the NCS Investment Cost Project on schedule and over 50% complete Reserves Estimate Capacity Project metrics continue to get better…
  12. September 2017 Corporate Presentation – Lundin Petroleum – slide 12
    Johan Sverdrup Phase 1 - Riser Platform Jacket Installation First major offshore installation milestone delivered on schedule Remainder of platforms are scheduled for installation in 2018/2019 WF12326 p13 07.17 Photographer:…
  13. September 2017 Corporate Presentation – Lundin Petroleum – slide 13
    Lundin Petroleum Johan Sverdrup Concept Select PDO Submission First Oil First Oil Phase 2 Phase 2 Phase 1 Phase 2 2017 2018 2019 2020 2021 2022 PRODUCTION CAPACITY First oil Phase 1: Late 2019 Phase I Full Field First oil…
  14. September 2017 Corporate Presentation – Lundin Petroleum – slide 14
    Lundin Petroleum Big Fields Get Bigger 3,200 3P Reserves 2C Contingent Resources 3,000 Cumulative Production 2,800 2P Reserves 2,600 16% 2,400 2,200 600 Gross MMboe 500 400 98% 300 36% EG South West…
  15. September 2017 Corporate Presentation – Lundin Petroleum – slide 15
    Lundin Petroleum Low Carbon Footprint 2015 Greenhouse Gas Emissions Intensity Norway has one of the lowest carbon 40 emission rates per barrel in the world 35 Carbon mitigation technology and 30 improved emissions…
  16. September 2017 Corporate Presentation – Lundin Petroleum – slide 16
    Lundin Petroleum Creating Shared Value from Responsible Energy Management NORWAY: RGI SCORE AND RANK Norwegian oil and gas sector is 1 in the Resource Governance Index (RGI) 1st Operating in the world class governance environment…
  17. September 2017 Corporate Presentation – Lundin Petroleum – slide 17
    Lundin Petroleum Southern Appraisal and Pre-development Projects Barents Sea Southern Barents Sea Alta / Gohta 139540 MMboe 2 appraisal wells completed in 2017 Net Contingent Resources Filicudi 35100 MMboe 249 MMboe Further…
  18. September 2017 Corporate Presentation – Lundin Petroleum – slide 18
    Lundin Petroleum Utsira High Norway PL167b Significant resource upside in existing field areas Utsira High Rolvsnes appraisal drilling/testing in 2018 Lille Prinsen PL167 De-risks larger potential of Goddo Luno II concept…
  19. September 2017 Corporate Presentation – Lundin Petroleum – slide 19
    Lundin Petroleum Remaining 2017 drilling: 3 exploration wells targeting 250 MMboe (1) Key Exploration Areas Southeastern Trend 0 KM 100 0 KM 10 Barents Sea Johan Sverdrup Unit Hammerfest Korpfjell Ivar Aasen PL859 PL338…
  20. September 2017 Corporate Presentation – Lundin Petroleum – slide 20
    Southern Barents Sea 3 High Impact Exploration Trends Loppa High Trend 1 Bn bo(1) Southeastern Trend Multi billion barrel Potential PL715(3) Brselv Prospect (3) 244 MMboe gross Krktind (currently drilling) Brselv Korpfjell…
  21. September 2017 Corporate Presentation – Lundin Petroleum – slide 21
    Lundin Petroleum Key Messages 10.7 OPEX Production Guidance (USD/boe) (Mboepd) 150 120 6.8 8085 4.6 4.5 59.3 20.7 32 2015 2016 2017 J. Sverdrup J. Sverdrup 2015 2016 2017 J. Sverdrup Guidance Phase 1 Plateau Guidance Phase…
  22. September 2017 Corporate Presentation – Lundin Petroleum – slide 22
    Lundin Petroleum Appendix Lundin Petroleum 22
  23. September 2017 Corporate Presentation – Lundin Petroleum – slide 23
    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…
  24. September 2017 Corporate Presentation – Lundin Petroleum – slide 24
    Lundin Petroleum Funding and Liquidity - 2017 Guidance 1H Actuals Brent 45 USD/bbl Forecast (1) 80 45 70 60 USD/boe 50 40 33 43 30 27 8 20 10 0 Liquidity OCF (2) Capex/ Finance/ Liquidity Headroom E&A G&A…
  25. September 2017 Corporate Presentation – Lundin Petroleum – slide 25
    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…
  26. September 2017 Corporate Presentation – Lundin Petroleum – slide 26
    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…
  27. September 2017 Corporate Presentation – Lundin Petroleum – slide 27
    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…
  28. September 2017 Corporate Presentation – Lundin Petroleum – slide 28
    2017 Forecast Lundin Petroleum Other 3% 2017 Production Alvheim Area 18% 1H production of 86.1 Mboepd Q2 production of 89.5 Mboepd exceeds upper end of guidance Reservoir and facilities outperformance Increased Edvard Grieg…
  29. September 2017 Corporate Presentation – Lundin Petroleum – slide 29
    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…
  30. September 2017 Corporate Presentation – Lundin Petroleum – slide 30
    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 Alta/Gohta 1 Alta…
  31. September 2017 Corporate Presentation – Lundin Petroleum – slide 31
    Southern Barents Sea Area Southern Barents Sea Alta / Gohta Norway Gohta-3 appraisal well Poor reservoir quality Alta Discovery Downgrades resource estimate update at year end Alta-4 sidetrack Gohta considered as satellite to…
  32. September 2017 Corporate Presentation – Lundin Petroleum – slide 32
    Edvard Grieg Reservoir Performance Southwest appraisal well 1030 MMboe gross resource upside Potential resource upside in other areas of the field OP6 first conglomerate well Results as prognosis Communication with rest of…
  33. September 2017 Corporate Presentation – Lundin Petroleum – slide 33
    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…
  34. September 2017 Corporate Presentation – Lundin Petroleum – slide 34
    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…
  35. September 2017 Corporate Presentation – Lundin Petroleum – slide 35
    Lundin Petroleum Loppa High Trend Krktind Prospect Brselv Prospect 176 MMboe(1) 244 MMboe(1) CoS 39% Neiden Discovery 2560 MMboe(2) (PL715) Hellemobotn Prospect PL851 PL659 PL609c Alta Significant operated acreage…
  36. September 2017 Corporate Presentation – Lundin Petroleum – slide 36
    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 Completed 4…
  37. September 2017 Corporate Presentation – Lundin Petroleum – slide 37
    Lundin Petroleums Shareholder structure Shareholders Others, 7% Retail, 9% Lundin Family, 30% Number of shares in issue: 340.4 million Institutional Investors, 34% Average traded volume per trading day in 2016: 1.2 million…

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