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Corporate Presentation – Lundin Petroleum

Lundin Petroleum · Mar 31, 2014 · 43 slides

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Slides

  1. Corporate Presentation – Lundin Petroleum – slide 1
    Lundin Petroleum Corporate Presentation March 2014 WF11879 21.03.14 1
  2. Corporate Presentation – Lundin Petroleum – slide 2
    Lundin Petroleum AB Company Overview and History Lundin Petroleum AB Introduction Ticker - Stockholm Stock Exchange LUPE An organic growth success story Ticker - Toronto Stock Exchange LUP Shares in Issue, million 317.9 Raised…
  3. Corporate Presentation – Lundin Petroleum – slide 3
    Lundin Petroleum Asset Overview Core Areas: Europe, SE Asia Exploration Norway Development Production Russia Netherlands France Malaysia TOTAL Indonesia 2P reserves: 194 MMboe (1) Contingent resources: 342 MMboe…
  4. Corporate Presentation – Lundin Petroleum – slide 4
    Financial Full Year Full Year Performance 2012 2013 EBITDA (MUSD) 1,144.1 960.9 Operating cash flow (MUSD) 831.4 975.6 Net result (MUSD) 102.2 72.9 Production (boepd) 35,700 32,700 Average Brent oil price (USD/boe) 111.67…
  5. Corporate Presentation – Lundin Petroleum – slide 5
    Lundin Petroleum Liquidity [MUSD] at 31 December 2013 Debt Outstanding 1,275 Cash Balances 93 Net Debt Position 1,182 New Reserve Based Lending Credit Facility 4,000 7 year facility 25 banks in the syndicate 5th RBL…
  6. Corporate Presentation – Lundin Petroleum – slide 6
    2P Reserves 31 December 2013 Gas, 8% Total 194.1 MMboe Malaysia, 13.7 Indonesia, 1.9 France, 22.5 Oil & NGL, 92% Russia, 6.1 Byla, 3.3 Netherlands, 3.4 MMboe Brynhild 20.7 End 2012 201.5 Alvheim 21.7 - 2013 Production…
  7. Corporate Presentation – Lundin Petroleum – slide 7
    2P Reserves History 250 200 Malaysia 150 Russia Norway MMboe Tunisia 100 Netherlands Indonesia France 50 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 WF11866 p3 01.14 Year End 7
  8. Corporate Presentation – Lundin Petroleum – slide 8
    Contingent Resource Growth 1,200 1,000 Norway - J. Sverdrup 800 Malaysia Russia MMboe 600 Others Norway 400 200 Includes Johan Sverdrup Excludes 0 Johan Sverdrup WF11866 p6 01.14 2005 2006 2007 2008 2009…
  9. Corporate Presentation – Lundin Petroleum – slide 9
    Targetted Contingent Resources to Reserves Aggressive 2014 drilling programme Low range High range 400 90-180 MMboe of resources to reserves Net Reserves/Resources (MMboe) 350 through appraisal of Gohta, Luno II &…
  10. Corporate Presentation – Lundin Petroleum – slide 10
    Lundin Petroleum Production 2014 Guidance Russia, 7% 2014 production guidance: 30,000 - 35,000 boepd Netherlands, 6% Indonesia, 5% Norway - production factors Alvheim & Volund reservoir performance Brynhild first oil expected…
  11. Corporate Presentation – Lundin Petroleum – slide 11
    Production Forecast 2014-2015 2015 average approximately 50,000 boepd Byla first oil Q1 2015 Bertam field first oil in Q2 2015 To exceed 75,000 boepd by end 2015 Edvard Grieg first oil Q4 2015 2014 Production Guidance High 2014…
  12. Corporate Presentation – Lundin Petroleum – slide 12
    Production Forecast From Ongoing Development 10-15 exploration wells per year Johan Other existing contingent and Sverdrup prospective resources not included in production forecast Edvard Bertam Grieg 75,000 boepd Byla…
  13. Corporate Presentation – Lundin Petroleum – slide 13
    Norway - Greater Alvheim Area 2013 Net Production: 22,700 boepd PL088 2P Reserves (net): 21.7 MMboe PL088BS PL203b 2C Contingent Resources (net): 6.2 MMboe 2013 net production : 10,500 boepd Alvheim cost of operations(1) 5 USD…
  14. Corporate Presentation – Lundin Petroleum – slide 14
    Overview France & Netherlands France Netherlands Hydrocarbon Type Oil Gas 2013 Production Net, boepd 2,890 2,000 2P Reserves Net, MMboe 22.5 3.4 Offshore Best Estimates Contingent 12.8 Netherlands Resources Net, MMboe…
  15. Corporate Presentation – Lundin Petroleum – slide 15
    Norway & Malaysia Norway - North Sea Development Projects Byla United Ongoing Norwegian Developments Stavanger Kingdom Edvard Grieg Brynhild (Lundin 90% operator) Norway Byla (Lundin 15%) Edvard Grieg (Lundin 50%…
  16. Corporate Presentation – Lundin Petroleum – slide 16
    Norway Norway - Southern Utsira High Edvard Grieg Development 0 KM 20 UK PL625 PL546 PL167 & PL167B PL501 PL673 Lundin Petroleum interest: 50% (operator) Ivar Aasen OMV 20%, Wintershall 15%, Statoil 15% Apollo 2P reserves:…
  17. Corporate Presentation – Lundin Petroleum – slide 17
    Norway North Sea Developments Norway - North Sea Brynhild Development (Lundin 90% operator) Subsea tie-back to Pierce field, UK United Subsea installations successfully completed Kingdom First development well successfully reached…
  18. Corporate Presentation – Lundin Petroleum – slide 18
    Peninsular Malaysia Bertam Development Facilities Bertam Development PM307 - Lundin Petroleum 75% (operator), Petronas Carigali 25% PDO approved in October 2013 Gross 2P reserves: 18.2 MMbo Bertam Location Map Gross plateau…
  19. Corporate Presentation – Lundin Petroleum – slide 19
    Appraisal Programme 2014 6 Wells Norway - 5 wells Malaysia - 1 well Utsira High Barents Sea Peninsular Malaysia 1 well in Edvard Grieg (W.I. 50%) 1 well in Gohta (W.I. 40%) 1 well in Tembakau (W.I. 75%) 1 well in Luno II (W.I.…
  20. Corporate Presentation – Lundin Petroleum – slide 20
    Norway Johan Sverdrup Field Working Interest PL501 PL265 PL502 Lundin Norway 40% (OP) 10% 0% Statoil 40% 40% (OP) 44.44% (OP) 20 wells + 6 sidetracks drilled to date on Johan Sverdrup Maersk 20% Gross Contingent Resources:…
  21. Corporate Presentation – Lundin Petroleum – slide 21
    Johan Sverdrup Appraisal Programme Avaldsnes Crest appraisal well (Avaldsnes High: 16/3-8S) Successfully completed in March 2014 Encountered good Volgian sands Excellent permeability (65 Darcy) Production tested at 4,900 bopd…
  22. Corporate Presentation – Lundin Petroleum – slide 22
    Johan Sverdrup Phase I - Concept Development Key Facts Facilities Phase 1 Four bridge linked steel jacket platforms to be installed during 2018 and 2019 Power supply from shore Wells Phase 1 40-50 production and injection wells…
  23. Corporate Presentation – Lundin Petroleum – slide 23
    Johan Sverdrup Phase I Development Schematic aseI lected l - Ph aseI t S e p rova - P h cep A p tOil C o n PDO Firs Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2015 2016 2017 2018…
  24. Corporate Presentation – Lundin Petroleum – slide 24
    Norway - Utsira High Luno II core sampling 2014 Appraisal Activities Luno II PL359, 40% (operator ) Tested over 2,000 boepd Good quality oil Luno II discovery Gross contingent resources estimate : 26-121 MMboe(1) 1 appraisal well…
  25. Corporate Presentation – Lundin Petroleum – slide 25
    Norway - Barents Sea 0 KM 40 PL609 2014 Appraisal Activities Gohta Appraisal PL533 PL659 PL492 Gohta Discovery 1 well on Gohta Gohta Discovery PL438 PL767 Norway Snhvit Area PL492 (Lundin 40%, operated) PL490 Barents Sea…
  26. Corporate Presentation – Lundin Petroleum – slide 26
    Malaysia - Peninsular Malaysia Peninsular Malaysia Thailand Tembakau Appraisal PM319 Tembakau Gas Discovery Cakalang Baronang PM307 Malaysia Kemaman Harbor Kuantan New Port Natuna Sea Medan Gurita PM307 - Lundin…
  27. Corporate Presentation – Lundin Petroleum – slide 27
    Asset Overview Exploration 2014 Norway - 6 exploration wells Netherlands - 5 exploration wells France - 1 exploration well Malaysia - 3 exploration wells Indonesia - 3 exploration wells (1) 18 exploration wells…
  28. Corporate Presentation – Lundin Petroleum – slide 28
    2014 Prospective Resources 2014 net unrisked prospective resources 600 Norway SE Asia France 500 Unrisked Million boe Target Unrisked 400 470 MMboe 300 200 100 0 ta h en m vik as an bu…
  29. Corporate Presentation – Lundin Petroleum – slide 29
    Operated Rig Capacity for Exploration & Appraisal Activity Rig capacity secured in Norway for forward programme 2014 2015 2016 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Bredford 1 1 1 4 2 1 Dolphin Transocean Norway 1 1…
  30. Corporate Presentation – Lundin Petroleum – slide 30
    Norway Exploration Story in Numbers Second largest holder of operated acreage Licence acreage 25,000 APA 2013 Cumulative km2 20,000 15,000 10,000 5,000 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013…
  31. Corporate Presentation – Lundin Petroleum – slide 31
    Why Invest Undiscovered Resources on the NCS 18.5 Bn bbls Source: NPD Wells drilled in Norway Norwegian Sea 5.4 Bn bbls Barents Sea 8.0 Bn bbls Excellent exploration potential remains No independents until recently Lower…
  32. Corporate Presentation – Lundin Petroleum – slide 32
    Norway Finding Cost & Value Creation Lundin Petroleum most successful exploration company in Norway during the last decade Continue to pursue value creation through exploration OMV Acquisition of PL338 (20%) Norway - Cumulative…
  33. Corporate Presentation – Lundin Petroleum – slide 33
    Norway Barents Sea 2014 Exploration Drilling 1 exploration well Barents Sea Area 5 exploration wells 5 operated wells Rigs secured for all wells Norwegian Sea Targeting 325 MMboe 1 exploration well net unrisked prospective…
  34. Corporate Presentation – Lundin Petroleum – slide 34
    Norway Utsira High Area Evolution Lundin Petroleum Operator Lundin Petroleum Partner Oil Gas Prospect Lead NGL 2004 - 2007 2008 - 2010 2011 - 2013 024 025 024 PL546 (2010) 025 PL625 024 (2012) 025 Ivar Aasen PL546 PL625…
  35. Corporate Presentation – Lundin Petroleum – slide 35
    Norway - Utsira High Area Luno II North / Fignon / Kopervik Field Discovery Prospect Ongoing Drilling 25/10-12 Kopervik Exploration 2 wells PL625 (40%): 25/10-12 Kopervik (1) 163 MMboe (2) Kopervik Hanz 16/2-19 PL359 (40%):…
  36. Corporate Presentation – Lundin Petroleum – slide 36
    Norway - Barents Sea 0 KM 400 0 KM 400 Overview Svalbard Faroe Is. Barents Sea Norway Barents Sea Russia North Sea Denmark Underexplored < 100 wells Norway 700'0N Netherlands Ireland 3 recent oil discoveries Sweden…
  37. Corporate Presentation – Lundin Petroleum – slide 37
    Norway - Barents Sea Gohta Discovery & PL609 Prospects/Leads Lundin Petroleum Licences Fields Operated Non Operated Oil Gas Prospects Gohta Discovery 0 KM 20 PL492 (Lundin 40%, operated) Bjrnya Bassenget Gross Contingent…
  38. Corporate Presentation – Lundin Petroleum – slide 38
    South East Asia 2014 Highlights Total Cambodia Natuna Sea Core Area Exploration Licences: 11 Vietnam 2 exploration wells Production Licences: 1 Philippines Vietnam Sabah Area 2 exploration wells Malaysia Penyu Core Area…
  39. Corporate Presentation – Lundin Petroleum – slide 39
    Malaysia - Sabah Area SB307/308 Prospects SB307/308 (42.5%, Operator) SB303 (75%, Operator) Prospect: Kitabu Prospect: Maligan Tarap/Cempulut/Titik-Terang/ Drilling in Q3 2014 Drilling in Q4 2014 Berangan discoveries Gross…
  40. Corporate Presentation – Lundin Petroleum – slide 40
    2014 Exploration & Appraisal Drilling Schedule Well LUPE 2014 Country Licence - Prospect type Operator WI % NUPR(1) CoGS(2) NRPR(3) Q1 Q2 Q3 Q4 1 Norway PL501 - Johan Sverdrup 16/3-8 (central) app Lundin 40.00 Completed…
  41. Corporate Presentation – Lundin Petroleum – slide 41
    Lundin Petroleums Shareholder structure Shareholders Others, 14% Lundin Family, 31% Retail, 14% Number of shares in issue: 317.9 million Treasury Shares, 3% Market Cap: USD 6.4 Billion Owned by Lundin Petroleum: approx.…
  42. Corporate Presentation – Lundin Petroleum – slide 42
    Production Forecast From Ongoing Development 10-15 exploration wells per year Johan Other existing contingent and Sverdrup prospective resources not included in production forecast Edvard Bertam Grieg 75,000 boepd Byla…
  43. Corporate Presentation – Lundin Petroleum – slide 43
    www.lundin-petroleum.com

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