Orron Energy Ab · OMXSTO:ORRON

Orron Energy Ab — Lundin Petroleum — Shareholder Meeting (May 2006)

29 slides from Orron Energy Ab's shareholder meeting presentation, May 17, 2006

  1. Slide 1: Lundin Petroleum AGM Presentation

    Lundin Petroleum AGM Presentation C. Ashley Heppenstall, President & CEO WF8538 Stockholm, 17 May 2006

  2. Slide 2: Disclaimer

    'LVFODLPHU $)3#,!)-%2 #ERTAIN STATEMENTS MADE IN THIS PRESENTATION INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED #ERTAIN STATEMENTS RELATING TO ,UNDIN 0ETROLEUMS BUSINESS AND OPERATIONS ARE BASED ON MANAGEMENTS EXPECTATIONS ESTI

  3. Slide 3: Lundin Petroleum Share Price

    Lundin Petroleum Share Price SEK 120 100 80 60 40 20 AGM 2003 0 M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M 2002 2003 2004 2005 2006 WF6061 05.06

  4. Slide 4: Lundin Petroleum Share Price

    Lundin Petroleum Share Price SEK 120 100 80 60 AGM 2004 40 20 AGM 2003 0 M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M 2002 2003 2004 2005 2006 WF6061 05.06

  5. Slide 5: Lundin Petroleum Share Price

    Lundin Petroleum Share Price SEK 120 100 80 AGM 2005 60 AGM 2004 40 20 AGM 2003 0 M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M 2002 2003 2004 2005 2006 WF6061 05.06

  6. Slide 6: Lundin Petroleum Share Price

    Lundin Petroleum Share Price SEK 120 AGM 2006 100 80 AGM 2005 60 AGM 2004 40 20 AGM 2003 0 M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M 2002 2003 2004 2005 2006 WF6061 05.06

  7. Slide 7: 2005 – Major Value Increase

    2005 – Major Value Increase Production 33,190 boepd 17% Net profit SEK 994 million 24% Market capitalisation SEK 27 billion 93% WF8564 05.06

  8. Slide 8: Lundin Petroleum Share Price Performance

    Lundin Petroleum Share Price Performance SHARE PRICE PERFORMANCE (since IPO - 06 September 2001) 3,000 2,568% Lundin Petroleum 2,500 2,000 1,500 1,163% SOCO 1,097% Maurel et Prom 587% Cairn 1,000 504% Dana 368% Venture 351% Premier 500 336% Hardman 335% Tullow 161% Brent 0 Sep-2001 Nov-2002 Jan-2004

  9. Slide 9: Oil Price

    Oil Price Dated Brent Spot $/bbl (nominal) 75 70 65 60 55 50 45 40 35 30 25 20 Jan-06 Feb-06 Mar-06 Apr-06 2001 2002 2003 2004 2005 2006 WF8565 05.06

  10. Slide 10: Production Growth

    Production Growth Net Production (BOEPD) 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 2002 2003 2004 2005 WF8258 01.06

  11. Slide 11: Financial Performance

    Financial Performance MSEK 2000 1800 Net Profit after Tax 1600 Operating Cashflow 1400 1200 1000 800 600 400 200 0 2002 2003 2004 2005 Q1 2006 WF8601 05.06

  12. Slide 12: Looking Ahead

    Looking Ahead WF8571 05.06

  13. Slide 13: Looking Ahead

    Looking Ahead Increased production Exploration is key Acquisition activity Strong oil price WF8571 05.06

  14. Slide 14: Production Growth

    Production Growth 2007 Estimate >50,000 BOEPD 2006 Budget 2005 36,000 BOEPD Actual 2004 33,100 BOEPD Actual 28,900 BOEPD 2003 Actual 16,100 BOEPD WF8262 02.06

  15. Slide 15: Norway - Alvheim Development / Volund (Hamsun)

    Norway - Alvheim Development / Volund (Hamsun) 0 KM 6 Lundin Licences Alvheim project (15%) Oil Field Gas Field - FPSO development - shuttle tanker Vilje Alvheim Facility oil export to Norway and gas pipeline Gas Exp PL088 East Kameleon Well Manifold to UK exploration well ort Water Disposal/Wells -

  16. Slide 16: Norway - Alvheim FPSO

    Norway - Alvheim FPSO Modification on the Alvheim vessel Swivel (inside Turret) Subsea Manifold Structure Xmas Tree WF8352 01.06

  17. Slide 17: Tunisia - Oudna Development

    Tunisia - Oudna Development Lundin Petroleum 50% (operator) Atlantis 50% Development drilling completed Ikdam FPSO undergoing modifications in Malta First oil end 2006 Initial production 20,000 bopd (gross) Gross reserves 12 MMBO WF6739 05.06

  18. Slide 18: Tunisia - Oudna Development

    Tunisia - Oudna Development Successful testing of Oudna-3 Oudna-3 wellhead in transit to the field FPSO Ikdam will be refitted in Malta WF8578 05.06

  19. Slide 19: Value Creation through Exploration

    Value Creation through Exploration WF8580 05.06

  20. Slide 20: 2006 Exploration Work Programme

    2006 Exploration Work Programme SEK 819 million (USD 103 million) Exploration Expenditure Country Wells Area Sudan 3 Block 5B Norway 3 PL203, PL338, PL335 Indonesia 6 Blora, Salawati Ireland 1 Donegal Netherlands 1 F12 France 1 Paris Basin Total 15 Unrisked net reserve potential ~ 750 million boe WF

  21. Slide 21: Norway - Exploration Well Activity 2006

    Norway - Exploration Well Activity 2006 PL036c PL363 (APA 2005) PL088bs - 1 Well (15%) NORWAY PL088bs PL150 PL203 Jotun Rigs secured PL340 for all wells PL338 - 1 Well (50%) PL304 PL167 & PL167B PL338 PL335 - 1 Well (18%) PL359 (APA 2005) PL292 Three exploration wells planned PL335 for the second ha

  22. Slide 22: Sudan - Block 5B

    Sudan - Block 5B Bl oc EGYPT k 2 HEGLIG Block 5B LIBYA Re d 1100 km 2D seismic survey in 2006 Se EL TOOR a Port Sudan 3 exploration wells scheduled for 2006 Bl UNITY MUNGA oc Bl k oc 1 CHAD k 4 ERITREA Khartoum Rubkona SUDAN Mala Discovery Thar Jath Discovery ETHIOPIA CENTRAL AFRICAN REPUBLIC BLOCK

  23. Slide 23: Sudan - Block 5B

    Sudan - Block 5B Swamp seismic camp Proposed Umm Dandalo well location Swamp buggies in Block 5B WF8582 05.06

  24. Slide 24: Production Forecast

    Production Forecast A further 131 million barrels of contingent reserves mboepd 100 90 Exploration potential 80 and acquisitions 70 Contingent resources 60 2P Reserves 50 40 30 20 10 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 WF8597 05.06

  25. Slide 25: High Oil Prices Here to Stay...

    High Oil Prices Here to Stay... WF8592 05.06

  26. Slide 26: Oil Usage

    Oil Usage Population 2004 oil use 6 60 5 50 Million barrels per day 4 40 Billion 3 30 2 20 1 10 0 0 OECD Rest of the World Globalisation Prosperity creates steady growth in use of oil WF7948 11.05

  27. Slide 27: The Growing Gap

    The Growing Gap Past Discovery Future Discovery Production 60 60 50 50 Billion Barrels per Year 40 40 30 30 20 20 10 10 0 0 1930 1950 1970 1990 2010 2030 2050 Year Past Discovery based on ExxonMobil (2002). Revisions back dated WF6300 08.04

  28. Slide 28: Oil and Politics

    Oil and Politics IRAN SAUDI ARABIA VENEZUELA IRAQ WF8594 05.06

  29. Slide 29: Adolf H. Lundin

    Adolf H. Lundin WF8594 05.06

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