Orron Energy AB · OMXSTO:ORRON
Orron Energy AB — Lundin Petroleum — Investor Day (February 2015)
144 slides from Orron Energy AB's investor day presentation, February 2015
Slide 1: Lundin Petroleum Capital Market Day
Lundin Petroleum Capital Market Day February 2015 WF11879 03/02/15 Lundin Petroleum 1
Slide 2: Introduction
Introduction Capital Market Day, February 2015 Lundin Petroleum 2
Slide 3: Opening Remarks: Financial Flexibility
Opening Remarks Financial Flexibility Financial flexibility to survive a period of sustained low oil prices Existing production: Low cash operating cost and no cash taxes in Norway Availability of USD 4 billion bank facility Potential to increase financial flexibility through Norwegian Exploration T
Slide 4: Opening Remarks: Growth Story Remains Intact
Opening Remarks Growth Story Remains Intact Production to triple to 75,000 boepd by year end 2015 Brynhild and Bøyla on production Bertam and Edvard Grieg on schedule for first oil in 2Q and 4Q 2015 Project execution risk has reduced. Construction substantially complete Operating cash flow / EBITDA
Slide 5: Opening Remarks: Johan Sverdrup Underpins Value and Financial Flexibility
Opening Remarks Johan Sverdrup Underpins Value and Financial Flexibility Johan Sverdrup plan of development will be submitted this month World class asset which remains valuable even in current market conditions. Break-even < USD 40/bbl Recoverable resources of 1.8–2.9 billion barrels of oil equival
Slide 6: Opening Remarks: Exploration and Appraisal
Opening Remarks Exploration and Appraisal We still believe in the potential to discover material resources particularly in the Southern Barents Sea 2015 Norwegian focus will be on Barents Sea and Utsira High. Appraisal of the Alta discovery will move forward A selective approach to balance the low o
Slide 7: Corporate Responsibility
Corporate Responsibility Capital Market Day, February 2015 Lundin Petroleum 7
Slide 8: Corporate Responsibility Journey
Corporate Responsibility Journey Code of Conduct Human Rights Stakeholder Policy Engagement Policy Health and Safety Human Rights Community Relations Sustainable Investment Whistleblowing UN Guiding EITI Supporting Policy Primer Policy Program Statement Principles on Company Business & Environmental
Slide 9: Corporate Responsibility in 2015
Corporate Responsibility in 2015 Health and Safety Policy and Green Book Stakeholder Engagement Environmental Policy Policy and Guidelines and Green Book Code of Conduct Community Relations VISION Policy and Sustainable VALUES Human Rights Investment Guidelines PRINCIPLES Policy and Guidelines Whist
Slide 10: Health, Safety & Environment (HSE) Performance
Health, Safety & Environment (HSE) HSE Performance 2012 - 2014 Performance Comparative of Lundin Petroleum's HSE KPIs 2012-2014 (1) 1.4 2014 LTIR 1.2 2014 TRIR 2013 LTIR 1.0 2013 TRIR HSE Performance 2012 LTIR 0.8 2012 TRIR Improved Key Performance Indicators 0.6 No fatalities, major accidents or sp
Slide 11: Corporate Responsibility as Stakeholder Value
Corporate Responsibility as Stakeholder Value Value to Host Government Benefit to the Responsible Employee Community Operations Satisfaction Shareholder Value WF12013 p5 01.15 Lundin Petroleum 11
Slide 12: Stakeholder Views
Stakeholder Views Handelsbanken Capital Markets “Lundin Petroleum is a sustainability leader among mid-sized peers.” Carbon Disclosure Project Lundin Petroleum is first among Nordic O&G companies MSCI Institutional Value Assessment AA Rating for Lundin Petroleum’s ESG Performance Institutional Share
Slide 13: Corporate Overview - Production
Corporate Overview - Production Capital Market Day, February 2015 Lundin Petroleum 13
Slide 14: Lundin Petroleum Production 2014
Lundin Petroleum 2014 Production 2014 Netherlands, 8% Russia, 5% Aq u. 2014 production: 24,900 boepd France, 12% Ba si n Alvheim outperformed, Volund underperformed Pa risB asi n Sold onshore Russian production July 2014 Alvheim Third quarter production on forecast but negatively impacted by Indones
Slide 15: 2015 Production Guidance
Lundin Petroleum 2015 Forecast Production Guidance 2015 Malaysia, 16% Indonesia, 4% 2015 production guidance: 41,000 - 51,000 boepd Netherlands, 3% Production guidance impacted by: France, 7% Start-up date for Bertam, Edvard Grieg Ramp-up of Brynhild, Bøyla, Bertam, Edvard Grieg Norway, 70% 2009-201
Slide 16: Production Forecast From Ongoing Development
Production Forecast From Ongoing Development 10-15 exploration wells per year Johan Other existing contingent and Sverdrup prospective resources not included in production forecast Ivar Aasen Edvard Grieg Bøyla Bertam Exit Rate 2015: 75,000 boepd 19.01.15 Brynhild 25.12.14 41-51,000 boepd 33,000(1)
Slide 17: Norway - Greater Alvheim Area
Vale Norway - Greater Alvheim Area PL203b Vilje © 2014 Net Production: 17,030 boepd PL203 PL036c PL088BS Major production & cash flow generator in 2015 F L4 E BKN East Kameleon BW N B5 E Kam Sth Heimdal Low cost of operations Boa E BKS Alvheim Track record of reserves growth E Alvheim Kneler Kneler
Slide 18: Norway - Greater Alvheim Area Reserves
Norway - Greater Alvheim Area Reserves Gross Alvheim Estimated Ultimate Recovery Gross Volund Estimated Ultimate Recovery 400 80 52 2C Contingent Resources 2C Contingent Resources 350 Cumulative Production 33 70 Cumulative Production 5 41 End of Year 2P Reserves 52 192 End of Year Reserves 45 +60 %
Slide 19: Norway New Fields Brynhild & Bøyla
Alvheim FPSO 0 KM 40 Bøyla Norway New Fields United Brynhild & Bøyla Kingdom Norway North Sea Brynhild Field Licence: PL148 Haewene Brim FPSO Partner: Lundin Petroleum 90% (operator), Talisman 10% Brynhild Dev. concept: Subsea tie-in to Shell operated Pierce field (UK) Pierce field 4 development wel
Slide 20: Corporate Overview: Reserves, Resources and 2015 Appraisal Programme
Corporate Overview Reserves, Resources and 2015 Appraisal Programme Capital Market Day, February 2015 Lundin Petroleum 20
Slide 21: 2P Reserves December 2014
2P Reserves 31 December 2014 Gas, 8% Total 187.5 MMboe Malaysia, 13.8 Indonesia, 1.4 France, 21.1 Oil & NGL, 92% Netherlands, 2.5 MMboe Brynhild, 20.5 End 2013 194.1 Alvheim, 19.1 - 2014 Production -9.1 - Sales -5.6 + Reserve additions (excl. sales/acquisitions) +8.2 Volund, 8.2 Viper Kobra, 1.3 End
Slide 22: Reserves Changes
Reserves Changes Produced in 2014 Revisions Sales / Acquisitions Malaysia Russia Norway Netherlands Indonesia France -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 MMboe Norway: - Volund infill Russia: - Sales of Komi assets - Alvheim - Viper/Kobra WF12010 p9 01.14 - Ivar Aasen Unitisation Lundin Petr
Slide 23: 2P Reserves History
2P Reserves History Johan Sverdrup 300 250 Cumulative 200 Production Malaysia Norway MMboe 150 Tunisia Netherlands 100 Indonesia France 50 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Year End WF12010 p3 01.14 Excluding discontinued operations Lundin Petroleum 23
Slide 24: 2C Contingent Resources December 2014
2C Contingent Resources 31 December 2014 Total 404.2 MMboe Paris Basin, 8.8 France, 13.1 Aquitaine, 4.3 Gas, 35% Gohta, 51.3 Russia, 110.1 Oil & NGL, 65% Alta, 89.1 Indonesia, 2.1 Others, 18.8 Norway, 206.7 Tarap, 24.6 Malaysia, 72.2 Luno II, 25.7 Tembakau, 28.9 Greater Alvheim Area, 6.1 Other, 34.6
Slide 25: Contingent Resource Growth
Contingent Resource Growth 1,200 1,000 Norway - J. Sverdrup 800 Malaysia Russia MMboe 600 Others Norway 400 200 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 WF12010 p5 12.14 Year End Excluding discontinued operations Lundin Petroleum 25
Slide 26: Contingent Resources Changes
Contingent Resources Changes Year end 2013 to Year end 2014 Gohta Luno II Alta Tembakau Other -20 0 20 40 60 80 100 MMboe Revision net to Lundin Norway: - Gohta gas volumes revision post Gohta 2 - Luno II appraisal results, additional 10% equity - Alta discovery WF12010 p15 01.14 Malaysia: - Tembaka
Slide 27: Contingent Resources Changes: Norway - Alta Discovery
Contingent Resources Changes Norway - Alta Discovery 0 KM 40 PL609 PL533 PL659 PL609, 40% (operator) Alta Discovery PL492 Gohta Discovery PL805 Alta Discovery PL438 PL767 Norway 20 km NE of Gohta Snhøvit Area Barents Sea PL490 46 m gross oil column & 11m gross gas column - tested maximum rate 3,260
Slide 28: Contingent Resources Changes: Norway - Gohta Discovery
0 KM 40 PL609 Contingent Resources Changes Norway - Gohta Discovery PL533 PL659 Alta Discovery PL492 Gohta Discovery PL805 PL492, 40% (operator) PL438 PL767 Norway Gohta Discovery PL490 Snhøvit Area Barents Sea Discovery well: 75m gross oil column & 25m gross gas column - tested 4,300 bopd Appraisal
Slide 29: Contingent Resources Changes: Norway - Luno II Discovery
0 KM 10 Contingent Resources Changes PL779 Lundin Petroleum Operator Lundin Petroleum Partner PL674 Ivar Aasen Unit Norway - Luno II Discovery PL673 Norway PL338 Johan Sverdrup Discovery Edvard Grieg PL501B PL359, 50% (operator) Lundin (50%) Lundin (10%) Lundin (40%) PL338C PL265 Luno II North prosp
Slide 30: Contingent Resources Changes: Malaysia - Tembakau
Contingent Resources Changes Malaysia - Tembakau 3C Resource PM307, 75% (operator) Tembakau 1 2C Resource Tembakau 2 Tembakau-2 appraisal well 22m of gross gas sands in four sand intervals Well test results I20 sand - 15.8 MMscfd of gas Tembakau 3D Sesimic I10 sand - 15.9 MMscfd of gas Gross 2C reso
Slide 31: Appraisal Programme 2015
Appraisal Programme 2015 3-4 Wells 2015 Budget : 150 Million USD Norway - 3/4 wells Utsira High Barents Sea 1 appraisal well on Edvard Grieg 2 appraisal wells on Alta 1 appraisal well on Gohta under review PL779 PL167 PL501 PL674BS 0 KM 40 PL609 Ivar Aasen Unit PL673 PL674 North Sea PL338 PL533 PL65
Slide 32: Norway - PL338 Edvard Grieg Appraisal
Norway - PL338 Edvard Grieg Appraisal Development well pilots A10 and A11 Confirmed extent of high quality fluvial/aeolian sands to be targeted by the first three horizontal producers Disproves downside reservoir scenarios SE Appraisal 16/1-18 Appraisal - drilled 2014 Confirmed back basin reservoir
Slide 33: Loppa High - 2015 Appraisal: Alta
Barents Sea Loppa High - 2015 Appraisal Lundin Petroleum Licences Fields Operated Non Operated Oil Gas Prospects 0 KM 20 Alta Discovery / Appraisal Bjørnøya Bassenget PL609 (Lundin 40%, operated) ex Børselv 609 pl om 46 metres gross oil column / 11 metres gross gas column tC ul – tested ~3,300 bopd
Slide 34: Loppa High - 2015 Appraisal: Gohta
Barents Sea Loppa High - 2015 Appraisal Lundin Petroleum Operator Prospect Lead 0 5 KM 20 Lundin Petroleum Partner Gohta Discovery Børselv Lundin Petroleum operator (40%) 712 715 Partners: Det Norske 40%, Noreco 20% Neiden Recoverable resources: JOHAN CASTBERG 91–184 MMboe 71% oil Appraisal under re
Slide 35: Prospective Resources
Remaining 2015 Prospective Resources 2015 net unrisked prospective resources 700 Norway SE Asia 600 Unrisked 500 Million boe 400 Target Unrisked 300 510 MMboe 200 100 0 g as n lu i el n en rth an in se ne ng rk Zu id m ku No Fo Ør Re Mo Ne Ge ng II Me no Lu 2015 net risked prospective resources Norw
Slide 36: 2015 Exploration & Appraisal Drilling Schedule
2015 Exploration & Appraisal Drilling Schedule Well LUPE CoGS(2) 2015 Country Licence - Prospect type Operator WI % NUPR(1) NRPR(3) Q1 Q2 Q3 Q4 1 Norway PL579 - Morkel exp Lundin 50.00 37 21% 8 2 Norway PL359 - Luno II North exp Lundin 50.00 12 36% 4 3 Norway PL544 - Fosen exp Lundin 40.00 77 22% 17
Slide 37: Corporate Overview - Expenditure
Corporate Overview - Expenditure Capital Market Day, February 2015 Lundin Petroleum 37
Slide 38: Capital Expenditure 2014/2015
2014/2015 Capital Expenditure 2014 Guidance vs Actual 2015 Guidance 5% reduction on guidance 28% reduction on 2014 capital expenditure Excludes Johan Sverdrup Capex 2014 2015 2500 2500 2500 Exploration -5% Appraisal 2000 2000 2000 Development -28% Million USD Million USD 1500 1500 1500 1000 1000 100
Slide 39: Asset Overview: 2014 Development Activity
Asset Overview 2014 Development Activity Norway - 1,070 MUSD Edvard Grieg - Jacket installed - Topside construction - Gas pipeline - Development drilling commenced Brynhild - Subsea inst. & riser completed - Completed 1st & 2nd dev. wells - First oil 25 Dec. 2014 Malaysia - 250 MUSD Bøyla France - 3
Slide 40: CAPEX 2014 Guidance vs Actual
CAPEX 2014 Guidance vs Actual Capex - 2014 Guidance vs Actual Phasing Cost increase 1,500 1,500 1,450 1,450 1,400 1,400 1,350 1,350 1,300 1,300 Million USD Million USD 1,250 1,250 1,200 1,200 1,150 1,150 1,100 1,100 1,050 1,050 1,000 1,000 0 0 2014 Edvard Grieg Edvard Grieg Bertam Other Other Brynhi
Slide 41: Asset Overview: 2015 Development Activity
Asset Overview 2015 Development Activity NORWAY – USD 750 million Edvard Grieg USD 490 million - Topside installation & commissioning - Oil Export pipelines - Drilling Brynhild USD 150 million - Drilling Bøyla USD 10 million - drilling Alvheim/Volund USD 75 million - Infill drilling FRANCE Vert La G
Slide 42: 2015 Capex Guidance: Edvard Grieg & Brynhild
2015 Capex Guidance Life of Field Norway - Edvard Grieg & Brynhild Gross Million NOK 0 5,000 10,000 15,000 20,000 25,000 30,000 Edvard Grieg Latest Historic Budget 2015 Future PDO Drilling Platform Pipeline Project Latest Historic Budget 2015 Brynhild PDO Drilling Facilities Project 0 2,000 4,000 6,
Slide 43: 2015 Capex Guidance: Bøyla, Bertam
2015 Capex Guidance Life of Field Norway - Bøyla , Malaysia - Bertam Gross Million NOK 0 2,000 4,000 6,000 8,000 Latest Historic Budget 2015 Bøyla PDO Drilling Facilities Project Latest Historic Budget 2015 Bertam(1) PDO Drilling Platform Project 0 100 200 300 400 500 Gross Million USD WF12017 p07 0
Slide 44: 2014 Guidance vs Actual: Appraisal and Exploration
2014 Guidance vs Actual 2014 Appraisal 2014 Exploration Actual 7% below guidance Actual 4% above guidance 5 wells in Norway 6 wells in Norway 1 well in Malaysia 3 wells in Indonesia 1 well in Malaysia 350 450 Tembakau Other 400 Indonesia 300 Other 350 Mayalsia Gohta 250 Norway - Other Million USD Mi
Slide 45: Asset Overview: 2015 Appraisal Activity
Asset Overview 2015 Appraisal Activity Norway Edvard Grieg - Edvard Grieg SE well Alta - 2 wells 2015 Budget 150 MUSD WF11997 p2 01.15 3 appraisal wells in 2015 Lundin Petroleum 45
Slide 46: Asset Overview: 2015 Exploration Activity
Asset Overview 2015 Exploration Activity Norway 7 exploration wells - 4 in Utsira High/GAA Netherlands - 2 in Barents Sea - 1 in Northern North Sea 2 exploration wells Malaysia - PM307: 2 exploration wells - PM328: 3D Seismic 2015 Budget USD 320 Million Targeting net unrisked WF11997 p3 01.15 11 exp
Slide 47: Corporate Overview - Financials and Funding
Corporate Overview - Financials and Funding Capital Market Day, February 2015 Lundin Petroleum 47
Slide 48: Year End 2014 Financial Highlights
Year End 2014 Financial Highlights Fourth Quarter Full Year 2014 2014 Production (boepd) - including Russia 22,000 24,900 - excluding Russia 22,000 23,800 Average Brent oil price (USD/boe) 76.6 99.0 Cost of operations (USD/boe) 11.0 10.9 EBITDA (MUSD) 164.4 671.3 Operating cash flow (MUSD) 334.5 1,1
Slide 49: Year End 2014 Financial Results - EBITDA
Year End 2014 Financial Results - EBITDA 1,000 1,000 955.7 900 900 800 800 700 671.3 700 600 600 Million USD 500 500 400 400 300 300 218.0 200 200 164.4 100 100 WF11981 p02 01.15 0 0 EBITDA EBITDA Full Year Full Year Fourth Quarter Fourth Quarter 2013 (1) 2014 2013 (1) 2014 (1) Restated following ad
Slide 50: Year End 2014 Financial Results - Operating Cash Flow
Year End 2014 Financial Results - Operating Cash Flow 1,200 1,200 1,138.5 1,100 1,100 1,000 967.9 1,000 900 900 800 800 700 700 Million USD 600 600 500 500 400 400 334.5 300 300 203.3 200 200 100 100 WF11981 p03 01.15 0 0 Operating Cash Flow Operating Cash Flow Full Year Full Year Fourth Quarter Fou
Slide 51: Year End 2014 Financial Results - Net Result
Year End 2014 Financial Results - Net Result 80 77.6 80 75 70 70 65 60 60 55 50 50 45 40 40 35 30 30 Million USD 23.7 25 20 20 15 10 10 5 -431.9 -437.0 0 0 -100 -100 -200 -200 -300 -300 -400 -400 -500 -500 WF11981 p04 01.15 Net Result Net Result Full Year Full Year Fourth Quarter Fourth Quarter 2013
Slide 52: Year End 2014 Debt Position
Year End 2014 2,700 Working Capital/Other MUSD 411 2,700 Debt Position 2,600 2,600 Closing Net Debt 31 Dec 2014 2,500 2,500 MUSD 2,609 2,400 2,400 G&A MUSD 40 2,300 Financial MUSD 80 2,300 2,200 2,200 2,100 2,100 2,000 2,000 1,900 1,900 1,800 1,800 Exploration & Appraisal 1,700 MUSD 675 1,700 1,600
Slide 53: 2015 Forecast Margin Netback
2015 Forecast Margin Netback (USD/boe) 2015 Production guidance 41,000 – 51,000 boepd Forecast Actual 2015 2014 Brent oil price (USD) 40.00 55.00 70.00 98.95 Revenue 41.95 54.50 67.05 90.35 Cost of operations - base -8.40 -8.40 -8.40 -8.30 - projects -0.95 -0.95 -0.95 -2.55 Tariff -1.05 -1.05 -1.05
Slide 54: 2015 Forecast Cost of Operations
2015 Forecast Cost of Operations (including projects) 2015 Forecast Malaysia, 13% 2014 Actual 40 40 Indonesia, 4% Norway, 58% Netherlands, 8% 30 30 France, 17% 26.20 23.80 USD/boe USD/boe 22.65 20 20 19.75 10 10 10.85 10.75 9.90 9.35 7.80 7.40 7.05 0.0 WF12027 p2 01.15 0 0 Total Norway France Nether
Slide 55: 2015 Cost of Operations Quarterly
2015 Cost of Operations Quarterly Including Projects Base Alvheim workover Edvard Grieg onstream USD/boe USD/boe 13 13 12 12 Actual 2014 11 11 USD 10.85/boe 10 10 Forecast 2015 USD 9.35/boe Including Projects 9 9 Base Forecast 2015 USD 8.40/boe 8 8 7 7 Q1 2015 Q2 2015 Q3 2015 Q4 2015 forecast foreca
Slide 56: 2015 Forecast Depletion
2015 Forecast Depletion 2015 Forecast Malaysia, 22% 2014 Actual Norway, 68% 35 35 Indonesia, 3% Netherlands, 3% 33.20 30 France, 4% 30 25 25 24.05 23.45 23.05 22.00 20 20 20.75 USD/boe USD/boe 17.00 15 15 15.80 15.15 13.75 13.10 10 10 5 5 0.0 WF12027 p4 01.15 0 0 Total (1) Norway France Netherlands
Slide 57: 2015 Forecast Taxation
2015 Forecast Taxation (USD/boe) Forecast 2015 Brent oil price (USD) 40.00 55.00 70.00 Current Tax Credit -19.15 -19.10 -17.85 Deferred Tax Charge 9.60 18.00 25.10 -9.55 -1.10 7.25 WF12027 p6 01.15 Lundin Petroleum 57
Slide 58: Norway Tax Value
Norway Tax Value Undiscounted Norwegian Tax Value from historic capex spend as at 1 Jan 2015 (MNOK) 12,000 987 12 10,000 1,326 8,000 Million NOK 6,000 5,832 11,245 (1) 4,000 2,000 3,088 0 CT Historic Capex SPT Historic Capex SPT Uplift Historic SPT Uplift Historic SPT Tax Loss Total Tax Value Deprec
Slide 59: 2015 Forecast Profit Netback
2015 Forecast Profit Netback (USD/boe) Forecast 2015 Brent oil price (USD) 40.00 55.00 70.00 Cash Margin Netback 30.45 43.00 55.55 Depletion /Depreciation -25.30 -25.30 -25.30 G&A -2.35 -2.35 -2.35 Financial items, net -6.95 -6.80 -6.70 Profit /loss Before Tax -4.20 8.55 21.20 Tax 9.55 1.10 -7.25 Pr
Slide 60: 2015 Forecast EBITDA Netback
2015 Forecast EBITDA Netback (USD/boe) Forecast 2015 Brent oil price (USD) 40.00 55.00 70.00 Cash Margin Netback 30.45 43.00 55.55 General & Administrative -1.95 -1.95 -1.95 EBITDA Netback 28.50 41.05 53.60 General & Administrative Cash 1.80 Non-cash LTIP 0.15 1.95 Depreciation 0.40 2.35 WF12027 p8
Slide 61: 2015 Forecast Operating Cash Flow Netback
2015 Forecast Operating Cash Flow Netback (USD/boe) Forecast 2015 Brent oil price (USD) 40.00 55.00 70.00 Cash Margin Netback 30.45 43.00 55.55 Cash Taxes 19.15 19.10 17.85 Operating Cash Flow Netback 49.60 62.10 73.40 WF12027 p7 10.14 Lundin Petroleum 61
Slide 62: Funding Status and Guidance
Funding Status and Guidance Strong balance sheet High cash margin assets Reserve based lending facility is core to our funding 26 international banks Full access to USD 4 billion facility WF12027 p13 10.14 Lundin Petroleum 62
Slide 63: Year End 2014 Liquidity
Year End 2014 Liquidity MUSD at 31 December 2014 Debt Outstanding 2,690 Cash Balances 81 Net Debt Position 2,609 Financing facility increased to USD 4 billion in Feb 2014 under similar terms Margin on Loan Facility: 2.75% Full access to USD 4 billion under low oil price sensitivity WF11981 p11 01.15
Slide 64: Options to Increase Liquidity
Options to Increase Liquidity Exploration refund facility (ERF) – low hanging fruit December 2015 tax refund based on 2014 expenditure NOK 2.75 billion Plan to implement in Q2 2015 ERF up to NOK 4.5 billion [2 year facility] Full inclusion of Johan Sverdrup => significant increase in RBL capacity WF
Slide 65: 2015 Forecast Funding & Liquidity
2015 Forecast Funding & Liquidity (USD/boe) Forecast 2015 Brent oil price (USD) 40.00 55.00 70.00 Operating Cash Flow Netback 49.60 62.10 73.40 General & Administrative -1.80 -1.80 -1.80 Cash Financial Items -7.90 -7.80 -7.70 Cash Flow Available for Investment 39.90 52.50 63.90 MUSD Development Cape
Slide 66: Developments
Developments Capital Market Day, February 2015 Lundin Petroleum 66
Slide 67: Norway & Malaysia Development Projects
Norway Norway & Malaysia Development Projects United Kingdom Bøyla Stavanger " Ongoing Norwegian Developments Ivar Aasen Unit Edvard Grieg Norway Edvard Grieg (Lundin 50% operator) Brynhild (Lundin 90% operator) First oil achieved Dec. 2014 North Sea Bøyla (Lundin 15%) First oil achieved Jan. 2015 I
Slide 68: Edvard Grieg Highlights
Edvard Grieg Highlights 2P Reserves 187 MMboe First oil: Q4 2015 Plateau Production 100,000 boepd Project Capex: NOK 25 billion $ WF12021 p7 01.15 ON BUDGET and ON SCHEDULE Lundin Petroleum 68
Slide 69: Edvard Grieg Project Overview
Edvard Grieg Project Overview Norway - Southern Utsira High 0 KM 20 UK Operator: Lundin Petroleum 50% PL625 Partners: OMV 20%, PL546 PL167 & PL167B PL501 Wintershall Norge 15%, PL673 Ivar Aasen Statoil 15% Apollo Water depth: 115 m Edvard Grieg Dev. concept: PDO approved June 2012 PL501B PL338 PL265
Slide 70: Edvard Grieg Master Schedule
Edvard Grieg Master Schedule 2012 2013 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PDO Approved by Authorities Decision Gate / PDO Engineering/Procurement Construction/Assembly Jacket Execution Load out/Seafastning & Topside Execution Marine Operations Pipelaying Installation Offshore
Slide 71: Edvard Grieg Platform Project Schedule
Edvard Grieg Platform Project Schedule Good progress and on schedule All material and equipment is delivered Multidiscipline installation work ongoing, the peak is over Offshore installation of topside is planned to take place in April 2015 Production start will be in Q4 2015 according to plan WF119
Slide 72: Edvard Grieg Jacket EPC – Completed & Installed
Edvard Grieg Jacket EPC – Completed & Installed Sail away from Verdal yard, April 15th Jacket installed on location, May 4th Jacket Launch, May 3rd WF11957 p7 09.14 DELIVERED ON BUDGET and ON SCHEDULE Lundin Petroleum 72
Slide 73: Edvard Grieg Topside EPC Contract - December 2014
Edvard Grieg Topside EPC Contract - December 2014 Total progress: WF12021 p1 01.15 94.1% versus 94.8% planned Lundin Petroleum 73
Slide 74: Edvard Grieg Jacket and Topside Modules
Edvard Grieg Jacket and Topside Modules 4 Modules Process Module Utility and Flare Tower Living Quarters Modules C10/C20 Module Jacket WF11957 p8 09.14 Lundin Petroleum 74
Slide 75: Edvard Grieg Topside Modules
Edvard Grieg Topside Modules WF12021 p2 01.15 Lundin Petroleum 75
Slide 76: Edvard Grieg Topside Modules
Edvard Grieg Topside Modules WF12021 p3 01.15 Lundin Petroleum 76
Slide 77: Edvard Grieg Export Pipelines
Edvard Grieg Export Pipelines Ivar Aasen Grane Grane 28” oil export pipeline Edvard Grieg Ivar Aasen pipelines 28” EGOP (~43km) Installation ongoing Installed in y September 2014 Nor wa UK 16” UHGP SAGE 14” gas from Alvheim PL762 Beryl to St Fergus gas terminal WF11957 p16 09.14 Lundin Petroleum 77
Slide 78: Edvard Grieg Offshore Hook Up and Commissioning
Edvard Grieg Offshore Hook Up and Commissioning Flotel Construction project completed. Mobilisation from Singapore to Norway ongoing - arrival early April Flotel requirement is post installation of topside - on schedule Topside installation/hook up : second half April - on schedule Commissioning: Q2
Slide 79: C10/C20 module
Edvard Grieg Offshore Hook Up and Commissioning Installation: April 2015 Load in C10/C20 module WF12021 p5 01.15 Lundin Petroleum 79
Slide 80: Edvard Grieg Drilling – Rowan Viking
Edvard Grieg Drilling – Rowan Viking First well commenced September 2014 2–3 development wells to be drilled pre first oil (Q4 2015) Development drilling to continue to 2017 Drilling of new appraisal well in 2015 in Edvard Grieg SE area to target potential upside and help with development planning F
Slide 81: Edvard Grieg Operating Costs
Edvard Grieg Operating Costs Edvard Grieg OPEX USD/boe 8 USD/boe 4 0 2015 2016 2017 2018 WF12021 p9 01.15 Lundin Petroleum 81
Slide 82: Edvard Grieg Operations Status
Edvard Grieg Operations Status Edvard Grieg operations organisation complete 105 employees Competence and training on track All contracts for Edvard Grieg operation are signed WF12021 p9 01.15 Lundin Petroleum 82
Slide 83: Norway Ivar Aasen
Norway - Southern Utsira High Norway PL625 0 KM 20 Ivar Aasen UK PL546 PL001B PL501 PL673 PL167 & PL167B Ivar Aasen Ivar Aasen Development (Lundin 1.385%) Apollo Edvard Grieg PL501B Ivar Aasen unitised across PL338BS, PL001B, PL242 and PL457 PL338 PL265 PL359 2P reserves, excluding Hanz, 188 MMboe g
Slide 84: Johan Sverdrup Highlights
Johan Sverdrup Highlights Contingent Resources 1.8 – 2.9 billion boe 1 Phase1 First oil: Q4 2019 boepd Full field: 550–650,000 boepd Phase1: 315–380,000 boepd $ time Phase1 Capex: NOK 100-120 billion WF12020 p4 01.15 1 Statoil working operator estimate Lundin Petroleum 84
Slide 85: Johan Sverdrup Field Location & Licence Group
Johan Sverdrup Field Location & Licence Group Working Interest PL265 PL501 PL501B PL502 N Lundin Norway 10% 40% (OP) 40% (OP) – Statoil 40% (OP) 40% 40% 44.44% (OP) Petoro 30% – – 33.33% Det norske 20% – – 22.22% Maersk – 20% 20% – Ivar Aasen PL50 1 Edvard Grieg Norway Apollo Johan Sverdrup Luno Sou
Slide 86: Johan Sverdrup Discovery & Appraisal
Johan Sverdrup Discovery & Appraisal Norway 22 wells + 7 sidetracks drilled to date on Johan Sverdrup Gross Contingent Resources: 1,800–2,900 MMboe (1) Johan Sverdrup Appraisal drilling programme completed Stavanger 2010 2011 2012 2013/2014 PL501 PL501 PL501 PL501 16/2-19 &19A 16/2-9S 16/2-12 16/2-1
Slide 87: Johan Sverdrup Project Summary & Milestone Plan
Johan Sverdrup Project Summary & Milestone Plan Concept selection for phase 1 agreed in February 2014 Phase 1 FEED completed PDO submission planned for February 2015 PDO to cover phase 1 of Johan Sverdrup field development PDO to outline scenarios for future phases – concept to be concluded in separ
Slide 88: Johan Sverdrup Phase1 – Concept Development – Key Facts
Johan Sverdrup Phase1 – 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 35 production and injection wells to be drilled in total for Phase 1 – majority drilled from field centr
Slide 89: Johan Sverdrup Reservoir Management
Johan Sverdrup Reservoir Management The reservoir is relatively homogeneous with excellent permeability (multi 10-Darcy range) No gas cap and moderate oil viscosity The DST results indicates very good communication over long distances The chosen drainage strategy is downdip water injection Potential
Slide 90: Johan Sverdrup Development Wells Outline (Phase 1)
Johan Sverdrup Development Wells Outline (Phase 1) Full field planned with 77 development wells Development Wells - Phase 1 Phase 1 has 35 development wells 18 producers, 16 injectors and 1 observation/pilots Depth (m MSL) WF12006 p12 12.14 Lundin Petroleum 90
Slide 91: Johan Sverdrup Phase1 Field Centre Platforms
Johan Sverdrup Phase1 Field Centre Platforms Wellhead & Drilling platform Processing platform Riser platform Living Quarter WF12020 p7 01.15 Lundin Petroleum 91
Slide 92: Johan Sverdrup Oil and Gas Export Pipelines
Johan Sverdrup Oil and Gas Export Pipelines Huldra Troll Mongstad Veslefrikk Oseberg Øst Troll Oil Brage Martin Linge Oseberg 276 km long, 36’’ pipeline from JS platform to Mongstad Capacity of 629,000 bopd stabilised crude Oseberg Sør JoSEPP (Johan Sverdrup Export Pipeline Project) to construct pip
Slide 93: Johan Sverdrup Conclusion
Johan Sverdrup Conclusion Development plan to be submitted later this month Largest ever NCS oil field development scope (for a phase 1), at gross total capital investment, including wells, of 100 – 120 billion NOK (2013) Phase 1 comprise 4 large platforms and pipelines/ export system The very large
Slide 94: Johan Sverdrup
Johan Sverdrup WF12020 p2 01.15 Lundin Petroleum 94
Slide 95: Exploration Overview
Exploration Overview Capital Market Day, February 2015 Lundin Petroleum 95
Slide 96: Norway Overview
Norway Barents Sea Overview Barents Sea Area Focus on organic growth 2 key areas for exploration Utsira High Norwegian Sea Barents Sea 3 key areas for development/production Alvheim Area: 3 fields Norway Utsira High: E. Grieg, Luno II, J. Sverdrup North Sea Alvheim Area Utsira High Area Brynhild WF1
Slide 97: Norway: An Organic Growth Success Story
Norway An Organic Growth Success Story Exploration & Appraisal wells Resources Finding Cost (post tax) No of Wells - since 2003 Reserves and Resources USD per barrels 50 250 1.0 41 207 0.79 40 200 0.8 29 149 0.59 USD/boe MMboe 30 150 0.6 Wells 20 100 0.4 48 10 50 0.2 0 0 0 Exploration Appraisal Prod
Slide 98: Norway 2015 Exploration
Norway Neiden Barents Sea 2015 Exploration 2015 prospects Alta 2015 Appraisal Ørnen Barents Sea Area 2 Core Areas 2015 exploration and appraisal will focus on two core area Utsira High Norwegian Sea Barents Sea 7 wells All operated Morkel Norway North Sea E. Grieg SE Zulu Gemini Utsira High Area Lun
Slide 99: Norway Utsira High Area Evolution
Norway Utsira High Area Evolution Lundin Petroleum Operator Lundin Petroleum Partner Oil Gas Prospect Lead NGL 2004 - 2007 2008 - 2010 2011 - 2014 024 025 024 PL546 (2010) 025 PL625 024 (2012) 025 I. Aasen Unit PL674 Ivar Aasen PL546 (001b,242,338BS,457) PL625 PL546 Discovery 2008 PL501 PL501 Ragnar
Slide 100: Norway - Utsira High 2015 Exploration Drilling
Field Discovery Prospect Norway - Utsira High 2015 Exploration Drilling Zulu Significant remaining potential in the Utsira High Exploration – 4 wells PL359 (50%): Luno II North – 24 MMboe (1) Hanz Johan Sverdrup PL338C (80%(2)): Gemini – 93 MMboe (1) PL674BS (35%): Zulu – 153 MMboe (1) Drilling Ongo
Slide 101: Norway - Barents Sea Overview
Norway - Barents Sea 0 KM 400 0 KM 400 Overview Svalbard Faroe Is. Barents Sea Norway North Sea Lundin Petroleum is a major licence Russia Denmark holder in the Loppa High area Norway 70°0'0"N Netherlands Ireland United Germany Sweden Finland Kingdom Barents Sea Underexplored ~ 100 wells Wisting dis
Slide 102: Barents Sea Resources
Barents Sea Resources Yet-to-find resources - Norway Polarrev High North Sea: 5.1 bn boe Norwegian Sea: 5.4 bn boe Sentralbanken High Barents Sea: 8.0 bn boe Wisting Discovery Fedynsky High Recent Barents Sea discoveries Nordkapp Basin Loppa High Johan Castberg: 550 MMboe Alta: 224 MMboe 1 Johan Cas
Slide 103: Barents Sea Emerging Oil Province
Barents Sea Emerging Oil Province Only 89 exploration wells drilled since 1980, 35 wells since 2011 14 Planned wells ? 12 Number of exploration wells 10 8 Number of discoveries 6 Number of dry wells 4 2 0 WF11421 p6 01.15 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 201
Slide 104: Barents Sea Multiple Oil Play
Barents Sea Multiple Oil Play Oil play distribution Lundin Petroleum assets Operated Tertiary (gas prone) Non operated Wisting: recent oil charge from Cretaceous-Jurassic Jurassic/Triassic source rocks Triassic-Permian Triassic-Permian (likely) 1 Carboniferous-Devonian Johan Castberg: recent oil cha
Slide 105: Barents Sea The Loppa High
Barents Sea The Loppa High Lundin operator Lundin partner Discovery Prospect Wisting Discovery (117 MMboe) H A LO M PP M ER AH FE PL659 IGH Alta Discovery (224 MMboe) ST Neiden (204 MMboe) Børselv (303 MMboe) BA Gohta Discovery (128t ArMMboe) ea i Snhøv SI PL767 N PL609 PL805 Skalle Discovery (~28 M
Slide 106: Barents Sea Loppa High
Barents Sea Loppa High ± Play concepts created in the 70’s, tested in the 80’s and successfully proven from 2011 and onwards ? The recent success is the result of 3D seismic and coring in wells Johan Castberg Discoveries Increased diversity of experienced new companies was necessary ? Lwr. Triassic
Slide 107: Barents Sea Neiden Prospect PL609
Barents Sea Lundin Petroleum Operator Prospect Map Area Barents Sea Lundin Petroleum Partner Lead Neiden Prospect PL609 Børselv Prospect 715 712 PL609 (40%, Lundin operator) Norwegian Sea Idemitsu Petroleum 30%, RWE Dea 30% Neiden Prospect Norway Neiden Prospect JOHAN CASTBERG Gross Prospective Reso
Slide 108: Barents Sea Neiden and Børselv Prospects
Børselv Neiden Barents Sea A Neiden and Børselv Prospects Alta B Gohta A Projected B Børselv Neiden Lower Snadd/Kobbe Source rock Alta WF11955 p8 09.14 Lundin Petroleum 108
Slide 109: 2015 Exploration – Barents Sea Ørnen Prospect PL708
2015 Exploration – Barents Sea Lundin Petroleum Operator Prospect 0 5 KM 20 Lundin Petroleum Partner Lead Ørnen Prospect PL708 PL708 (40%, operator) 708 Edison 20%, North Energy 20%, Lukoil 20% Ørnen North Prospect Ørnen North prospect Drilling in 2015 7128/6-1 Gross prospective resources: 354 MMboe
Slide 110: Barents Sea Future Areas of Interest
Barents Sea Future Areas of Interest Lundin Petroleum licence Operator Licensed Area Prospects Oil Partner 23rd Round Blocks Industry Broadband 3D Seismic Gas 23rd Round application date: Dec 2nd 2015 Hoop Area 3 areas of interest: Barents Sea SE Mega structure in 4 areas covered with industry broad
Slide 111: Barents Sea Conclusions
Barents Sea Conclusions Emerging oil province - 35 wells drilled since 2011 and drilling activities and competition to increase in the coming years 4 new significant oil discoveries Johan Castberg (~500 MMboe) Alta (224 MMboe) Gohta (128 MMboe) Wisting (~ 115 MMboe) Diversity of play models Lundin P
Slide 112: South East Asia
South East Asia Capital Market Day, February 2015 Lundin Petroleum 112
Slide 113: Drivers for Value Growth in South East Asia
Drivers for Value Growth in South East Asia Access to hydrocarbon resources Strong track record in S.E.Asia Excellent Government relationships Low cost, shallow water environment Major companies exiting Limited 3D coverage Improving fiscal terms WF11998 p08 01.15 Lundin Petroleum 113
Slide 114: South East Asia 2015 Block Summary
South East Asia 2015 Block Summary Core positions in Peninsular Malaysia, and Sabah, Natuna Sea, Papua Cambodia WI: 90% Cakalang Vietnam Philippines SB303 WI:75% Baronang WI: 90% Cakalang WI: 50% PM328 Sabah Area WI: 85% PM319 Natuna Area SB307/308 WI:42.5% WI: 75% PM307 Malaysia South Sokang WI:60%
Slide 115: South East Asia 2015 Operation Activities
South East Asia 2015 Operation Activities Malaysia Indonesia 7 PSCs (all operated) 6 PSCs (5 operated, 2 to be relinquished) ~39,600 km2 of gross acreage 1 joint venture study area - CVIII 13.8 MMboe of net 2P reserves ~23,000 km2 of gross acreage 72.2 MMboe of net 2C 1.4 MMboe of net 2P reserves On
Slide 116: South East Asia Project Funnel
South East Asia Project Funnel Seismic Exploration Drilling Appraisal Development Production Prospecting Prospects Projects Areas Rengas (oil) PM319 (o/g) Mengkuang (oil) PM328 (o/g) Tembakau (gas) Singa (gas) South Sokang (o/g) Maligan (o/g) SB303 (gas) Bertam (oil) Cendrawasih VII & Imbok (o/g) Ce
Slide 117: Malaysia Licence Portfolio
Malaysia Licence Portfolio Lundin Petroleum Operator Lundin Petroleum Partner Cambodia Philippines Vietnam SB303 WI:75% WI: 50% PM328 Sabah Core Area SB307/308 WI:42.5% WI: 85% PM319 PM307 WI: 75% Peninsular Malaysia Area Malaysia Natuna Sea Malaysia WI: 35% PM308A WI: 75% PM308B Singapore WF11998 p
Slide 118: Malaysia Peninsular Malaysia Area
Malaysia Peninsular Malaysia Area Vietnam Lundin Petroleum Licences Operated Contains the Bertam oil field development, Hydrocarbon fields/discoveries PM328 Oil and the Tembakau gas discovery Gas Malaysia Targeting prolific Malay/Penyu basin South margin play Kuala Terengganu China Sea Multiple pros
Slide 119: Peninsular Malaysia Bertam Development
Peninsular Malaysia Bertam Development Facilities Bertam Development PM307 - Lundin Petroleum 75% (operator), Petronas Carigali 25% PDO approved in October 2013 Gross 2P reserves: 18.4 MMbo Gross plateau production: 15,000 bopd First oil: Q2 2015 Bertam Location Map 0 KM 20 Development plan PM319 PM
Slide 120: Peninsular Malaysia Bertam Development
Peninsular Malaysia Bertam Development August 2014 - FPSO towout from drydock September 2014 - Development drilling over Bertam jacket FPSO Bertam, formerly deployed in Tunisia on the Oudna field as FPSO Ikdam WF11667 p6 10.14 Lundin Petroleum 120
Slide 121: Peninsular Malaysia Bertam Project Progress
Peninsular Malaysia Bertam Project Progress FPSO Bertam Control Room Process Equipment Power Generation WF11667 p9 01.15 Lundin Petroleum 121
Slide 122: Peninsular Malaysia Bertam Project Progress
Peninsular Malaysia Bertam Project Progress FPSO Bertam Funnel FPSO Bertam Helideck WF11667 p10 01.15 Lundin Petroleum 122
Slide 123: Peninsular Malaysia Bertam Development
October - Topside at field Peninsular Malaysia Bertam Development October - Installation of the Bertam Wellhead Platform October - Topside installed WF11667 p11 01.15 Lundin Petroleum 123
Slide 124: Bertam Field and FPSO Value and Netback Sensitivity
Bertam Field and FPSO Value and Netback Sensitivity Field and FPSO 2015 Forecast Brent Oil Price 40.00 55.00 70.00 Operating 31.20 42.90 54.50 Cash Flow Netback EBITDA Netback 31.20 42.90 54.50 High netbacks Positive contribution from 100% FPSO ownership Leasing income independent of oil price WF120
Slide 125: Malaysia 2008-2014 Exploration
Malaysia 2008-2014 Exploration Second largest PSC Acreage in Malaysia PSC Acreage 3D km2 45,000 12,000 Lundin Cumulative PSC Acreage km2 40,000 10,000 Legacy Cumulative 3D km2 35,000 30,000 8,000 25,000 6,000 20,000 15,000 4,000 10,000 2,000 5000 0 0 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010
Slide 126: Malaysia 2015 Exploration
Malaysia 2015 Exploration 14 E & A Well Results 12 2 well exploration programme oil Cumulative Well Results 10 gas for 2015 dry 8 6 4 2 0 2008 2009 2010 2011 2012 2013 2014 2015 Resources net MMboe Cumulative Resources MMboe (net) 120 CR Sabah 2015 Urisked 100 CR Peninsular Malaysia Potential to inc
Slide 127: Malaysia PM307 - Exploration Drilling 2015
Malaysia PM307 - Exploration Drilling 2015 Java T Mengkuang Wildcat (oil, stratigraphic trap) 2015 exploration drilling Mengkuang: 21 MMboe gross unrisked prospective resources Rengas: 22 MMboe gross unrisked prospective resources Tembakau Mengkuang - PM319 play opener Merbau Possible follow-up to s
Slide 128: Malaysia SB307/308 - 3D Focus Area – Shelf Edge
Malaysia SB307/308 - 3D Focus Area – Shelf Edge Tarap Cluster 0 KM 50 Maligan SB303 Sth Furious (130 MMbbls) Barton/Sugut (80 MMbbls) St Joseph 300 MMbbls SB307/308 Complete 3D coverage of ‘Shelf Edge Play’ >2Billion bbls discovered in this trend Bambazon Erb West 140 MMbbls Semuan SE Imbok Complex
Slide 129: Lundin Indonesia Licence Portfolio
Lundin Indonesia Licence Portfolio Total Cambodia Exploration Licences: 5 Production Licences: 1 Philippines Joint Study Area: 1 Vietnam WI: 90% Cakalang Baronang WI: 90% Cakalang Malaysia South Sokang WI:60% Natuna Sea Malaysia Gurita WI: 90% Singapore WI:100% Cendrawasih J.S. VIII Borneo West Suma
Slide 130: Other Assets
Other Assets Capital Market Day, February 2015 Lundin Petroleum 130
Slide 131: Overview France & Netherlands
Overview France & Netherlands " Steady production High cash margin net backs Offshore Netherlands France Netherlands Onshore Hydrocarbon Type Oil Gas 2014 Production Net, boepd 2,910 1,890 " 2P Reserves Net , MMboe (1) 21.1 2.5 " Best Estimates Contingent Paris Basin Resources Net (1), MMboe 13.1 –
Slide 132: France: Steady value creation
France Steady value creation Aquitaine Basin End Year Contingent Resources Paris Basin 14.0 2014 Production: 2,910 boepd 12.0 10.0 2P Reserves: 21.1 MMboe 8.0 MMboe 6.0 Contingent Resources: 13.1 MMboe 4.0 2.0 Operating Cash Flow MUSD 56 in 2014 - 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Cu
Slide 133: Netherlands: Mature Gas Production
Netherlands Mature Gas Production Cumulative Poduction Netherlands 2P reserves history (MMboe) Rerserves 16 2014 Production: 1,890 boepd 14 12 2P Reserves: 2.5 MMboe 10 MMboe 8 Operating Cash Flow MUSD 17.4 in 2014 6 4 2 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Netherlands
Slide 134: Conclusion
Conclusion Capital Market Day, February 2015 Lundin Petroleum 134
Slide 135: Conclusion
Conclusion Financial flexibility to survive a period of sustained low oil prices Growth story remains intact Johan Sverdrup underpins value and financial flexibility Selective exploration and appraisal investment WF12025 p4 01.15 Lundin Petroleum 135
Slide 136: Disclaimer
Disclaimer This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980). Forward-Looking Statements Certain statements made and information contained herein constitute "forward-looking information" (with
Slide 137: www.lundin-petroleum.com
C - Lundin Petroleum www.lundin-petroleum.com
Slide 138: Appendix
Appendix Capital Market Day, February 2015 Lundin Petroleum 138
Slide 139: Norway Exploration - Utsira High Luno II North / Fignon Prospects
Norway Exploration - Utsira High Luno II North / Fignon Prospects Lundin Petroleum Operator Lundin Petroleum Partner Prospect Lead 0 5 10 20 EARB South 546 PL359 (50%, Operator) Luno II North prospect Drilling in Q1 2015 Gross prospective resources: 674 24 MMboe Luno II North 167 B Eikje 625 Trap: S
Slide 140: Norway Exploration - Utsira High Gemini Prospect
Norway Exploration - Utsira High Gemini Prospect Lundin Petroleum Operator Lundin Petroleum Partner Prospect Lead 0 5 10 20 EARB South 546 PL338C (50%, Operator) Gemini Prospect (80% WI) Drilling in early 2015 Gross prospective resources: 93 MMboe 674 Trap: Stratigraphic 167 B 625 Reservoir: Lower P
Slide 141: Norway Exploration - Utsira High Zulu Prospect
Norway Exploration - Utsira High Zulu Prospect Lundin Petroleum Operator Lundin Petroleum Partner Prospect Lead 0 5 10 20 EARB South 546 PL674BS (35%, Operator) 674CS Zulu Prospect Drilling ongoing Gross prospective resources: 153 MMboe 674 Trap: Stratigraphic Zulu Well 167 B Reservoir: Miocene Utsi
Slide 142: Norway Exploration - Utsira High Fosen Prospect
Norway Exploration - Utsira High Fosen Prospect Lundin Petroleum Operator Lundin Petroleum Partner Prospect Lead 0 5 10 20 EARB South 546 PL544 (40%, Operator) 674CS Fosen Prospect Drilling in Q2 2015 Gross prospective resources: 192 MMboe 674 Trap: Stratigraphic 625 167 B Reservoir: Upper/Middle Ju
Slide 143: Norway 2014 APA Award
Barents Norway Sea Lundin Petroleum Licences PL805 Operated 2014 APA Award PL579B Non-operated 2014 APA operated Barents Sea Area Hammerfest PL779 2014 APA non-operated Tromso Lundin Petroleum awarded 8 new licence under the 2014 APA with 6 operated Narvik Finland Lundin Petroleum has now 69 licence
Slide 144: Indonesia Cendrawasih VII & VIII
Indonesia Cendrawasih VII & VIII Cendrawasih VII PSC Lundin Petroleum Licences 0 KM 50 Equity: Lundin- 100% (Operator) Operated Non-operated Effective date: July 2013 – July 2040 Hydrocarbon fields/discoveries Cendrawasih VIII PACIFIC OCEAN Oil Gas Size of area: 5,445 km2 Biak Water depth: 20 - 180