Lundin Petroleum Corporate Presentation November 2014 WF11879 05/11/14 Lundin Petroleum 1 Lundin Petroleum AB Company Overview and History Introduction Lundin Petroleum AB Ticker - Nasdaq Stockholm LUPE An organic growth success story Ticker - Toronto Stock Exchange Shares in Issue, million of which held in Treasury, million (1) Market Cap, USD billion (1) WF11541 p1 07.14 52 Week High/Low in SEK/share (1) LUP 311.1 2.0 No cash equity raised since 4.4 139 / 100 Equity end Q3 14, USD billion 1.1 Net Debt end Q3 14, USD billion 2.1 Credit Facility, USD billion 4.0 (1) Raised cash equity ~USD 50 million in 2001 Market Cap ~USD 4.4 bn + Distribution (UK) ~ USD 0.7 bn Resource Base (2P + 2C) at YE 2013 > 1bn bbls Bloomberg: 23 October 2014 Lundin Petroleum 2 Lundin Petroleum Asset Overview Core Areas: Europe, SE Asia Norway Exploration Development Production Russia France Netherlands Malaysia WF11304 p1 02.14 TOTAL Indonesia 2P reserves: 194 MMboe (1) Contingent resources: 342 MMboe (2) (1) End 2013 Reserves (2) Excludes Johan Sverdrup Lundin Petroleum 3 Financial Performance Full Year 2012 Full Year 2013 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) 111.67 108.66 8.09 9.60 EBITDA (MUSD) Cost of operations (USD/boe) 1800 1600 Net Profit Operating Cash Flow EBITDA Total Capex 1400 1200 1000 800 MUSD 600 400 200 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 WF11543 p1 02.14 -200 -400 -600 (1) (1) Impairment of Russia Lundin Petroleum 4 Lundin Petroleum Liquidity [MUSD] at 30 September 2014 Debt Outstanding 2,166 WF11543 p2 11.14 Cash Balances 112 Net Debt Position 2,054 New Reserve Based Lending Credit Facility 4,000 7 year facility 26 banks in the syndicate 5th RBL facility since inception Lundin Petroleum 5 2P Reserves 31 December 2013 Gas, 8% Total 194.1 MMboe Malaysia, 13.7 Indonesia, 1.9 Russia, 6.1 Bøyla, 3.3 France, 22.5 Oil & NGL, 92% Netherlands, 3.4 Brynhild 20.7 MMboe End 2012 Alvheim 21.7 201.5 - 2013 Production -11.9 + Reserve additions (excl. sales/acquisitions) Gaupe, 0.2 Volund 7.8 End 2013 194.1(1) Reserves increase 2% WF11866 p2 01.14 Reserves replacement ratio Edvard Grieg 92.9 Norway, 146.6 (1) 4.5 38% Oil Price (Brent) USD 100/bbl + 2% escalation on oil price and costs Numbers in chart may not add up due to rounding Lundin Petroleum 6 2P Reserves History 250 200 Malaysia Russia MMboe 150 Norway Tunisia Netherlands 100 Indonesia France 50 WF11866 p3 01.14 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Year End Lundin Petroleum 7 Contingent Resource Growth 1,200 1,000 Norway - J. Sverdrup Malaysia MMboe 800 Russia Others 600 Norway 400 200 WF11866 p6 01.14 0 Includes Johan Sverdrup 2005 2006 2007 2008 2009 2010 2011 2012 2013 Excludes Johan Sverdrup Year End Lundin Petroleum 8 Targetted Contingent Resources to Reserves 2014 appraisal drilling programme successfully completed Commercial assessment of Luno II, Gohta & Tembakau ongoing Johan Sverdrup comes in addition Gross Contingent Resources: 1,800 - 2,900 MMboe(1) 6 wells Low range 350 300 250 200 WF11866 p7 01.14 150 Statoil working operator estimates Dec 2013 (2) Based on 50% WI (1) High range 400 Net Reserves/Resources (MMboe) 2014 appraisal Budget USD 300 million 2P Reserves end 2013 Gohta Luno II (2) Tembakau Appraisal to move contingent resources to reserves Johan Sverdrup Subject to unitisation Lundin Petroleum 9 Lundin Petroleum Production Nine months 2014 Actual (2) Russia, 7% Netherlands, 7% First nine months 2014 production: 25,900 boepd Indonesia, 6% Alvheim outperformed, Volund underperfomed Sold onshore Russian production July 2014 Third quarter production on forecast but negatively impacted by Alvheim FPSO planned shut-in France, 11% Brynhild - first oil Q4 2014 2014 production guidance: 24,000–29,000 boepd 2014 First Nine Months Actual and Revised Production Guidance 2009-2013 Production (1) WF11866 p5 11.14 Thousand boepd net 50 50 40 40 30 30 20 20 10 Alvheim FPSO 10shut-in planned 0 2009 2010 2011 2012 2013 Q1 Actual Excluding discontinued operations which include United Kingdom, Salawati Basin & Island in Indonesia (1) Norway, 70% Q2 Actual 2014 Q3 Actual 0 (2) Guidance high Guidance low Actual production Not adding due to rounding Lundin Petroleum 10 Production Forecast 2014-2015 2015 average approximately 50,000 boepd (1) Bøyla first oil Q1 2015 Bertam field first oil in Q2 2015 Edvard Grieg first oil Q4 2015 To exceed 75,000 boepd by end 2015 Edvard Grieg start-up Bøyla start-up WF11866 p4 07.14 Q1 Actual 2014 (1) Q2 Actual 2014 21,700 boepd 27,500 boepd 28,800 boepd Brynhild start-up Bertam start-up Q3 Actual 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Guidance includes onshore Russian production of ~ 2,000 bopd Lundin Petroleum 11 Production Forecast From Ongoing Development 10-15 exploration wells per year Johan Sverdrup 35,700 32,700 24-29,000 WF11866 p1 07.14 boepd 2012 2013 2014 (1) Ivar Aasen 75,000 boepd ~ 50,000 (1) Edvard Bertam Grieg Bøyla Brynhild Other existing contingent and prospective resources not included in production forecast 2015 2016 2017 2018 2019 2020 ....... Guidance includes onshore Russian production of ~ 2,000 bopd Lundin Petroleum 12 Lundin Petroleum 13 Overview France & Netherlands France Hydrocarbon Type Netherlands Oil Gas 2013 Production Net, boepd 2,890 2,000 2P Reserves Net, MMboe 22.5 3.4 Best Estimates Contingent Resources Net, MMboe 12.8 – 2013 Operating Cash Flow Netback, USD/Boe 57 Asset Description Exploration " Offshore Netherlands Onshore 44 Mature low decline onshore production Mature on/offshore production 1.1 Million acres 1 exploration well in 2014 3 exploration wells in 2014 " " Paris Basin France Aquitaine Basin 10,000 France historical production (bopd gross) 4,500 Aquitaine Basin 8,000 Netherlands historical production (boepd net) 4,000 Paris Basin " 3,500 Plaines du Languedoc 3,000 (boepd) bopd 6,000 4,000 2,500 2,000 WF11672 p8 01.13 1,500 1,000 2,000 500 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0 KM 400 " Lundin Petroleum 14 Norway & Malaysia Development Projects Norway United Kingdom Ongoing Norwegian Developments Bøyla Stavanger " Ivar Aasen Unit Edvard Grieg Norway Edvard Grieg (Lundin 50% operator) North Sea Brynhild (Lundin 90% operator) Bøyla (Lundin 15%) Ivar Aasen Unit (Lundin 1.385%) Brynhild 0 Ongoing Malaysian Development KM 40 Malaysia - Natuna Sea 0 KM 100 Bertam (Lundin 75% operator) 2014 Budget USD 1.4 Billion Malaysia Bertam WF11383 p1 07.14 Kuala Lumpur Indonesia Indonesia Malaysia Singapore Lundin Petroleum 15 Norway Edvard Grieg Development Norway - Southern Utsira High PL546 PL501 Ivar Aasen Unit PL674 Apollo Edvard Grieg 2P reserves: 186 MMboe gross Plateau production: 100,000 boepd gross 20 PL625 PL167 & PL167B PL673 Lundin Petroleum interest: 50% (operator) OMV 20%, Wintershall 15%, Statoil 15% KM 0 UK Luno South Production startup Q4 2015 PL501B PL338 PL265 PL359 Luno II PL410 Johan Sverdrup Capital costs: 25 NOK billion - on budget (1) 0015 PL544 Norway Drilling 15 wells from jack-up rig – commenced drilling operation 0016 Lundin Petroleum Operator Lundin Petroleum Partner Jacket completed and installed Edvard Grieg Schematic Topside and oil pipelines construction ongoing Edvard Grieg Platform One appraisal well in south east of the field completed and one further appraisal planned during 2015 Ivar Aasen Platform Gas Export to SAGE Q1 Decision Gate / PDO Engineering/Procurement WF11585 p01 10.14 Construction/Assembly Topside Execution Pipelaying Offshore Hook-up/Commissioning Installation Contract Award Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Oil Export to Grane Q4 PDO Approved by Authorities Ivar Aasen Jacket Execution Load out/Seafastning & Marine Operations Drilling 2012 Q2 Gas Oil Oil & Gas Export Pipeline Pre Drilling & Drilling Luno South Edvard Grieg First Oil (1) Escalated @ 2.5% Lundin Petroleum 16 Norway North Sea Developments Norway - North Sea Brynhild Development (Lundin 90% operator) Subsea tie-back to Pierce field, UK Subsea installations successfully completed New riser successfully hooked-up to FPSO Two development wells successfully completed – Longer reservoir section completed 2P Reserves 23.1 MMbo gross Plateau production: 12,000 boepd gross First oil Q4 2014 United Kingdom Bøyla Edvard Grieg Norway North Sea Bøyla Development (Lundin 15%) Tie-back to Alvheim FPSO Production manifold and pipelines successfully installed 2 development wells completed, third well to be completed 2015 2P reserves: 22 MMboe gross Plateau production: 20,000 boepd gross First oil Q1 2015 Stavanger" Ivar Aasen Unit Brynhild KM 40 WF11383 p02 11.14 0 Lundin Petroleum 17 Peninsular Malaysia Bertam Development Bertam Development Facilities PM307 - Lundin Petroleum 75% (operator), Petronas Carigali 25% PDO approved in October 2013 Gross 2P reserves: 18.2 MMbo Gross plateau production: 15,000 bopd First oil: Q2 2015 Development plan Wellhead platform 14 horizontal wells with ESP’s Utilise 100% owned FPSO Bertam Location Map 0 PM319 KM 20 PM307 Sotong Field Mengkuang Prospect Tembakau Gas Discovery Malaysia Gross CAPEX MUSD 400 (1) Malong Field Jacket and topsides installed Rengas Prospect FPSO upgrade to be completed by end 2014 Gurita WF11667 p1 10.14 Development drilling has commenced Bertam Oil Field PM308B PM308A (1) Indonesia Excludes capex related to the FPSO Lundin Petroleum 18 Development Projects Current Work Status Bøyla Development Manifold sail away Manifold on location Edvard Grieg Development Development drilling Topsides - LQ and Helideck en route to Stord Brynhild Development WF11898 p01 11.14 Pierce FPSO after Docking Topsides modules under construction, Stord Bertam Development Brynhild Riser FPSO upgrade Development drilling Topside installed Lundin Petroleum 19 Norway Johan Sverdrup Development 22 wells + 7 sidetracks drilled to date on Johan Sverdrup Working Interest PL501 PL265 PL502 Lundin Norway 40% (OP) 10% 0% Statoil 40% 40% (OP) 44.44% (OP) Maersk 20% – – Gross Contingent Resources: 1,800–2,900 MMboe(1) Det norske – 20% 22.22% Appraisal drilling programme completed Petoro – 30% 33.33% 2010 2011 PL501 2012 PL501 2013/2014 PL501 PL501 16/2-19 &19A 16/2-9S 16/2-12 16/2-10 Norway 16/2-6 & 6 T2 $ 16/2-14 $ 16/2-8 PL265 PL265 $ 16/3-4 & 4A 16/2-16S & 16A & 16 T2 16/2-13S & 13A 16/2-11 & 11A 16/2-15 16/2-7 & 7A PL265 PL265 PL502 16/3-6 $ 16/2-17S 16/5-2 PL502 16/3-8S 16/3-5 16/2-21 PL502 16/3-7 16/5-3 16/5-4 PL502 J. Sverdrup 0 KM WF11602 p01 03.14 Avaldsnes discovery 5 0 KM 5 Aldous Major South discovery 5 wells + 2 sidetracks 1 well + 1 sidetrack 0 KM 5 0 KM 5 Avaldsnes and Aldous MS 7 wells in 2013 renamed Johan Sverdrup 2 wells in 2014 + 1 sidetrack 7 wells + 3 sidetracks (1) Statoil working operator estimates Dec 2013 Lundin Petroleum 20 Norway - 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 to be drilled in total for Phase 1 – majority drilled from wellhead platform Of the above 11-17 production and injection wells to be drilled prior to first oil Export facilities Dedicated 274km 36” oil pipeline to the Mongstad oil terminal Dedicated 165km 18” gas pipeline to Kårstø gas terminal for processing and onward transportation Gross capital investment for Phase 1 of between NOK 100 – 120 billion Includes: Platforms, wells, power supply from shore and export facilities Includes contingencies and market allowances for cost increases over and above inflation Partners working to optimise the investment costs for phase 1 WF11877 p02 03.14 Production – Phase 1 Gross production capacity of 315,000 to 380,000 boepd Lundin Petroleum 21 Norway - Johan Sverdrup Phase I Development Schematic Concept selection for Phase I agreed in February 2014 Phase I FEED ongoing Letter of intent awarded in Q2 2014 for two steel jackets to be built in Norway Impact assessment (first step of PDO process) submitted Phase I FEED Q1 Q2 Q3 2013 Q4 Concept Selected Q1 Q2 Q3 2014 Q4 PDO Approval - Phase I Q1 Q2 Q3 2015 Q4 Q1 Johan Sverdrup Phase I Topside Layout Q2 First Oil - Phase I Q3 2016 Q4 Q1 Q2 Q3 2017 Q4 Q1 Q2 Q3 2018 Q4 Q1 Q2 Q3 2019 Q4 Phase I CAPEX NOK 100-120 Bn Production Capacity: 315-380,000 boepd Full field Wellhead & Drilling platform Gross Contingent Resources: 1,800-2,900 MMboe Plateau Production : 550-650,000 boepd Processing platform WF11877 p03 03.14 Riser platform Living Quarter Lundin Petroleum 22 Appraisal Programme 2014/2015 9 Wells 2014 Budget : 300 Million USD 2014 Appraisal Programme 2015 Appraisal Programme Norway - 5 wells Malaysia - 1 well Norway - 3/4 wells Utsira High Peninsular Malaysia Utsira High 4 wells completed 1 well completed on Tembakau Barents Sea 1 appraisal well on Edvard Grieg 1 well completed 0 KM PL167 PL501 16 0 KM 40 PL674 North Sea 1 well on Edvard Grieg Edvard Grieg 1 well on Edvard Grieg Norway WF11796 p9 10.14 Luno II Discovery PL533 PL659 2 wells on Alta 1 well on Gohta Norway - Utsira High Subject to Norwegian government approval PL438 Johan Sverdrup Discovery 1 well on Luno II 0 KM 80 PM319 PL492 PL338 PL265 PL359 PL410 (1) 2 wells on J. Sverdrup 2 appraisal wells on Alta 1 appraisal well on Gohta under review PL609 Ivar Aasen Unit PL673 Barents Sea Gohta Discovery PL501 B Norway PL490 1 well on Tembakau Alta Discovery 1 well on Gohta PL767 Barents Sea Norway - Barents Sea 2014 appraisal wells completed Tembakau Discovery PM307 PM308B PM308A Malaysia Bertam Discovery Natuna Sea Gurita Indonesia Malaysia - Peninsular Malaysia 2015 appraisal wells Lundin Petroleum Operator Lundin Petroleum Partner Lundin Petroleum 23 Norway - Barents Sea 2014 Appraisal Activities – Gohta Appraisal 0 KM 40 PL609 PL533 PL659 Alta Discovery PL492 Gohta Discovery PL438 PL492 (Lundin 40%, operated) PL767 Norway PL490 Gohta Discovery – PL492, 40% Discovery well: 75 metres gross oil column / 25 metres gross gas column – tested 4,300 bopd Snhøvit Area Barents Sea Alta Discovery Appraisal well: 10 metre gross gas/condensate column – tested 26.4 MMcfd and 880 bpd condensate Results of well currently being analysed OWC GOC Gohta Discovery WF11786 p03 11.14 Gohta Appraisal Lundin Petroleum 24 Malaysia - Peninsular Malaysia Malaysia - 2014 Appraisal Activities Tembakau Appraisal Thailand PM319 Kemaman Harbor Natuna Sea Medan Gurita Kuala Lumpur Tembakau-2 appraisal well successfully completed 22 metres of gross gas sands in four sand intervals Well test results I20 sand - 15.8 MMscf per day of gas I10 sand - 15.9 MMscf per day of gas PM308B 4km Indonesia 0 KM 20 Tembakau-2 F/H PM319 Sotong Tembakau Gas Discovery 30” I20 I30 I35 I80 Main appraisal targets I10-I20 Kerteh gas p 200 PM307 S I10 KM Prospects/Leads Malaysia B TEMBAKAU 1 km Indonesia Singapore ” 32 A PM308A Malacca LNG Terminal 0 bounding fault Baronang Kuantan New Port Gross 2C gas resources 306 Bcf Cakalang PM307 Malaysia PM307 - Lundin Petroleum 75% operator (Petronas Carigali 25%) Tembakau-1 Tembakau Gas Discovery o ot ng k 40 m A lant 110km Malong 30km Tembakau-2 Appraisal B Malong Natuna Sea WF11673 p4 01.03 J Bertam Discovery K-shale 1.5 km Gurita K-sand (wet) Pre-tertiary PM308B PM308A Indonesia Lundin Petroleum 25 Asset Overview 2014/2015 Exploration Norway 3 exploration wells in 2014 7 exploration wells in 2015 France 1 exploration well in 2014 Malaysia WF11433 p9 11.14 2 exploration wells in 2014 1 exploration well in 2015 6 exploration wells remaining in 2014 280 MMboe 8 exploration wells scheduled in 2015 490 MMboe Targeting net unrisked resources 770 MMboe Lundin Petroleum 26 Norway - Barents Sea Overview 0 KM 0 400 KM 400 Svalbard Faroe Is. Norway North Sea Denmark Barents Sea Underexplored ~ 100 wells 70°0'0"N Barents Sea Russia Norway Netherlands Ireland Sweden 5 recent oil discoveries + 2 gas discoveries Lundin operator Lundin partner Discovery Prospect H PL659 FE Alta Discovery (125-400 MMboe) ST BA Gohta Discovery (111–232 MMboe) t Area N PL767 SI AH Neiden (204 MMboe) IGH ER Børselv (303 MMboe) M PP M LO A ~ 1 billion boe discovered over last 4 years Wisting Discovery (117 MMboe) Germany United Kingdom Finland Snhøv i Skalle Discovery (~28 MMboe) PL609 Skavl, Drivis Discoveries PL438 WF11421 p7 09.14 Johan Castberg Discoveries (550 MMboe) BJ OR NO YA BA PL490 PL492 PL533 SIN Salina Discovery (~35 MMboe) Lundin Petroleum 27 Norway - Barents Sea Loppa High Exploration Lundin Petroleum Licences Fields Non Operated Operated Oil Gas 0 Alta Discovery Prospects KM 20 Bjørnøya Bassenget pl ex PL609 (Lundin 40%, operated) om en na Fa ul tC 46 metres gross oil column / 11 metres gross gas column – tested ~3,300 bopd Neiden Prospect Bj Hi ør gh nø yr Kramsnø Johan Castberg rm Drivis tfo Neiden prospect Skavl pla 2015 Exploration programme Iskrystall b- Alta Discovery Ve s le m øy Gross recoverable oil and gas resource estimate range: 125–400 MMboe Børselv 609 Loppa High lhe Po Rauto 533 Senilex well (1985) im Su Gross prospective resources ~200 MMboe Lakselv North Lakselv Formica WF11786 p02 10.14 Gohta Appraisal Gohta Discovery Development options are being reviewed South Alta Discovery Salina 492 Tromsø Basin 609 B Gohta Appraisal Ringvassøy-Loppa Fault Complex Alta total resources: 125 – 400 MMboe 659 Gohta Discovery Lavvo Komag 438 Rein Boazo 767 Noaide Hammerfest Basin Skalle 490 Trål SNØHVIT Lundin Petroleum 28 Norway Utsira High Area Evolution Lundin Petroleum Operator Oil Prospect Lundin Petroleum Partner Gas Lead NGL 2004 - 2007 024 2008 - 2010 024 025 PL338 (2004) PL625 (2012) 025 024 PL546 PL501 Avaldsnes Discovery 2010 Apollo Discovery 2009 Luno South Discovery 2009 PL338 PL625 Aldous MajorPL546 North PL501 Discovery 2011 PL673 (2013) Edvard Grieg Discovery 2007 015 PL546 (2010) 025 Ivar Aasen Discovery 2008 Ragnarrock Discovery 2007 2011 - 2013 015 PL410016 PL673 Geitungen Discovery 2012 Aldous Major South Discovery 2011 PL338 PL338 PL265 PL359 PL410016 015 PL265 PL359 PL501b (2011) 016 PL501b PL410 (2007) PL359 PL544 PL359 (2006) PL501 (2009) North Sea North Sea Luno II Discovery 2013 PL544 PL409 PL409 (2007) 0 KM 8 First licence (PL338) in 2004 WF11749 p1 07.13 First discovery (Luno) in 2007 PL409 PL544 (2010) 0 KM 8 Luno (renamed Edvard Grieg) doubles in size following appraisal 3 additional discoveries on western side of Utsira High 1 major discovery (Avaldsnes) on eastern side of Utsira High Renamed In 2011 Johan Sverdrup PL410 North Sea 0 KM 8 PL409 The Avaldsnes structure is extended with another major discovery on Aldous MS. The giant field is renamed Johan Sverdrup Extensive appraisal on Johan Sverdrup 1 discovery (Luno II) on south western corner of Utsira High Lundin Petroleum 29 Norway Exploration - Utsira High 2014/2015 Exploration Drilling Field Discovery Prospect Ongoing Drilling Zulu Significant remaining potential in the Utsira High Exploration – 5 wells PL625 (40%): 25/10-12 Kopervik (1) – 163 MMboe (2) , ongoing 25/10-12 Kopervik PL359 (50%): Luno II North – 24 MMboe (2) PL338 (80%(3)): Gemini – 93 MMboe (2) Hanz Johan Sverdrup PL674 (35%): Zulu – 153 MMboe (2) PL544 (40%): Fosen – 192 MMboe (2) Ivar Aasen Apollo Edvard Grieg Rolvsnes Gemini WF11976 p01 10.14 Targeting net unrisked resources of ~270 MMboe Includes prospective resources on PL167 (20% W.I.) (2) Gross unrisked prospective resources (3) Lundin carrying an 80% WI for the Gemini Propsect only (1) Luno II North Luno II Fosen Lundin Petroleum 30 Norway Exploration Story in Numbers Second largest holder of operated acreage 25,000 Licence acreage Cumulative km2 APA 2013 20,000 15,000 10,000 5,000 0 1,000 800 Discovered resources 40 Johan Sverdrup Discovered Resources excl Johan Sverdrup 35 600 400 200 0 Second most active explorer Cumulative Wells Cumulative MMboe (net) WF11855 p01 02.14 Third largest contingent resources on the NCS 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 No. exploration wells Commercial discovery Non-commercial discovery Dry Hole 25 20 15 10 5 0 2007 2008 2009 2010 2011 2012 2013 2007 2008 2009 2010 2011 2012 2013 Lundin Petroleum 31 Why Invest in Norway? Undiscovered Resources on the NCS Source: NPD 18.5 Bn bbls Norwegian Sea 5.4 Bn bbls Excellent exploration potential remains No independents until recently Lower drilling density than UK Close to existing infrastructure Wells drilled Barents Sea 8.0 Bn bbls North Sea 5.1 Bn bbls Stable and attractive fiscal regime 78% tax rate (effective rate ~73% with capital uplift) 89.2%(1) tax deduction on development expenditures due to tax uplift Bergen Lundin Petroleum Success Rate Exploration wells success (2003-2013) WF11320 p01 0.314 30 25 25 20 20 15 10 5 5 0 0 Success 40% Hit Ratio (1) Stavanger 24 22 15 10 Drilled Norway Bergen 30 15 UK 35 36 Wells Wells 35 Appraisal wells success (2003-2013) Aberdeen Drilled Success 92% Hit Ratio Changed from 93% following the Norwegian Governments revised terms on uplift and special petroleum tax rate. 0 KM 120 Lundin Petroleum 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%) 2.00 Norway - Cumulative Finding Cost (USD/boe)(1) PL338 (Edvard Grieg) Transaction value USD/bbl PL338 transaction value (Post Tax)(2) USD/boe 1.50 1.00 8.7 USD/boe 0.50 0 WF11855 p04 01.14 2007 (1) (2) 2008 2009 2010 2011 2012 2013 Costs include cumulative exploration and appraisal costs since inception up to 31.12.2013. Discovered resources assume year end 2013 remaining 2P reserves for Edvard Greig, Volund, Gaupe, Bøyla and Brynhild. For Gaupe and Volund cumulative production up to 31.12.2013 is also included in reserves. Brynhild 2P reserves have been adjusted for 50% ownership at the time of making the discovery. Johan Sverdrup contingent resources have been estimated by Lundin Petroleum. Gohta and Luno II contingent resources included as per third party certification based on consideration of €247.9 million converted to USD based on €1.31:USD Lundin Petroleum 33 South East Asia 2014 / 2015 Activity Total Cambodia Vietnam Philippines Cakalang WI: 90% WI: 50% PM328 WI: 75% PM307 WI: 85% PM319 Penyu Core Area Bertam development Tembakau appraisal 2 exploration wells Exploration Licences: Production Licences: Lundin Petroleum Operator SB303 WI:75% Gurita WI: 90% Lundin Petroleum Partner Sabah Area Kitabu exploration well Baronang WI: 85% 12 1 SB307/308 WI:42.5% Natuna Sea South Sokang WI:60% Malaysia WI: 35% PM308A WI: 50% PM308B Malaysia WI:100% Cendrawasih VII Singapore West Papua Borneo Sumatra Indonesia Sulawesi Papua WI:25.88% Lematang WF11852 p2 11.14 Singa gas production Java Timor-Leste 3 exploration wells, targeting net unrisked resources of ~60 MMboe 0 KM Lundin Petroleum 400 34 Malaysia - Sabah Area SB307/308 Prospects Malaysia - Sabah Area 0 KM Cempulut Discovery 40 SB303 SB307/308 (42.5%, Operator) Prospect: Kitabu Titik-Terang Currently drilling Gross prospective resources: 71 MMboe Tarap Discovery Berangan Discovery Trap: stratigraphic onlap and pinchout Reservoir: Miocene Stage IVC turbidites sands SB303 (75%, Operator) Kitabu SF30 St Joseph Tarap/Cempulut/Titik-Terang/ Berangan discoveries Gross contingent resources: ~350 Bcf Potential cluster development SB307/308 WF11386 p1 03.14 Malaysia Borneo " Kota Kinabalu Lundin Petroleum 35 2014/2015 Exploration & Appraisal Drilling Schedule CoGS(2) Well LUPE type Operator WI % NUPR(1) NRPR(3) Country Licence - Prospect 1 Norway 2 Norway 3 Norway 4 Norway 5 Norway 6 Norway 7 Norway 8 Norway 9 Norway 10 Norway 11 Norway 12 Norway PL631 - Vollgrav South PL584 - Lindarormen PL359 - Luno II North PL579 - Morkel PL544 - Fosen PL609 - Alta PL625 - Kopervik PL674 - Zulu PL338 - Gemini PL609 - Alta Appraisal 1 PL609 - Neiden PL609 - Alta Appraisal 2 PL555 - Storm 14 Norway PL708 - Ørnen 15 Norway PL338 - E.Grieg Appraisal SE 16 Indonesia Gurita - Gobi 17 Malaysia SB307&308 - Kitabu 18 Malaysia PM307 - Mengkuang 19 Malaysia PM307 - Rengas Est-Champagne - Hoplites-1 (Nettancourt) 20 France WF11117 p1 01.11.14 13 Norway operated exp exp exp exp Lundin 60.00 Lundin Lundin Lundin exp exp Lundin Lundin exp - - - 60.00 116 50.00 12 50.00 37 23% 36% 21% 27 4 8 40.00 40.00 77 - 22% - 17 - Lundin 40.00 54 43% 23 exp exp Lundin Lundin 35.00 54 80.00(4) 74 20% 24% 11 18 app exp app Lundin Lundin Lundin 40.00 40.00 40.00 82 - 30% - 25 - exp Lundin 60.00 52 20% 10 exp app Lundin Lundin exp Lundin 40.00 142 50.00 90.00 - 20% - 28 - exp Lundin 42.50 30 30% 9 exp exp Lundin Lundin 75.00 75.00 16 16 35% 32% 6 5 exp Lundin 100.00 14 14-35% 5 2014 Q4 2015 Q1 Q2 Q3 Q4 Dry Ongoing Discovery Ongoing Ongoing Dry Ongoing Ongoing Netherlands exploration wells not included non operated (1) Net Unrisked Prospective Resources (MMboe) (4) Lundin carrying an 80% WI for the Gemini Propsect only (2) Chance of Geological Success (3) Net Risked Prospective Resources (MMboe) Lundin Petroleum 36 Lundin Petroleum’s Shareholders Shareholder structure Others, 15% Lundin Family, 32% Retail, 14% Number of shares in issue: 311.1 million Market Cap: USD 4.4 billion (1) Institutional Investors, 39% Owned by Lundin Petroleum: approx. 2 million shares Average traded volume per day, first 6 months 2014: approx. 1.3 million Part of OMX30, NASDAQ OMX Stockholm Geographically Rest of the World, 15% Sweden, 30% Secondary listing on Toronto Stock Exchange North America, 8% WF11003 p01 07.14 Europe, 47% (1) WF11003 p1 06.12 Bloomberg 23 October 2014 Source: IPREO, August 2014 Lundin Petroleum 37 Production Forecast From Ongoing Development 10-15 exploration wells per year Johan Sverdrup 35,700 32,700 24-29,000 WF11866 p1 07.14 boepd 2012 2013 2014 (1) Ivar Aasen 75,000 boepd ~ 50,000 (1) Edvard Bertam Grieg Bøyla Brynhild Other existing contingent and prospective resources not included in production forecast 2015 2016 2017 2018 2019 2020 ....... Guidance includes onshore Russian production of ~ 2,000 bopd Lundin Petroleum 38 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" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon. These statements speak only as on the date of the information and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading “Risks and Risk Management” and elsewhere in the Company’s annual report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement. Reserves and Resources Unless otherwise stated, Lundin Petroleum’s reserve and resource estimates are as at 31 December 2013, and have been prepared and audited in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook"). Unless otherwise stated, all reserves estimates contained herein are the aggregate of “Proved Reserves” and “Probable Reserves”, together also known as “2P Reserves”. For further information on reserve and resource classifications, see “Reserves, Resources and Production” in the Company’s annual report. Contingent Resources Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. There is no certainty that it will be commercially viable for the Company to produce any portion of the Contingent Resources. Unless otherwise stated, all contingent resource estimates contained herein are the best estimate (“2C”) contingent resources. WF8278 p1 03.14 Prospective Resources Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both a chance of discovery and a chance of development. There is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the Prospective Resources. Unless otherwise stated, all Prospective Resource estimates contained herein are reflecting a P50 Prospective Resource estimate. Risked Prospective Resources reported herein are partially risked. They have been risked for chance of discovery, but have not been risked for chance of development. BOEs BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf : 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Lundin Petroleum 39 www.lundin-petroleum.com
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