Lundin Petroleum at a GLANCE
Operations Summary - September 2014
Nasdaq OMX Stockholm - LUPE
Year low/high (Oct 13 - Oct 14) SEK 100/139
Norway
Netherlands
France
Shares Outstanding: 311 million
2014 Production Forecast: 24,000 - 29,000 boepd
Reserves: 194 MMboe
Contingent Resources: 342 MMboe
Russia
Malaysia
Indonesia
(1)
(1)
Excluding Johan Sverdrup resources
Several development projects are currently in the pipeline which
will increase the group’s total production significantly in 2015.
The PDO for the Brynhild development received approval in
November 2011 and first oil is expected in late third quarter of
2014. The Edvard Grieg field has net proven and probable (2P)
reserves of 93 MMboe. The PDO for Edvard Grieg was approved in
June 2012 and first production is scheduled in late 2015. First oil
from the Bøyla subsea development is expected in Q1 2015.
Lundin Petroleum is an independent Swedish oil and gas
exploration and production company with core areas in Norway
and South East Asia. Production is generated from assets in
Norway, France, Netherlands and Indonesia. In addition there
is significant upside potential within these areas of operation
including undeveloped oil and gas discoveries and ongoing
exploration programmes. Together with the exploration assets
in Malaysia, Lundin Petroleum has a balanced portfolio of worldclass assets.
The Avlheim and Volund fields are the key producing assets for
Lundin Petroleum. Both fields are producing to the Alvheim FPSO
with the Alvheim field coming onstream in 2008 and the Volund
field in 2010.
Lundin Petroleum has existing proven and probable reserves
of 194 million barrels of oil equivalent (MMboe) and a forecast
net production range for 2014 of 24,000-29,000 barrels of oil
equivalent per day (boepd). With the current pipeline of ongoing
development projects Lundin Petroleum expects 2015 production
to be approximately 50,000 boepd with full production from the
Brynhild field and the start-up of the Bøyla, Bertam and Edvard
Grieg fields in 2015.
France
With 9 production licences the Paris Basin has 2P net reserves
of 19.8 MMboe. Lundin Petroleum also holds 5 exploration
licences in the Paris Basin. The Aquitaine Basin assets consist of 5
producing fields. 2P net reserves are 2.7 MMboe.
Lundin Petroleum has further assets classified as contingent
resources with “Best Case”, or 2C, values excluding the Johan
Sverdrup field of 342 MMboe in aggregate of which oil accounts
for 60 percent. The Johan Sverdrup field contains gross contingent
resources of between 1.8 and 2.9 billion boe as disclosed by preunit operator Statoil.
Netherlands
The Netherlands is a mature gas region with stable offshore
and onshore production offering attractive fiscal terms. Lundin
Petroleum has 2P net reserves of 3.4 MMboe.
SOUTH EAST ASIA
EUROPE
Malaysia
Lundin Petroleum has signed Production Sharing Contracts (PSCs)
for the exploration and production of oil and gas in four blocks
located offshore Peninsular Malaysia and two offshore Sabah. The
Bertam field development PDO was approved in September 2013
with first oil scheduled for Q2 2015. 13.7 MMboe of net reserves
are assigned to the Bertam field. A significant gas discovery was
made on the Tembakau prospect which has been successfully
appraised. Three exploration wells are planned for 2014.
Norway
Norway is Lundin Petroleum’s principal area of operations
with reserves of 146.6 MMboe, representing 76 percent of
its total reserves and 73 percent of the group’s production.
Lundin Petroleum also has an extensive portfolio of prospective
exploration licences and three ongoing development projects that,
when onstream, will significantly increase Lundin Petroleum’s
production.
Indonesia
Lundin Petroleum has interests in five exploration licences and
production from the Singa gas field in Sumatra. 2P net reserves
are 1.9 MMboe. Lundin Petroleum plans to drill three exploration
wells during 2014.
A giant oil discovery was made on the Johan Sverdrup structure
in 2010. Appraisal activities are now complete with 22 appraisal
wells drilled. The Johan Sverdrup field contains gross contingent
resources of between 1.8 and 2.9 billion boe as disclosed by preunit operator Statoil. PDO approval is expected in Q2 2015 with
production start-up estimated by end 2019.
OTHER AREAS
An extensive exploration programme for 2014 is ongoing with
seven exploration wells expected to be drilled. Two discoveries
were made in 2013 on the Luno II prospect located in the Utsira
High Area and the Gohta prospect located in the Barents Sea
Lundin Petroleum has secured ample rig capacity for exploration
drilling in Norway until 2016.
Russia
Lundin Petroleum has an 70% interest in the Lagansky
exploration block in the Caspian Sea. Lundin Petroleum and its
partner, Gunvor, have entered into a Heads of Agreement with
Rosneft to jointly sell 51 percent of the Lagansky Block.
Lundin Petroleum AB is a Swedish independent oil and gas exploration and production company.
The Company is listed on NASDAQ Stockholm (ticker “LUPE”)
1
Lundin Petroleum at a GLANCE
Financial Summary - 30 September 2014
Full Year
Q3 2014
2013
2012
2011
2010
7,083.2
11,939.6
13,050.4
12,151.5
11,127.8
25.9
32.7
35.7
33.3
30.5
Quantity in Mboe
–
–
–
–
812.2
Quantity in Mboepd
–
–
–
–
2.2
Q3 2014
2013
2012
2011
2010
650.0
1,132.0
1,300.0
1,171.4
738.7
-104.7
-139.6
-138.0
-108.2
-109.4
Production
Continuing Operations
Quantity in Mboe 1)
Quantity in Mboepd
Discontinued Operations
Income Statement Summary (MUSD)
Continuing Operations
Revenue 2)
Production costs 2)
Depletion and decommissioning costs
Exploration costs
-98.4
-169.3
-181.9
-160.4
-139.3
-129.5
-287.8
-173.7
-140.0
-127.5
–
-123.4
-205.8
–
–
317.4
411.9
600.6
762.8
362.5
Impairment costs of oil and gas properties
Gross profit
Gain on sale of asset
–
–
–
–
66.1
-42.0
-41.2
-31.9
-66.7
-40.6
Operating profit/(loss)
275.4
370.7
568.7
696.1
388.0
Result from financial investments
-111.7
-82.5
-20.5
27.0
-11.0
Result from share in associated company
-12.9
-0.2
-23.1
5.1
3.3
Profit/(loss) before tax
150.8
288.0
525.1
728.2
380.3
Income tax expense
General, administration and depreciation expenses
-145.7
-215.1
-421.2
-573.0
-250.8
Net result from continuing operations
5.1
72.9
103.9
155.2
129.5
Net result from discontinued operations
–
–
–
–
369.0
5.1
72.9
103.9
155.2
498.5
511.9
Net result
Net result attributable to the shareholders of the Parent Company:
Net result attributable to non-controlling interest:
Net Result
Balance Sheet Summary (MUSD)
Tangible fixed assets
8.8
77.6
108.2
160.1
-3.7
-4.7
-4.3
-4.9
-13.4
5.1
72.9
103.9
155.2
498.5
Q3 2014
2013
2012
2011
2010
4,975.6
3,905.8
2,877.6
2,283.5
1,950.3
191.9
Other non-current assets
296.1
93.6
132.1
112.2
Current assets
269.0
362.0
318.2
278.3
272.8
Total Assets
5,540.7
4,361.4
3,328.0
2,674.0
2,415.0
Shareholders’ equity
1,069.9
1,207.0
1,182.4
1,000.9
920.4
48.2
59.8
67.7
69.4
77.4
Total equity
1,118.1
1,266.8
1,250.1
1,070.3
997.8
Provisions
1,669.8
1,345.1
1,198.9
980.8
762.7
Non-current liabilities
2,148.8
1,264.1
454.6
228.8
476.7
604.0
485.4
424.4
394.1
177.8
5,540.7
4,361.4
3,328.0
2,674.0
2,415.0
Q3 2014
2013
2012
2011
2010
0.03
0.25
0.35
0.51
0.46
–
6
9
15
12
192
98
28
13
45
122.10
125.40
149.50
169.20
83.65
Number of shares in circulation at period end
309,070,330
309,570,330
310,542,295
311,027,942
311,027,942
Weighted average number of shares
312,537,337
310,017,074
310,735,227
311,027,942
312,096,990
6.6680
6.5132
6.7725
6.4867
7.1954
Non-controlling interest
Current liabilities
Total Shareholders’ Equity & Liabilities
Financial Data
Earnings USD per share 3)
Return on equity %
Net debt/equity ratio %
Share price at period end SEK
Exchange rate (average) 1 USD equals SEK
Following the adoption of IFRS 11 Joint Arrangements from 1 January 2014 the Russian onshore assets are
accounted for using the equity method and the comparative have been restated. The sale of the UK-business in
2010 is presented as discontinued operations.
1)
Including production from Russian onshore assets accounted for using the equity method under IFRS 11 Joint
Arrangements.
2)
Following the reclassification of the change in under/overlift from production costs to revenue effective from
1 January 2013 the comparatives have been restated.
3)
Based on net result from continuing operations attributable to shareholders of the Parent Company.
2
For further information, contact
Maria Hamilton
Head of Corporate Communications
[email protected]
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50
Mobile: +41 79 63 53 641
www.lundin-petroleum.com