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
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