1. business and industrial
2. energy
3. oil
4. oil company

Lundin Petroleum
Corporate Presentation
January 2015
WF12012 21/01/15
Lundin Petroleum
1
Lundin Petroleum AB
Company Overview and History
2001 ~USD 50 million
Lundin Petroleum AB
Ticker - Nasdaq Stockholm
LUPE
Shares in Issue, million
311.1
of which held in Treasury, million (1)
Market Cap, USD billion (1)
52 Week High/Low in SEK/share (1)
2.0
4.5
No cash equity raised since
2014 ~USD 4.5 billion
>1 billion barrels
LICENCES
139 / 95
RESERVES
MMboe
WF11541 p1 07.14
1.1
Net Debt end 14, USD billion
2.6
Credit Facility, USD billion
4.0
(1)
Market Cap + Distribution (UK) ~ USD 0.7 bn
Resource Base (2P + 2C)
PRODUCTION
boepd
187.5
116
Equity end Q3 14, USD billion
Raised cash equity
SHARE PRICE
SEK
112
24,950
>37 X
60
5
2001
3
0
YE
2014
2001
YE
2013
2001
YE
2014
2001
Dec
2014
Bloomberg: 30 December 2014
Lundin Petroleum
2
Lundin Petroleum
Asset Overview
Core Areas: Europe, SE Asia
Norway
Exploration
Development
Production
Russia
France
Netherlands
Malaysia
WF11304 p1 01.15
TOTAL
Indonesia
2P reserves: 187.5 MMboe (1)
Contingent resources: 404 MMboe (2)
(1)
End 2014 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
Cash Balances
112
Net Debt Position
2,054
New Reserve Based Lending Credit Facility
4,000
WF11543 p2 11.14
Year end 2014 net debt USD 2.6 billion
7 year facility
26 banks in the syndicate
5th RBL facility since inception
Lundin Petroleum
5
2P Reserves
31 December 2014
Gas, 8%
Total 187.5 MMboe
Malaysia, 13.8
Indonesia, 1.4
France, 21.2
Oil & NGL, 92%
Netherlands, 2.5
Brynhild, 20.5
MMboe
Alvheim, 19.1
Volund, 8.2
WF12010 p2 01.14
Viper Kobra, 1.3
Bøyla, 3.4
Ivar Aasen, 2.6
Edvard Grieg
93.6
Norway, 148.7
Numbers in chart may not add up due to rounding
End 2013
194.1
- 2014 Production
- Sales
-9.1
-5.6
+ Reserve additions (excl. sales/acquisitions)
+8.2
End 2014
187.5(1)
Reserves increase(2)
5%
Reserves replacement ratio(2)
90%
(1)
Oil Price (Brent) USD 70/bbl + 2% escalation on oil price and costs
(2)
as per industry standards the reserve replacement ratio is defined
as the ratio of reserve additions to production during the year, excluding
acquisitions and sales. The reserves increase is calculated as the ratio
of the 31.12.2014 reserves additions over the 31.12.2013 reserves
adjusted for sales and production
Lundin Petroleum
6
2P Reserves
History
300
250
Cumulative
Production
200
MMboe
Malaysia
Norway
150
Tunisia
Netherlands
Indonesia
100
France
50
0
WF12010 p3 01.14
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Year End
Excluding discontinued operations which include United Kingdom, Salawati Basin & Island in Indonesia, Russia
Lundin Petroleum
7
Contingent Resource
Growth
1,200
Includes
Johan Sverdrup
1,000
Norway - J. Sverdrup
Malaysia
MMboe
800
Russia
Others
600
Norway
400
200
WF12010 p5 12.14
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Excludes
Johan Sverdrup
Year End
Excluding discontinued operations which include United Kingdom, Salawati Basin & Island in Indonesia
Lundin Petroleum
8
Lundin Petroleum
Production
2015 Forecast
Malaysia, 16%
2015 production guidance: 41,000 - 51,000 boepd
Indonesia, 4%
Production guidance impacted by:
Netherlands, 3%
Start-up date for Bertam, Edvard Grieg
Ramp-up of Brynhild, Bøyla, Bertam, Edvard Grieg
France, 7%
2014 production: 24,950 boepd
Norway, 70%
2009-2014 Production(1)
2015 Production Guidance
80
80
WF12010 p4 01.15
Thousand boepd net
E. Grieg first oil
60
60
Bertam first oil
40
40
20
0
(1)
20
Bøyla first oil
19.01.2015
2009
2010
2011
2012
2013
2014
Q1
Q2
Q3
2015
Q4
0
Guidance high
Guidance low
Actual production
Excluding discontinued operations which include United Kingdom, Russia, Salawati Basin & Island in Indonesia
Lundin Petroleum
9
Production Forecast
From Ongoing Development
10-15
exploration wells
per year
Johan
Sverdrup
Other existing contingent and
prospective resources not
included in production forecast
33,000(1)
30,400(1)
23,800(1)
WF12010 p1 07.14
boepd
2012
2013
2014
41-51,000
Ivar
Aasen
Edvard
Grieg
Bertam
Bøyla
Exit Rate 2015: 75,000 boepd
19.01.15
Brynhild
25.12.14
2015
2016
2017
2018
2019
2020
.......
Excluding divested assets (Russia)
(1)
Lundin Petroleum
10
Norway - Greater Alvheim Area
First Nine Months Net Production: 17,500 boepd
2C Contingent Resources
Cumulative Production
End of Year Reserves
60
MMboe
8
52
45
Alvheim Field (WI 15%)
50
49
6
40
38
30
Gross Alvheim Estimated Ultimate Recovery
31
22
400
L4
23
2C Contingent Resources
Cumulative Production
End of Year 2P Reserves
350
BKN
BW
PDO
2006
2007
2008
2009
2010
E Kam Sth
N B5
2011 2012 2013 2014
Year End
2P Reserves (net): 8.2 MMboe
2C Contingent Resources (net): – MMboe
First 9 months 2014 net production : 7,800 boepd
Operating cost for first 9 months 2014
Cost of operations (1) < 3.75 USD/boe
Kneler 1
1,3
Volund Infill
PL150b
PL150
Detnor - Marathon Deal Metric
USD 19.9 / boe 2P Reserves (2)
excluding projects
USD 2.7 billion acquisition cost effective 1 Jan 2014, 136 MMboe 2P reserves
192
+73%
49
198
196
174
167
154
145
127
50
0
Gekko
Volund West
215
189
184
15
223
108
33
137
100
Kobra
Hart
80
200
150
41
161
250
Kneler NE 2
Kneler SW
52
300
Kneler NE1
BKS
Volund Field (WI 35%)
WF11820 p11 01.15
PL036c
PL203
PL088BS
37
10
(2)
Future activity
1 well workover in 2015
3 infill wells to be drilled 2015
17
50
50
20
(1)
Alvheim cost of operations(1) ~ 5 USD/boe
N Kam 2
PL203b
+51%
31
46
0
First 9 months 2014 net production : 9,700 boepd
Gross Volund Estimated Ultimate Recovery
70
50
2C Contingent Resources (net): 4.9 MMboe
MMboe
80
2P Reserves (net): 19.1 MMboe
PDO 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year End
Ty Nth
Viper
Kobra East Gekko
Sth
Infill / Devolepment
Ty Sth
Tertiary Exploration
PL736 S
Contingent Resources
Kobra/Viper
Development project
Lundin Petroleum
11
Alvheim FPSO
0
KM
40
Bøyla
Norway New Fields
Brynhild & Bøyla
United
Kingdom
Norway
North Sea
Brynhild Field
Licence:
PL148
Partner:
Lundin Petroleum 90% (operator), Talisman 10%
Dev. concept:
Subsea tie-in to Shell operated Pierce field (UK)
Brynhild
Pierce field
Haewene Brim FPSO
4 development wells
Pierce Field (Shell)
Two development wells successfully completed
– Longer reservoir section completed
Third development well currently drilling
– Fourth development well to be drilled in 2015
Reserves:
23.1 MMbo (gross)
Production:
Commenced on 25 December 2014
Brynhild
Plateau production 12,000 boepd (gross)
Alvheim FPSO
Bøyla Field
Licence:
PL340
Partner:
Lundin Petroleum 15%, Det Norske 65% (operator), Core Energy 20%
Dev. concept:
Subsea tie-in to Alvheim
to Vilje
Boa
Kameleon
Kneler B
3 development wells
Kneler A
WF12011 p01 01.15
Two development wells completed, third well to be completed in 2015
Reserves:
2P reserves: 23 MMboe gross
Production:
Commenced on 19 January 2015
Bøyla
Volund
New Manifold
Production
Gas lift
Water injection
Peak production: 20,000 boepd gross
Lundin Petroleum
12
Overview
France & Netherlands
France
Netherlands
Oil
Gas
9m 2014 Production Net, boepd
2,900
1,900
2P Reserves Net (1), MMboe
21.2
2.5
Best Estimates Contingent
Resources Net (1), MMboe
13.1
–
2013 Operating Cash Flow
Netback, USD/Boe
57
44
Mature low decline
onshore production
Mature on/offshore
production
Hydrocarbon Type
"
Offshore
Netherlands
Onshore
Asset Description
Exploration
"
"
Paris Basin
1.1 Million acres
(1)
France
End 2014
Aquitaine Basin
France historical production (bopd gross)
4,500
10,000
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
0
KM
400
"
Lundin Petroleum
13
Norway
Norway & Malaysia
Development Projects
United
Kingdom
Ongoing Norwegian Developments
Bøyla
Stavanger "
Ivar Aasen Unit
Edvard Grieg
Norway
Edvard Grieg (Lundin 50% operator)
Brynhild (Lundin 90% operator)
First oil achieved Dec. 2014
Bøyla (Lundin 15%)
First oil achieved Jan. 2015
North Sea
Ivar Aasen Unit (Lundin 1.385%)
Brynhild
0
Ongoing Malaysian Development
KM
40
Malaysia - Natuna Sea
0
KM 100
Bertam (Lundin 75% operator)
2015 Budget USD 980 Million
Malaysia
Bertam
WF11383 p1 07.14
Kuala Lumpur
Indonesia
Indonesia
Malaysia
Singapore
Lundin Petroleum
14
Norway
Edvard Grieg Development
Norway - Southern Utsira High
KM
0
UK
PL779
PL167 & PL167B
PL673
Lundin Petroleum interest: 50% (operator)
OMV 20%, Wintershall 15%, Statoil 15%
Apollo
PL546
PL501
Ivar Aasen Unit
PL674
PL338
Edvard Grieg
2P reserves: 187 MMboe gross
Plateau production: 100,000 boepd gross
Luno South
Production startup Q4 2015
PL501B
PL338C PL265
PL359
Luno II
PL778
Capital costs: 25 NOK billion - on budget
(1)
0015
PL410
Johan Sverdrup
PL544
Norway
Drilling 15 wells from jack-up rig – commenced drilling operation
20
PL625
0016
Lundin Petroleum Operator
Lundin Petroleum Partner
Jacket completed and installed
Edvard Grieg Schematic
Topside and oil pipelines installation in 1H 2015
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
15
Peninsular Malaysia
Bertam Development
Bertam Development Facilities
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
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 completed
Gurita
WF11667 p1 11.14
Development drilling ongoing
Bertam Oil Field
PM308B PM308A
(1)
Indonesia
Excludes capex related to the FPSO
Lundin Petroleum
16
Development Projects
Current Work Status
Bertam Development
FPSO upgrade
Development drilling
Topside installed
Edvard Grieg Development
Topsides - LQ and Helideck en route to Stord
Topsides modules under construction, Stord
WF11898 p01 11.14
Development drilling
Lundin Petroleum
17
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
18
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
19
Norway - Johan Sverdrup
Phase I Development Schematic
Concept selection for Phase I agreed in February 2014
Phase I PDO to be submitted in February 2015
Contract awards
Kværner Verdal for delivery of jacket for the riser platform
Aker engineering & procurement management for the riser & processing platform topsides
Phase I FEED
Q1
Q2
Q3
2013
Q4
Impact assessment
report
PDO Approval - Phase I
Concept
Selected
Q1
Q2
Q3
2014
Q4
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
20
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
PL674BS
PL167 PL501
0
KM
40
PL609
Ivar Aasen Unit
PL673
North Sea
PL674
PL492
PL338C PL265
PL359 PL410
Norway
WF11796 p9 10.14
Under review
1 well on Gohta(1)
Gohta Discovery
PL501 B
0
Norway - Utsira High
Alta Discovery
PL438
Johan Sverdrup
Discovery
Luno II Discovery
(1)
PL659
2 wells on Alta
Edvard Grieg
1 well on Edvard Grieg
PL778
PL533
PL338
KM
16
Norway
PL490
PL767
Barents Sea
Norway - Barents Sea
2015 appraisal wells
Lundin Petroleum Operator
Lundin Petroleum Partner
Lundin Petroleum
21
Norway - 2015 Appraisal Activities
Barents Sea - Alta / Gohta Appraisal
0
KM
40
PL533
PL659
Alta Discovery
PL492
Gohta Discovery – PL492 (operated), 40%
PL805
Gohta Discovery
PL438
Discovery well: 75 metres gross oil column
/ 25 metres gross gas column – tested 4,300 bopd
PL767
Norway
Appraisal well: 10 metre gross gas/condensate column
– tested 26.4 MMcfd and 880 bpd condensate
Gross 2C contingent resources: 128 MMboe
PL609
PL490
Snhøvit Area
Barents Sea
2014 Alta Discovery
2015 Alta Appraisal 2
One further appraisal under review
2015 Alta Appraisal 1
Alta Discovery – PL609 (operated), 40%
46 metres gross oil column / 11 metres gross gas column
– tested ~3,300 bopd
OWC
GOC
2013 Gohta Discovery
Gross recoverable oil and gas resource estimate range:
125–400 MMboe (2C: 223 MMboe)
2014 Gohta Appraisal
WF11786 p03 11.14
Two appraisal wells in 2015
Lundin Petroleum
22
Asset Overview
2015 Exploration
Norway
7 exploration wells
Malaysia
2 exploration wells
WF11433 p9 11.14
2015 Budget USD 320 Million
9 exploration wells targetting net unrisked resources
510 MMboe
Lundin Petroleum
23
Remaining 2015
Prospective Resources
2015 net unrisked prospective resources
Norway
Unrisked
700
600
500
400
300
200
Million boe
Target Unrisked
510 MMboe
SE Asia
ng
as
Re
ng
g
ku
an
n
ne
0
Lu
no
Me
Ør
en
id
Ne
n
se
Fo
rk
el
Mo
i
in
m
Ge
rth
No
II
Zu
lu
100
2015 net risked prospective resources
150
100
ga
s
0
Re
n
an
g
Me
ng
ku
ne
n
Ør
en
Ne
id
n
Fo
se
ke
l
Mo
r
in
i
m
Ge
or
th
IN
no
I
Zu
Lu
WF11866 p8 12.14
lu
50
Million boe
Target Risked
~120 MMboe
SE Asia
Risked
Norway
Lundin Petroleum
24
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 (223 MMboe)
ST
BA
Gohta Discovery (128t ArMMboe)
ea
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
25
Norway - Barents Sea
Loppa High Exploration
Lundin Petroleum Licences
Non Operated
Operated
Alta Discovery
Fields
Oil
Gas
0
Prospects
KM
20
PL609 (Lundin 40%, operated)
Bjørnøya Bassenget
pl
ex
46 metres gross oil column / 11 metres gross gas column
– tested ~3,300 bopd
tC
om
Børselv 609
en
na
Fa
ul
Gross recoverable oil and gas resource estimate range:
125–400 MMboe
Neiden Prospect
Bj
Hi
Two appraisal wells in 2015
ør
gh
nø
yr
Kramsnø
rm
b-
Iskrystall
Loppa High
Rauto
533
Senilex well (1985)
im
Su
Gross prospective resources ~200 MMboe
lhe
2015 Alta Appraisal 1
Drivis
tfo
Neiden prospect
2015 Alta Appraisal 2
Skavl
pla
2015 Exploration programme
Po
Alta Discovery
Ve
s
le
m
øy
Johan Castberg
Lakselv
Lakselv
Formica
WF11786 p02 10.14
Gohta Appraisal
Gohta Discovery
Development options
are being reviewed
South
Alta Discovery
Salina
492
Tromsø Basin
609 B
805
Gohta Appraisal
Ringvassøy-Loppa Fault Complex
Alta total resources:
125 – 400 MMboe
659
North
Gohta Discovery
Lavvo
Komag
438
Rein
Boazo
767
Noaide
Hammerfest Basin
Skalle
490
Trål
SNØHVIT
Lundin Petroleum
26
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
Luno South
Discovery 2009
PL338
(001b,242,338BS,457)
PL546
PL501
PL625
015
PL410016
PL546
PL501
Aldous Major Nth Discovery 2011
Avaldsnes
Discovery 2010
Apollo
Discovery 2009
PL674
I. Aasen Unit
PL673 (2013)
Edvard Grieg
Discovery 2007
015
PL546
(2010)
025
Ivar Aasen
Discovery 2008
Ragnarrock
Discovery 2007
2011 - 2014
PL673
Geitungen Discovery 2012
Aldous Major South
Discovery 2011
PL338
PL338 PL265
PL359 PL410016
PL338C PL265
PL359 PL410016
015
PL501b (2011)
PL501b
PL410 (2007)
PL359
PL544
PL359 (2006)
PL501 (2009)
Luno II
Discovery 2013
North Sea
North Sea
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
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
PL338BS/Ivar Aasen Unitised
Lundin Petroleum
27
Norway Exploration - Utsira High
2015 Exploration Drilling
Field
Discovery
Prospect
Zulu
Significant remaining potential in the Utsira High
Exploration – 4 wells
PL359 (50%): Luno II North – 24 MMboe (1)
PL338 (80%(2)): Gemini – 93 MMboe (1)
Hanz
Johan Sverdrup
PL674 (35%): Zulu – 153 MMboe (1) Drilling Ongoing
PL544 (40%): Fosen – 192 MMboe (1)
Ivar Aasen
Apollo
Edvard
Grieg
Rolvsnes
Gemini
WF11976 p01 10.14
Targeting net unrisked resources of ~220 MMboe
Gross unrisked prospective resources
(2)
Lundin carrying an 80% WI for the Gemini Propsect only
(1)
Luno II North
Luno II
Fosen
Lundin Petroleum
28
Norway
Exploration Story in Numbers
Second largest holder of operated acreage
Cumulative km2
25,000
Largest resources discovered on NCS 2007–2014 (1)
Licence acreage
20,000
Shell
Suncor
BG
VNG
Centrica
Det norske
APA 2014
15,000
ENI
Talisman
Total
10,000
OMV
5,000
0
RWE
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Lundin
Petroleum
50% (2)
Wintershall
6%
Second most active explorer
45
No. exploration wells
Cumulative Wells
WF11855 p09 11.14
40
35
30
Statoil
23%
Commercial discovery
Non-commercial discovery
Dry hole
25
20
(1)
Gross discovered resources as operator, source NPD
(2)
Assumes 100% of Johan Sverdrup
15
10
5
0
2007
2008
2009
2010
2011
2012
2013
2014
Lundin Petroleum
29
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
Lundin Petroleum Success Rate (2003-2014)
Exploration wells success
41
Appraisal wells success
40
41
35
35
30
30
25
Wells
25
WF11320 p01 0.314
Wells
20
15
16
5
5
0
0
39% Hit Ratio
(1)
Norway
29
Stavanger
27
15
10
Success
UK
20
10
Drilled
Bergen
Aberdeen
Drilled
Success
93% Hit Ratio
Changed from 93% following the Norwegian Governments revised terms on uplift and special petroleum tax rate.
0
KM
120
Lundin Petroleum
30
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
2014
Costs include cumulative exploration and appraisal costs since inception up to 31.12.2014. Discovered resources assume year end 2014 remaining 2P reserves for Edvard Greig, Volund, Gaupe, Bøyla and Brynhild. For Gaupe and Volund cumulative production up
to 31.12.2014 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, Alta 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
31
South East Asia
2015 Activity
Total
Cambodia
Vietnam
Philippines
Cakalang WI: 90%
WI: 50% PM328
WI: 75% PM307
WI: 85% PM319
Penyu Core Area
Bertam development
2 exploration wells
Exploration Licences:
Production Licences:
Lundin Petroleum Operator
SB303 WI:75%
Gurita WI: 90%
Lundin Petroleum Partner
Sabah Area
Baronang WI: 85%
12
1
SB307/308 WI:42.5%
Natuna Sea
South Sokang WI:60%
Malaysia
Malaysia
WI:100% Cendrawasih VII
Singapore
WI: 35% PM308A
WI: 50% PM308B
West
Papua
Borneo
Sumatra
Indonesia
Sulawesi
Papua
WI:25.88% Lematang
WF11852 p2 11.14
Singa gas production
Java
Timor-Leste
2 exploration wells, targeting net unrisked resources of ~30 MMboe
0
KM
Lundin Petroleum
400
32
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 Malaysia
12 Malaysia
PL579 - Morkel
PL359 - Luno II North
PL544 - Fosen
PL674 - Zulu
PL338 - Gemini
PL609 - Alta Appraisal 1
PL609 - Neiden
PL609 - Alta Appraisal 2
PL708 - Ørnen
PL338 - E.Grieg Appraisal SE
PM307 - Mengkuang
PM307 - Rengas
WF11117 p1 18.11.14
operated
exp
Lundin
50.00
37
21%
8
exp
Lundin
50.00
36%
exp
exp
exp
Lundin
Lundin
Lundin
12
77
40.00
35.00 54
80.00(4) 74
22%
20%
24%
4
17
11
18
app
exp
app
Lundin
Lundin
Lundin
40.00
40.00
40.00
82
-
30%
-
25
-
exp
app
Lundin
Lundin
Lundin
Lundin
40.00 142
50.00
75.00 16
75.00 16
20%
35%
32%
28
6
5
exp
exp
Net Unrisked Prospective Resources (MMboe)
(4)
Lundin carrying an 80% WI for the Gemini Propsect only
(2)
Chance of Geological Success
Q1
Q2
Q3
Q4
Ongoing
Netherlands exploration wells not included
non operated
(1)
2015
(3)
Net Risked Prospective Resources (MMboe)
Lundin Petroleum
33
Lundin Petroleum’s
Shareholders
Shareholder structure
Others, 14%
Lundin Family, 32%
Retail, 14%
Number of shares in issue: 311.1 million
Market Cap: USD 4.5 billion
Owned by Lundin Petroleum: approx. 2 million shares
Institutional
Investors, 40%
Average traded volume per day in 2014: ~1.4 million
Part of OMX30, NASDAQ Stockholm
Geographically
Rest of the World, 14%
Sweden, 31%
North America, 8%
WF11003 p01 11.14
Europe, 47%
Source: IPREO, November 2014
WF11003 p1 06.12
Lundin Petroleum
34
Production Forecast
From Ongoing Development
10-15
exploration wells
per year
Johan
Sverdrup
Other existing contingent and
prospective resources not
included in production forecast
33,000(1)
30,400(1)
23,800(1)
WF12010 p1 07.14
boepd
2012
2013
2014
41-51,000
Ivar
Aasen
Edvard
Grieg
Bertam
Bøyla
Exit Rate 2015: 75,000 boepd
19.01.15
Brynhild
25.12.14
2015
2016
2017
2018
2019
2020
.......
Excluding divested assets (Russia)
(1)
Lundin Petroleum
35
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
36
www.lundin-petroleum.com