Production and Development
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1 23 Production and Development WF10581 Chris Bruijnzeels, Senior Vice President Operations January 2009
2 24 Resource Classification System 2007 Petroleum Resources Management System (SPE PRMS) Guidelines of the Society of Petroleum Engineers (SPE), World Petroleum Congress (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE) PRODUCTION RESERVES Commercial 1P 2P 3P Proved Proved & Proved, Prob. Probable & Possible CONTINGENT RESOURCES Discovered but no firm investment decision PROSPECTIVE RESOURCES Exploration Prospectivity WF
3 Proven & Probable Reserves Russia (18.6) France (26.4) Gas 14.5% Indonesia (15.2) Oil 85.5% Netherlands (4.3) Total MMboe U.K. (82.1) MMboe Produced (forecast) New reserves (excl sales/acquisitions) Sales/acquisitions MMboe Norway (70.5)* Tunisia (0.4) Reserves Replacement Ratio 394% Increase in Reserves 26% WF * Excluding Luno
4 26 Reserves Growth 250 Reserves Replacement Ratio of 324% (cumulative production: 67.8 MMBOE) MMboe Russia U.K. Norway Venezuela Tunisia Indonesia Netherlands France WF
5 27 Reserves Changes Produced in 2008 Net Replacement Sales/Acquisition Russia U.K. Tunisia Norway Netherlands Indonesia France MMboe WF
6 28 Main Reserves Changes Russia Kalmeastern and OGT reductions (-9.7) UK Increased Heather and Thistle due to 3D seismic and re-development plans (+26.5) Increased Broom due to last year s infill well results (+3.8) Tunisia Reduced Oudna reserves due to negative reservoir performance (-1.0) Norway Economic viability of the Nemo development project (+11.0) Increased Alvheim gas reserves (+3.4) France Grandville field development plan (+1.7) WF
7 UK Continental Shelf Licences 29 WF Lundin production licence Lundin exploration licence 25th round (exploration)
8 30 Thistle Lundin Petroleum 99% WI OWC STOIIP 846 MMstb Produced 430 MMstb Invested in extending life of platform Shot 3D seismic in 2007 Sub-surface review in 2008 Identified 11 infill opportunities Current status Opex 36/bbl Re-development Opex after development 16/bbl Capex - drilling 8.00/bbl (incremental) - facility improvements 1.50/bbl Deveron Thistle WF
9 31 Heather Development Lundin Petroleum 100% STOIIP Brent 507 MMstb Trias 166 MMstb Produced 134 MMstb Host to Broom development Shot 3D deismic in 2006/2007 Sub-surface review in 2007/2008 Identified 6 infill and 3 coiled tubing workover candidates Current status - Heather/Broom Unit Opex 14.00/boe Development Opex after development 10.00/boe (Heather/Broom Unit) Capex - drilling capex Heather 3.50/boe (incremental) - facility improvements 0.80/boe (Heather/Broom Unit) WF
10 32 Broom Development Lundin Petroleum 55% WI CR potential STOIIP 172 MMstb Produced 28.7 MMstb 4 producers, 2 injectors Successfully sidetracked 2/5-19y in P Brent Ultimate Recovery of 36.1% 3.8 MMstb net contingent resource North Flank area Western boundary fault Development Drilling capex 10.50/boe CR potential Water injector 2008 infill well Water injector conversion Dual lateral producer Vertical water injector Current Producer Current Injector Planned Producer Planned Injector WF
11 33 Southern North Sea - PL148 Lundin Petroleum interest: 50% (operator) Noreco 20 %, Talisman 30% Lundin Petroleum Operator Lundin Petroleum Partner 2008 appraisal well confirmed field extension 2P gross reserves of 22 MMboe Existing infrastructure nearby in UK and Norway Nemo Discovery TOP GYDA RESERVOIR MAP m 1:63457 ODT EVEREST P1 Nemo discovery Depth /7-2 I1 7/7-3 UK WF PL148 Triassic Pod
12 34 Greater Alvheim Area - Peik Development Peik Field Moving towards host selection Reviewed and updated conceptual development plan Reserves: 37 MMboe Gross Lundin Petroleum: ~40% 3 8 P090 (9/15a) PL413 PL088 PL036c PL363 PL412 Well C Well B Well A 009 UK PL150 PL340 PL203 PL Top Reservoir 0024 PL304 Norway THugin WF
13 Russia 2P 35 Pechoraneftegas and Recher Komi Successful exploration/appraisal in Recher Komi Good infill performance Increased reserves (+5.5 MMstb) Kalmeastern Low oil price + high transport costs Uncertain investment climate Reduced reserves (-6.3MMstb) low netback OGT Poor performance from pilot production wells No investment decision Reduced reserves (-3.4 MMstb) Black Sea Ukraine Norway Sweden Finland Komi/Nenets Region PNG/RK Moscow Caspian Sea Russia Kalmykia Region KE Uzbekistan Artic Ocean Orenburg Region OGT Kazakhstan Turkmenistan Iran China WF
14 Development Capital Expenditure UK, 53 Norway, 111 Other, 23 Indonesia, Forecast 215 MMUSD WF
15 37 Development Highlights 2009 UNITED KINGDOM THISTLE - Drilling: Top drive installation - Facilities: B turbine reinstatement (costs recovered by insurance) HEATHER - Routine facilities upgrades PEIK - Pre-development studies. NETHERLANDS - Drilling: development drilling - Facilities: E17 development project NORWAY VOLUND - 4 wells to be drilled - Offshore installation substantially complete - First oil late 2009 RUSSIA - PNG & Recher-Komi (RK): drilling + RK pipeline FRANCE - Facilities: water injection facilities Vert-la-Gravelle INDONESIA SALAWATIS - Development drilling SINGA - Development drilling (2 wells and 1 recompletion) and gas facilities construction - First gas mid 2009 WF
16 P090 PL088 BS PL150 PL088 PL088 BS PL203 PL413 PL036C 2009 Projects - Norway Volund KM 8 9/14a-6 P090 PL088 PL413 Lundin Petroleum 35% Marathon 65% (operator) Reserves 49 MMboe (gross) UK 9/15a-2 9/15a-1 PEIK (UK) PL088 PL088 BS PEIK (NO) 24/6-1 PL036C 24/ CAPEX USD 100 Million 009 9/15b-3 9/15b-4 ALVHEIM ALVHEIM 24/6-2 HEIMDAL 2009 Drilling 3 producers, 1 water injector Deep Sea Bergen 2 wells Songa Dee 2 wells First production late 2009 P1283 9/ /14b-2B /9-5 VOLUND 24/9-6 24/9-7 25/4-7 ALVHEIM 25/7-5 25/7-6 Volund 25/ /4-3 GEKKO PL150 PL203 Norway PL340 WF SKENE 0024/09 (Area 3) 24/9-4 LundinPetroleum Operator LundinPetroleum Partner
17 39 Indonesia - Singa Development SUMATRA LEMATANG KALIMANTAN Lundin Petroleum 25.88% Indonesia SULAWESI IRIAN JAYA JAVA Gross reserves 123 bcf 0 km CAPEX USD 21 Million 2 wells Facilities Rambutan Betung Belimbing Benuang Gunung Kemala Prabumulih Gas Sales Agreement at 48 mmcfd for 5 years declining thereafter Gas sold to PT PLN (Indonesian electricity company) Lagan LEMATANG W Singa Limau Niru Limau Tengah Limau Timur LEMATANG E Talang Jimar Karagan Gas exported via 40km 10 pipeline Harimau Kampong Minyak A i r N i r u Beringin A i r E n i m Suban Jerigi Oil Field Gas Field 0 KM 10 Air Serdang WF
18 Production Forecast Netherlands 6% France 9% Indonesia 7% Norway 38% Russia 14% 50,000 45,000 Tunisia 2% 40,000 35,000 Norway UK UK 24% 30,000 25,000 20,000 Net boepd Tunisia Russia Indonesia Netherlands High Low 15,000 10,000 5,000 France Q1 Q2 Q3 Q4 0 WF
19 Factors Affecting 2009 Production Range 41 UK Norway Russia Indonesia Norway Indonesia UK Russia - Alvheim vessel regularity and plant capacity - Volund first production timing - Singa project first gas and rampup profile - Gas lift availability - Platform regularity - Komi assets infill well performance WF
20 2009 Production - Norway Alvheim 42 Lundin Petroleum 15% Marathon 65% (operator), ConocoPhillips 20% Gross Reserves 223 mmboe ( ) Up from 215 mmboe ( ) Average 2008 gross production 41,300 boepd (start-up in June 08) Peak Alvheim Norway production to date 109,000 boepd Water free production until late December better than prognosis FPSO status Commenced production in June 2008 Peak throughput (to date) of 133,000 bbl/d and 62 mmscf/d - original design capacity of 120,000 bbl/d, 125 mmcfd - de-bottlenecking ongoing stretch target is 150,000 bbl/d Vilje field tied-in Volund field (Lundin Petroleum 35%) to be tied-in in late 2009 Wells 10 producers completed - 5 Kneler Wells - 3 Boa Wells - 2 Kameleon wells 3 further wells to be drilled in 2010/2011 WF
21 Norway - Alvheim/Volund 43 WF
22 2009 Projects Norway Alvheim km out of 102 km planned development wells completed 27.2 km out of 33 km planned horizontal section completed 10 Phase 1 development wells completed, 8 on production (2 remaining, mid-february 2009) BOA 12 EKAM 02 East Kameleon Boa EKAM 01 BOA 11 KAM 02 KAM 03 Kameleon BOA 09 KAM 01 KN 03 KN 02 Kneler KN 07 KN 06 KN 05 Drilled Development Wells Phase 2 Targets WF
23 Norway - Alvheim FPSO Oil Production Forecast 45 Volund Vilje Alvheim 140,000 Volund tie-in SAGE shut-in Capacity assumption 134 Mbopd 120, ,000 bopd 80,000 60,000 40,000 20,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q WF
24 46 Contingent Resources - 1 January MMboe Others, 13.0 France, 9.6 to Reserves Nemo Thistle Heather Broom Peik Grandville Norway, UK, Thistle Infill - Heather Infill - Heather Triassic - SW Heather - Broom Infill - Scolty Others, 15.6 France, 9.9 Norway, Luno - Greater Alvheim Area - Pi - SE Tor -Morskaya UK, 60.3 Discoveries +120* MMboe Morskaya, Pi, SE Walio Russia, MMboe net Lundin Petroleum * MMboe net Lundin Petroleum 2009 WF * Excludes Dordives discovery
25 47 Contingent Resource History 350 MMboe Russia Venezuela Ireland Nigeria Congo Indonesia Tunisia France Norway UK WF
26 48 Contingent Resource Movement Russia - Morskaya 2008 Discovery France Grandville to Reserves UK - Broom West Heather infill well close to fault UK - Thistle CR to Reserves, Increased CR due to study results UK - Heather CR to Reserves, Increased CR due to study results Norway - Nemo (PL148) CR to Reserves Norway - Luno Norway - Pi Pi North Result MMBoe WF
27 49 Luno Discovery Discovered in 2007 Lundin Petroleum interest: 50% (Operator) Wintershall 30%, RWE 20% Discovery 16/1-8 Largest discovery in Norwegian North Sea in the last decade Light oil discovery New play concept proven Significant working interest in adjoining acreage 008 UK Peik field Alvheim field Volund field 009 PL088 P090 PL340 PL PL413 PL036c PL203 PL505 PL304 PL PL167 PL167B PL412 Norway 0026 Contingent Gross Resources Luno discovery Discovery MMBOE PL338 PL501 Luno PL359 PL PL409 WF Lundin Petroleum Operator Lundin Petroleum Partner 0 KM 20
28 Schematic Illustration of Luno Discovery 50 16/1-8 (Luno discovery well) 16/1-10 (Luno appraisal well) Tested 4,000 bopd OWC WF
29 Luno Reserves Status 52 Decision to incorporate Luno appraisal results before booking reserves Incorporate drilling and test results into updated subsurface model Incorporate 2008 ocean bottom seismic results Revised reserves statement expected in the next two to three months Expected to be within previously annouced range of MMboe WF
30 53 Russia - Lagansky Block Lundin Petroleum 70%, Mintley 30% (pre-gazprom option exercise) Lundin Petroleum 50%, Gazprom 50% (post-gazprom option exercise) Kazakhstan Morskaya major oil discovery 2Q 2008 Astrakhan Field Laganskaya well completed (non-commercial) 100 tcfg Small hydrocarbon shows, potential Russia structure updip Petrovskaya prospect to be drilled in 2009 targeting gross prospective resources of 300 MMboe Local partner Gazprom through option agreement Petrovskaya CPC Pipeline Atyrau Astrakhan Kalamkas Field 1-2 BBO Morskaya Kashagan Field 15 BBO Rakushechnoye Field 4.4 tcfg Caspian Field Korchagin Field 380 MMBO Viktor Filanovsky 600 MMBO, 1.2 tcfg Sarmatskoye Field Khvalynskoye Field 266 MMBO Makhachkala WF10357e Tengiz Field 9 BBO Caspian Sea Aktau Oil Field Gas Condensate Oil Pipeline Gas Pipeline Terminal
31 54 Russia - Morskaya Discovery 0 Morskaya-1 discovery KM 20 Petrovskaya Prospect Kaspiskoye Laganskaya-1 Morskaya-1 COC well Rakushechnoye Field 4.4 TCF Viktor Filanovski 600 MMbbls 1.2 TCF Lagansky Block Gross resource range on block: MMbo. Mid case 230 MMbo D seismic Additional Morskaya well to be drilled in 2009 WF10357c Gas Field Prospects Morskaya Discovery Large structure with areal extent of 130 km2 Tested two horizons with combined flow rate of 2,500 bopd, restricted by choke size Estimated flow rates for horizontal development wells of 4,000 (Aptian) to 8,000 bopd (Neocomian) Lundin Concession Oil Field Northern Caspian Rak-4 SeveroRakushechny Rak-1 Rak-2 Yuri Korchagin
32 Russia - Lagansky Block 55 WF
33 Lagansky Block - Morskaya discovery 56 M-1 25 km ALBIAN APTIAN NEOCOMIAN Tested at 800 bopd Theoretical Flow Rate 4,000 bopd Tested at 1,700 bopd Theoretical Flow Rate 8,000 bopd 32 API oil in Aptian and Neocomian WF
34 57 UK / Norwegian Undeveloped Discoveries Thistle/Deveron Heather 99% interest (operator) gross resources: 17.5 mmboe 100% interest (operator) gross resources: 16.7 mmboe Heather/Broom/SW Heather Thistle/Deveron Broom 55% interest (operator) gross resources: 6.9 mmboe SW Heather: P1107: Scolty 55% interest (operator) gross resources: 9.6 mmboe 40% interest (operator) gross resources: Scolty ~10 mmboe P090 PL340 PL203 P090 9/10b discovery 85% interest gross resources: ~10.6 mmboe PL292: Pi PL006c: South East Tor 40% interest gross resources: 17 mmboe Progressing development plan 75% interest (operator) gross resources: 22.5 mmboe appraisal currently drilling P1107 PL292 PL340 15% interest gross resources: 11.0 mmboe drilling Marihone prospect in 2009 PL203 Gekko/Kobra 15% interest gross resources: ~36.6 mmboe PL006c WF Net Contingent Resources: ~154 MMboe
35 58 Other Contingent Resources TUNISIA Birsa 40% interest gross resources: 17 mmboe France Tunisia Russia TUNISIA Zelfa 44% interest gross resources: 2.5 mmboe Congo Indonesia INDONESIA Salawati Basin % interest gross resources: 11.6 mmboe INDONESIA Salawati Island 14.5% interest gross resources: 9.6 mmboe FRANCE Paris Basin gross 7.6 MMbbls Aquitaine Basin net 2.3 MMbbls Total France net 9.9 MMbbls CONGO Block XI 18.75% interest Viodo discovery - gross resources: 17 mmboe RUSSIA Lagansky 50% interest Morskaya discovery - gross resources: 230 mmboe Total Net Contingent Resources: 294 MMboe (of which North Sea 154 MMboe) WF
36 2009 Contingent Resource Work Programme 59 France Norway Russia Norway PL006C (SE Tor) appraisal well Progress Pi (PL292) towards FDP Congo Indonesia France Dordives testing Dordives-2 appraisal well Indonesia SE Walio - 2 appraisal wells Russia Morsakaya-2 appraisal Congo Viodo appraisal well WF
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