Capital Market Day 2014

Transcription

1 1 Capital Market Day 2014 WF11856 Lundin Petroleum Capital Market Day 29 January 2014

2 2 CMD Agenda 1. Introduction 2. Corporate Overview - Production Performance - Reserves & Resources - Capital Expenditure - Appraisal Expenditure - Exploration Expenditure - Financials & Funding 3. Development - Norway, Edvard Grieg - Norway, Brynhild - Norway, Bøyla - Malaysia, Bertam 4. Appraisal - Norway, Luno II/Utsira High - Norway, Gohta - Malaysia, Tembakau - Malaysia, Sabah SB Johan Sverdrup 6. Historical Exploration Performance 7. Exploration - Norway, Barents Sea Area - Norway, Utsira High Area - Norway, New Areas - Malaysia, Peninsular Malaysia - East Malaysia - Indonesia 8. Other Assets - France/Netherlands/Russia 9. Corporate Responsibility 10. Conclusion WF11856 p4 Lundin Petroleum Capital Market Day 29 January 2014

3 3 Introduction WF11856 Lundin Petroleum Capital Market Day 29 January 2014

4 4 Opening Remarks - Exploration Value creation in the Upstream E & P business is driven by exploration success Lundin Petroleum fundamentally remains an exploration company Most successful exploration company in Norway over last 10 years Finding costs ~ USD 0.50 per barrel We believe exploration success will continue in Norway Material exposure in 2014 and forward programme Particular focus on Barents Sea and Utsira High South East Asia has started to deliver success. Focus on Peninsula Malaysia, offshore Sabah and offshore Papua WF11870 p

5 5 Opening Remarks - Appraisal Johan Sverdrup alone will more than triple reserves in the next year Johan Sverdrup is a unique asset in respect of location, size and quality. It will ultimately deliver a premium valuation Johan Sverdrup licence partnership is aligned and has top priority from all stakeholders Rest of appraisal portfolio including Luno II, Tembakau and Gohta has potential to double existing reserves All fields to be appraised in 2014 WF11870 p

6 6 Opening Remarks - Development Four ongoing development projects - Brynhild, Bøyla, Bertam and Edvard Grieg - will increase production to over 75,000 boepd by end 2015 Project execution risk on all projects has reduced. Edvard Grieg remains on schedule and budget All development costs fully funded from operating cash flow and existing bank facilities WF11870 p

7 7 Opening Remarks - Financial Flexibility Existing production forecast to generate operating cash flow in excess of USD 1 billion in 2014 High netback realisation. Low operating costs and cash taxes Increased bank facilities to USD 4 billion Development projects, Johan Sverdrup and exploration programme fully funded WF11870 p

8 8 Corporate Overview - Production WF11856 Lundin Petroleum Capital Market Day 29 January 2014

9 Production 2013 production: 32,700 boepd Slightly below low end of guidance range achieved due to delayed Brynhild startup Strong performance from Volund offset impact of 3 wells offline in Alvheim France, 9% Russia, 7% Netherlands, 6% Indonesia, 5% 2013 Actual Thousand boepd net Capital Market Day 2013 production guidance High (38,000 boepd) Low (33,000 boepd) Norway, 73% WF11866 p Q Q Q Q Other countries production Norway production

10 10 Production vs Guidance 40, Production (boepd net) excluding discontinued operations* 30,000 boepd 20,000 10, WF11866 p forecast high forecast low Actual production *Discontinued operations include United Kingdom, Salawati Basin & Island in Indonesia

11 Production Guidance 2014 production guidance: 30,000-35,000 boepd Norway - production factors Alvheim & Volund reservoir performance Brynhild first oil expected Q Russia, 7% Netherlands, 6% Indonesia, 5% France, 10% 2014 Guidance Thousand boepd net Brynhild start-up Alvheim FPSO shut-in Production Guidance High Production Guidance Low Norway, 72% 5 WF11866 p Q Q Q Q4 2014

12 Production Forecast 2015 average approximately 50,000 boepd Bøyla first oil Q } To exceed 75,000 boepd Bertam field first oil in Q when at full production Edvard Grieg first oil Q Production Guidance High 2014 Production Guidance Low Edvard Grieg start-up Bøyla start-up Bertam start-up WF11866 p Q Q Q Q Q Q Q Q4 2015

13 13 Norway - Continued Solid Production Greater Alvheim Area 2013 Net Production: 22,700 boepd 2P Reserves (net): 21.7 MMboe 2C Contingent Resources (net): 6.2 MMboe 2013 net production : 10,500 boepd Alvheim cost of operations(1) ~5 USD /boe Alvheim Field 2P reserves /15 drilling Contingent resources - potential future drilling Contingent Resources Gekko WF11820 p Volund Field 2P Reserves (net): 7.8 MMboe 2C Contingent Resources (net): 1.6 MMboe 2013 net production : 12,200 boepd Operating cost for 2013 Cost of operations < 2.5 USD/boe Tariff to Alvheim < 2.5 USD/boe Viper PL736 S New award, APA2013 (1) Excluding well intervention and project specific cost

14 14 Norway - Alvheim Field PL203 Alvheim Field Lundin Petroleum 15% Marathon 65% (operator), ConocoPhillips 20% High up-time during 2013 Average net 2013 rate: 10,500 boepd Two producers shut-in in Jan 13 due to integrity problems (rig workover ongoing) Current watercut: 48% Matured two new infill wells to be drilled Added gross 2P reserves : 16.5 MMboe 2014 CAPEX budget net MUSD 24 Future infill location being matured Pilot hole drilling 41 MMboe gross 2C contingent resources Contingent resources MMboe Gross Alvheim Estimated Ultimate Recovery 184 PDO 2C Contingent Resources Cumulative Production End of Year 2P Reserves 167 GCA 2005 ALVHEIM 189 GCA GCA GCA GCA GCA GCA ERCE ERCE 2013 WF11820 p Contingent resources GEKKO

15 15 Norway - Volund Field PL150 Volund Field Lundin Petroleum 35% Marathon 65% (operator) Average net 2013 rate: 12,200 boepd Infill well P6 on stream January 2013 Water broken through in all wells Later than expected Current watercut : 35% Additional infill locations identified 4.5 MMboe gross contingent resources booked MMboe Gross Volund Estimated Ultimate Recovery 50 PDO 2C Contingent Resources Cumulative Production End of Year Reserves GCA 2006 GCA 2007 GCA 2008 GCA 2009 GCA 2010 GCA 2011 ERCE 2012 ERCE WF11820 p

16 16 Production Forecast from Ongoing Developments Johan Sverdrup exploration wells per year Other existing contingent and prospective resources not included in production forecast Bøyla Brynhild Bertam Edvard Grieg 75,000 boepd WF11866 p boepd 35,700 32, ,000 50,

17 17 Corporate Overview - Reserves & Resources WF11856 Lundin Petroleum Capital Market Day 29 January 2014

18 18 31 December P Reserves Total MMboe Gas, 8% Malaysia, 13.7 Russia, 6.1 Bøyla, 3.3 France, 22.5 Indonesia, 1.9 Netherlands, 3.4 Oil & NGL, 92% Gaupe, 0.2 Brynhild, 20.7 Alvheim, 21.7 Volund, 7.8 End 2012 MMboe Production (forecast) Reserve additions (excl. sales/acquisitions) 4.5 End Edvard Grieg, 92.9 Reserves increase Reserves replacement ratio 2% 38% WF11866 p Norway, Oil Price (Brent) USD 100/bbl + 2% escalation on oil price and costs Numbers in chart may not add up due to rounding

19 19 2P Reserves MMboe Malaysia Russia Norway Tunisia Netherlands Indonesia France WF11866 p Year End

20 20 Reserves Changes Produced in 2013 Net Replacement Malaysia Russia Norway Netherlands Indonesia France WF11866 p MMboe Norway: - Volund reservoir performance - Alvheim 2 new infill wells from contingent resources Malaysia: - Bertam fuel oil adjustment

21 21 31 December C Contingent Resources Total 342 MMboe Russia, 110 Gohta, 65.6 Norway, 134 (1) Luno II, 22.2 GAA, 8.9 Other, 37.3 Indonesia, 3 France, 13 Other, 18.8 Tembakau, 38.3 Tarap, 24.6 WF11866 p Excludes Johan Sverdrup Malaysia, 82 (1) The Johan Sverdrup field contains gross Contingent Resources of between 1,800 and 2,900 MMBoe as disclosed by pre-unit operator Statoil. The Johan Sverdrup field is situated in licences PL501, PL502 and PL265 in Norway. Lundin Petroleum has a 40 percent interest in PL501 and a 10 percent interest in PL265.

22 22 Contingent Resource Growth 1,200 1,000 Norway - J. Sverdrup 800 Malaysia MMboe Russia Others Norway 200 Excludes Johan Sverdrup WF11866 p Year End Includes Johan Sverdrup

23 23 Contingent Resource Changes Luno II Gohta Peik Volund Alvheim WF11866 p Norway: - Luno II and Gohta 2013 discoveries - Peik licence relinquishment - Volund infill location - 2 Alvheim locations moved to reserves partially offset by inclusion of one additional infill location and Viper/Kobra positive revisions related to development plan optimisation

24 24 Targetted Contingent Resources to Reserves Aggressive 2014 drilling programme MMboe of resources to reserves through appraisal of Gohta, Luno II & Tembakau Johan Sverdrup comes in addition Gross Contingent Resources: 1,800-2,900 MMboe (1) Net Reserves/Resources (MMboe) Low range High range 150 2P Reserves end 2013 Gohta Luno II Tembakau Johan Sverdrup WF11612 p Appraisal to move contingent resources to reserves Subject to unitisation (1) Statoil working operator estimates Dec 2013

25 25 Corporate Overview - Prospective Resources WF11856 Lundin Petroleum Capital Market Day 29 January 2014

26 Prospective Resources 2014 net unrisked prospective resources Norway SE Asia 700 France 600 Target Unrisked 620 MMboe Unisked Million boe 100 Alta Vollgrav South Matrosen (Langlitiden) (1) Fignon Lindarormen (1) Luno II North Storm Kopervik Rengas Kitabu Maligan Gobi Balqis Boni Hoplites net risked prospective resources Norway SE Asia 180 France Target Risked >150 MMboe Risked Million boe WF11866 p Alta Vollgrav South Matrosen (Langlitiden) (1) Fignon Lindarormen (1) Luno II North Storm Kopervik Rengas Kitabu Maligan Gobi Balqis Boni Hoplites (1) Stacked Prospect 0

27 Exploration & Appraisal Drilling Schedule WF11117 p Country Licence - Prospect Well type Operator LUPE% NUPR (1) CoGS% (2) NRPR (3) 2013 Q4 Q1 Q Q3 Q4 1 Norway PL501 - Johan Sverdrup 16/3-7 app Lundin Completed successfully 2 Norway PL410 - Luno II App. South (16/5-5) app Lundin Dry 3 Norway PL501 - Johan Sverdrup 16/3-8 (central) app Lundin Ongoing 4 Norway PL359 - Luno II App. Central 16/4-8 app Lundin Norway PL584 - Lindardormen exp Lundin % 20 6 Norway PL501 - Torvastad exp Lundin Ongoing 7 Norway PL338 - E. Grieg SE App. app Lundin Norway PL625 - Kopervik exp Lundin % 23 9 Norway PL492 - Gohta Appraisal app Lundin Norway PL609 - Alta exp Lundin % Norway PL359 - Luno II North - Fignon exp Lundin % 7 12 Norway PL631 - Vollgrav exp Lundin % 9 13 Norway PL555 - Storm exp Lundin % Norway PL330 - Sverdrup prospect exp RWE Dea Dry 15 Norway PL659 - Langlitinden prospect exp Det Norske % Norway PL265 - Geitungen appraisal app Statoil Indonesia Baronang - Balqis-1 & Boni-1 exp Lundin % Indonesia Gurita - Gobi-1 exp Lundin % 5 19 Malaysia PM307 - Tembakau appraisal app Lundin Malaysia PM307 - Rengas prospect exp Lundin % 5 21 Malaysia SB307&308 - Kitabu exp Lundin % 9 22 Malaysia SB307&308 - Maligan exp Lundin % France Est-Champagne - Hoplites-1 (Nettancourt) exp Lundin % 5 operated non operated Netherlands 5 exploration wells not included (1) (2) (3) Net Unrisked Prospective Resources (MMboe) Chance of Geological Success Net Risked Prospective Resources (MMboe)

28 28 Operated Rig Capacity for Exploration & Appraisal Activity 2014 Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q4 Bredford Dolphin NORWAY Transocean Artic Island Innovator Rowan Drilling Rig 2 Malaysia Rig Tender process ongoing 4 SE ASIA Indonesia Hakuryu-11 2 Total slots WF11576 p Rig capacity secured in Norway for forward programme Contracted Rig Slots Optional Rig Slots Tender process

29 29 Corporate Overview - Capital Expenditure WF11856 Lundin Petroleum Capital Market Day 29 January 2014

30 30 Capital Expenditure Exploration Appraisal Development Capital Expenditure, Million USD 2014 Capital Expenditure, Million USD , ,710 1, Million USD Million USD ,100 1, ,450 WF11853 p Guidance 2013 Actual Guidance

31 31 Development Activity 2013 NORWAY USD 1,080 million Edvard Grieg USD 550 million - Jacket - Topside - Export pipelines Brynhild USD 470 million - Drilling production and injection wells - Topside modification on FPSO - Subsea Facilities Bøyla USD 40 million - Topside equipment - Subsea facilities - Development drilling NETHERLANDS Infill drilling Facilities FRANCE Villeperdue WF11646 p Drilling Facilities Total Budget ,100 Development Budget 2013 USD 1,100 million

32 Capex Actual vs Guidance 2013 expenditure 5% above guidance Million USD Capex Budget vs Actual New Project Phasing difference Cost Increase WF11853 p Budget Bertam/ Ikdam Brynhild life extension Edvard Grieg Bøyla Other Brynhild 2013 Actual

33 33 Development Activity 2014 NORWAY USD 1,100 million Edvard Grieg USD 700 million - Jacket - Topside - Export pipelines - Drilling Brynhild USD 267 million - Drilling production and injection wells - Riser installation Bøyla USD 82 million - Topside equipment - Subsea facilities - Development drilling Alvheim USD 24 million - Infill drilling FRANCE Villeperdue Vert La Gravelle MALAYSIA - USD 326 million WF11850 p Drilling Facilities Total Budget ,446 Bertam - Wellhead platform - FPSO Development Budget 2014 USD 1,446 million

34 Capex Guidance Capex Budget vs Previous Guidance New Projects Phasing difference Cost Increase Guidance (CMD'13) Bertam/ Ikdam Alvheim Edvard Grieg Bøyla Other Brynhild 2014 Guidance (CMD'14) WF11853 p Million USD

35 A&E Expenditure Actual vs Guidance Malaysia Other Norway 141 Johan Sverdrup Budget 2013 Actual 2013 Budget 2013 Actual 2013 appraisal spend 20% above guidance 2013 exploration spend 16% below guidance WF11853 p Million USD Appraisal Guidance vs Actual Million USD Exploration Guidance vs Actual Other SE Asia Other - Norway Barents Sea Norwegian Sea Southern North Sea Utsira High

36 36 Appraisal Activity 2014 NORWAY USD 280 million Johan Sverdrup - 1 appraisal well on PL501-1 appraisal well on PL265 - FEED study Edvard Grieg (PL338) - 1 appraisal well Gohta (PL492) - 1 appraisal well Luno II (PL359) - 1 appraisal well MALAYSIA USD 21 million PM307 Peninsular Malaysia - Tembakau appraisal WF11850 p Drilling Studies Total Budget Appraisal Budget 2014 USD 302 million Targetting up to 180 MMboe of CR into 2P

37 37 Exploration Activity 2014 NORWAY USD 285 million 7 exploration wells - 2 wells Utsira High - 2 wells in Barents Sea - 2 wells in Norwegian Sea - 1 well in Møre Basin 3D seismic NETHERLANDS 5 exploration wells WF11850 p FRANCE 1 exploration well Drilling Seismic/G&G Total Budget SE ASIA USD 85 million Offshore Peninsular Malaysia - 1 well Offshore Sabah Malaysia - 2 wells Offshore Indonesia - 3 wells Exploration Budget 2014 USD 381 million Targetting Net Unrisked 620 MMboe of PR

38 38 Financial Guidance 2013 WF11856 Lundin Petroleum Capital Market Day 29 January 2014

39 Forecast Cash Margin Netback [USD/boe] 2013 Production 32,700 boepd Revenue Brent oil price Forecast CMD Cost of operations Base Projects Tariffs Production taxes Stock movement Other WF11854 p Cash Margin Netback

40 Forecast Cost of Operations including Projects Russia, 10% Indonesia, 4% Norway, 50% 2013 Feb CMD 2013 Forecast 40 Netherlands, 10% 30 France, 26% USD/boe USD/boe WF11854 p Total Norway France Netherlands Indonesia Russia 0

41 Forecast Quarterly Operating Cost [USD/boe] Q1 Actual Q2 Actual Q3 Actual Q4 Forecast 2013 Forecast Cost of operations Base Projects Tariff and transportation expenses Royalty and direct taxes Other Total Production Cost (1) Changes in inventory Total Operating Cost WF11854 p (1) Brynhild opex share MUSD 6.3 pre-tax + Gaupe costs post COP MUSD 5.4 pre-tax

42 Forecast Gross Profit [USD/boe] Cash Margin Netback Depletion Exploration Costs Impairment Decommissioning Costs Gross Profit Forecast CMD WF11854 p

43 Forecast Exploration Costs [MUSD] Forecast 2013 Forecast Q Forecast Q after Tax Norway (1) Other Exploration Costs (1) Q PL330 (Sverdrup) & PL410 (Luno II South) + associated licence costs WF11854 p

44 Forecast General & Administrative [USD/boe] Cash Non-cash LTIP Depreciation Forecast CMD WF11854 p

45 Forecast Financial Items [USD/boe] Forecast 2013 Net foreign exchange loss Interest expense Loan commitment fees Amortisation of loan fees Other CMD 2013 Net Financial Expenses WF11854 p

46 Forecast Taxation [USD/boe] Current tax charge Deferred tax charge Forecast CMD Effective Tax Rate 74% Operational Tax Rate 55% 69% 62% WF11854 p

47 Forecast Operating Cash Flow Netback & EBITDA [USD/boe] Cash Margin Netback Cash taxes Operating Cash Flow Netback General & Administrative EBITDA Forecast CMD WF11854 p

48 Forecast Debt Position [MUSD] 1,200 1,100 1, EXPLORATION & APPRAISAL MUSD 570 G&A MUSD 35 FINANCIAL MUSD 25 WORKING CAPITAL MUSD 30 CLOSING NET DEBT 31 Dec 2013 MUSD 1, MUSD OPERATING CASH FLOW MUSD 975 DEVELOPMENT MUSD 1,160 OPENING NET DEBT 1 JAN 2013 MUSD WF11848 p

49 49 Financial Guidance 2014 WF11856 Lundin Petroleum Capital Market Day 29 January 2014

50 Forecast Margin Netback [USD/boe] 2014 Production guidance 30,000-35,000 boepd (including Russia) Change in accounting rules; Non consolidation 2014 Netback forecast excludes Russia Revenue Brent Oil Price Forecast* Forecast Cost of operations Base Projects Tariffs Production taxes Stock movement Other WF11849 p Cash Margin Netback * Russia production contribution (mid-point) 2,450 bopd

51 Forecast Cost of Operations Indonesia, 5% 2014 Forecast 2013 Forecast 40 Netherlands, 10% Norway, 62% France, 23% 30 USD/boe USD/boe WF11849 p Total Norway France Netherlands Indonesia 0

52 Cost of Operations Quarterly Forecast (incl. projects) 2014 Average (incl. projects) Forecast (base) 2014 Average (base) Alvheim workovers carryover Alvheim & Volund shutdown including projects USD/boe USD/boe base Brynhild production 9.00 WF11849 p Q1 Q2 Q3 Q4 8.00

53 Forecast Depletion Indonesia, 5% Netherlands, 5% France, 6% 35 Norway, 84% 2014 Forecast 2013 Forecast USD/boe USD/boe WF11849 p Total Norway France Netherlands Indonesia 0

54 Forecast Profit Netback [USD/boe] Forecast 2014 Cash Margin Netback Depletion G&A Financial items, net Share of associated company Profit Before Tax Tax Profit After Tax Brent oil price WF11849 p

55 Forecast Taxation [USD/boe] Brent Oil Price Current Tax Charge Deferred Tax Charge Forecast Effective Tax Rate 64% Operational Tax Rate 53% WF11849 p

56 56 Norwegian Tax Value [MNOK] 8,000 Undiscounted Norwegian Tax Value from historic capex spend (MNOK) 8,000 7, ,008 (1) 7,000 Net tax value (Million NOK) 6,000 5,000 4,000 3,000 2,000 2,096 3,959 6,000 5,000 4,000 3,000 2,000 Net tax value (Million NOK) 1,000 1,000 0 Tax value of undepreciated Capex cost pool for CT Tax value of undepreciated Capex cost pool for SPT Tax value of unused uplift for SPT Total Tax value 0 (1) Equivalent in USD using 6 NOK/USD = 1,168 MUSD WF11854 p Note: Norway CT 27%, SPT 51%

57 Forecast Operating Cash Flow Netback [USD/boe] Brent Oil Price Cash Margin Netback Cash taxes Operating Cash Flow Netback Forecast WF11849 p

58 Forecast EBITDA Netback [USD/boe] Brent Oil Price Cash Margin Netback General & Administrative EBITDA Forecast General & Administrative Cash Non-cash LTIP Depreciation WF11849 p

59 Forecast Cash Flow Available for Investment [USD/boe] Brent Oil Price Forecast Operating Cash Flow Netback General & Administrative Cash Financial Items Cash Flow available for Investment Development Capex Appraisal Capex Exploration Capex MUSD 1, WF11849 p

60 60 Funding Increased existing credit facility from USD 2.5 billion to USD 4.0 billion Strong support from all 25 banks in the facility Pricing unchanged: LIBOR % to 3.25% Strong operating cash flow: ~USD 1 billion in 2013 Provides flexibility to fund Norwegian and Malaysian developments and other opportunities WF11854 p

61 61 Hedging as at 29 January 2014 Currency Hedged Amount MNOK 2,162 Average Rate 6.11 Period Jan - Dec 2014 MNOK 1, Jan - Dec 2015 Interest Rate Hedged Amount MUSD 500 Interest Rate 0.57% (+margin) Period Mar Mar 2016 WF11854 p

62 62 Share Data 31 December 2013 Shares issued million Treasury shares 8.3 million (1) Shares in circulation million Listed on Stockholm and Toronto stock exchanges (1) Approval to purchase up to 15 million shares WF11854 p

63 63 Development WF11856 Lundin Petroleum Capital Market Day 29 January 2014

64 64 Development Projects Norway - North Sea 0 25 KM 100 Ongoing Norwegian Developments Bergen " Bergen Brynhild (Lundin 90% operator) Bøyla (Lundin 15%) Edvard Grieg (Lundin 50% operator) United Kingdom Bøyla Edvard Grieg North Sea Norway Stavanger " Aberdeen Brynhild " Ongoing Malaysian Development Malaysia - Natuna Sea Ho Chi Minh City Bertam (Lundin 75% operator) Thailand Vietnam Phuket Brunei Ma WF p Budget USD 1.4 Billion Medan Malaysia Bertam Kuala Lumpur Singapore Malaysia Bandar Seri Begawan 0 KM 400 Indonesia

65 65 Development - Norway - Edvard Grieg WF11856 Lundin Petroleum Capital Market Day 29 January 2014

66 16/4-3 D 359 B 66 Edvard Grieg Project Overview Lundin Petroleum interest PL338: 50% (operator) OMV 20%, Wintershall 15%, Statoil 15% 2P reserves: 186 MMboe gross Plateau production: 100,000 boepd gross Production startup Q Capital costs: NOK 25 billion Development concept: Platform development 15 wells from jack-up rig Oil export to Grane, gas export to SAGE (UK) Jacket & facilities construction ongoing Jacket: 13,000 tonnes Topsides: 21,000 tonnes Ivar Aasen Platform Edvard Grieg Platform Gas Export to SAGE Oil Export to Grane Ivar Aasen WF11766 p Luno South Edvard Grieg

67 67 Edvard Grieg Project Schedule Project on schedule Main Achievements in 2014 Q1 Q Q3 Q4 Q1 Q Q3 Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Decision Gate / PDO PDO Approved by Authorities Jacket Execution Topside Execution Installation Oil & Gas Export Pipeline Pre Drilling & Drilling First Oil WF11515 p Engineering/Procurement Construction/Assembly Load out/seafastning & Marine Operations Pipelaying Offshore Hook-up/Commissioning Drilling Contract Award

68 68 Edvard Grieg Project Cost and Schedule Platform construction 44% complete Drilling activities to commence summer 2014 Majority of the Edvard Grieg procurement completed Some cost pressure in the market but mitigated by budget contingencies Further exposure to cost inflation limited Edvard Grieg project on budget Production start-up on schedule for Q Tie-in of Ivar Aasen with start-up in 2016 Common processing Sharing operational expenses Pipeline projects Shared with Ivar Aasen Reduced exposure for PL338 owners with approx. 50% Statoil operated project Maturing additional resources to extend production lifetime 30,000 25,000 20,000 15,000 10,000 Million NOK 24,000 26,000 25,000 WF11766 p Production Drilling Offtake facilities Platform - Additional Platform - Topside Platform - Jacket Platform - Management (incl. cont) Owners cost 5,000 0 CMD 2013 CMD 2013 money of the day Latest with Ivar Aasen contribution & Pipeline sharing

69 69 Edvard Grieg Main Activities in 2014 Jacket offshore installation in April Most topside equipment delivered to Stord and Egersund in 2Q Pipelines installation in the summer Flotel to be completed end of September Commissioning to start in October Mechanical completion of platform forecasted end of December WF11766 p

70 70 Edvard Grieg Jacket Construction Assembly at Kverner Verdal (Norway) Sail-away April as per plan WF11755 p Status 14 January

71 71 Edvard Grieg Topside Module Sub contractor Crist Offshore (Poland) WF11762 p

72 72 Edvard Grieg Utility Module & Main Deck Frame Ahead of schedule on Stord A steel structure of 2000 tonnes to be delivered at Stord in late February Kværner Stord (Norway) WF11762 p

73 73 Edvard Grieg Topside Gas re-comressors during testing Gas turbines WF11762 p

74 74 Edvard Grieg Marine Operations Jacket installation in Q Flotel to sail from Singapore in Q WF11762 p

75 75 Edvard Grieg Project Execution - Export Pipelines Edvard Grieg Pipeline Ownership: 40% gas 60% oil Ivaar Aasen Grane Edvard Grieg Grane 28 oil export pipeline Ivaar Aasen Pipelines 28 EGOP (~43km) 16 UHGP SAGE 14 gas to Alvheim WF11762 p PL762 Beryl to St Fergus gas terminal

76 76 Edvard Grieg Project Overview - Drilling Activities in 2013 Activities in 2014 Drilling of shallow gas pilot at platform location Drilling of Edvard Grieg South East (EG SE) well Start pre-drilling Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q G&G Activities Geological Model Update Dynamic Model Update Design Basis Phase II (G&G) Drilling and Completion Predrilling Topside installation Phase II Drilling WF11766 p

77 77 Edvard Grieg - Additional Resources Increase 0 4 KM Lundin Petroleum Operator Lundin Petroleum Partner Development of Luno South Discovered in 2009 No resources currently booked Features Oil discovery in fractured basement rock Long term production required to determine potential Plan Potential long-reach well from Edvard Grieg platform Concept selection decision in PL673 Edvard Grieg Luno South PL544 Lundin (40%) Apollo discovery Lundin (50%) Lundin (10%) PL338 PL265 PL359 PL410 Lundin (40%) Lundin (70%) Luno II discovery Aldous Major North discovery Geitengun discovery Johan Sverdrup discovery Lundin (40%) PL501 PL501B Lundin (40%) WF11766 p

78 78 Development - Norway - Brynhild WF11856 Lundin Petroleum Capital Market Day 29 January 2014

79 'ª'ªE F E E E F F F F E F F F F F F F F F E'hE F F F E 79 Brynhild Project Overview 'ª 'h 'ª 'ª 'ª 'ª 'ª 'ª 'ª 'ª 016 'ª 0015 'ª 0016 'ª 0 5 KM 'ª Licence: Blocks: 7/4 and 7/7 PL148 (Brynhild development) Operator: Lundin Petroleum 90% Partner: Talisman Energy Norge 10% Dev. concept: PDO approved Nov Subsea tie-in to Shell operated Pierce field (UK) Base case changed from 3 to 4 wells Prod Start Up: Q (delay from Q4 2013) Reserves: Production: 23 MMbo (gross) 12,000 barrels of oil per day (gross) 'ª 'ª 292 & 292B 0006 'ª 'h 'ª 495 B 'ª 'ª Pierce UK 7/ B 7/4-1 Brynhild 148 'h 'ª 38 KM 'ª 495 Norway 'ª 'ª 'ª 0007 'ª 'ª 'ª 'ª 'ª 'ª 'ª 'ª 'h 'h 'ª 'h 'ª 'h 'h 'ª 'ª'h 'ª 'ª 'h 'ª 'h '* 'h 'h 'ª 'h 'ª 148B '* 'ª 'ª 0001 'h 'ª 'ª 'ª 'h 'ª 'h 'ª 'h 'h 'ª 'h 'ª 'h 0008 'ª 'ª '* 'ª 'ª 'ª 'ª 453 S 'ª 'h 029 7/4-3 'ª 'h 'h 'h 'h 'ª 'ª 0002 'h 'h 'h 006 C 'ª 'ª 'h 'h 'h 'h 'h 'h 'h 'ª WF11767 p ARRAN023 (BARBARA) ARRAN (PHYLLIS) Brynhild 7/4-2 7/7-A-3 & A-2 7/7-2 7/ B 7/7-1 'h 'ª 'ª 'h 031 'h 'ª 'h 'h 'ª 'ª 'ª 'h 'h 'h 'h 'h 'h 'h 'ª 'h 5603

80 80 Brynhild Project Overview Subsea construction completed 7,000 Million NOK 6,700 Drilling activities ongoing until fall 2014 Tie-in to Pierce FPSO (Shell) Q1/Q ,000 5,400 Production start-up estimated Q ,000 4,000 3,000 Production drilling Contingency & escalation Pierce tie-in (CTA) 2,000 Marine installations & pipelines SPS 1,000 WF11767 p Project management / owners cost CMD guidance Forecast

81 81 Brynhild Facilities - Tie-in to Pierce Field (Shell) FPSO currently on location Riser installation planned to commence February 2014 First oil Q Pierce FPSO before Docking Pierce FPSO after Docking WF11767 p

82 82 Brynhild Development Brynhild Depth Map Completed top-hole for horizontal producer 7/7-A-3 Finalised drilling of 7/7-A-2 H (A2) A2 A1 Brynhild Horizontal Well - Preliminary A2 W 9 7/8 3,571 MD E Åsgard 3600 Mandal m perforation interval (80m expected) Farsund TD 4433 m MD Ula non-res Ula res Triassic m perforation interval (50m expected)?? Perforation intervals 209 m vs. Progosis 130 m Reservoir quality as prognosed WF11767 p Zechstein An OWC at 3,332 m TVD MSL is currently interpreted

83 83 Development - Norway - Bøyla WF11856 Lundin Petroleum Capital Market Day 29 January 2014

84 SKENE P1283 PL340 P090 PL088 BS PL150 PL088 PL088 BS PL088 PL203 PL413 PL036C 84 Bøyla Development Lundin Petroleum Operator Lundin Petroleum Partner PL088 PL203B 9/14a-6 Lundin Petroleum interest: 15% Marathon 65% (Operator), Core Energy 20% 2P gross reserves of 22 MMboe 0 KM 4 UK 9/15a-2 9/15a-1 PEIK PL088 bs 24/6-1 24/6-3 PL036C HEIMDAL Subsea tie-back to Alvheim 2 producers, 1 injector First oil Q / /14b-2B 9/15b-3 9/15b-4 PL150B 24/6-2 ALVHEIM /9-5 24/9-6 VOLUND 25/7-6 25/4-7 25/ /4-8 25/4-3 GEKKO Plateau rate 20,000 boepd gross 28km Norway PL203 PL736S PL505BS Bøyla Manifold GAMMA 24/9-4 PL505 PL340 Bøyla Discovery PL340BS WF11395 p

85 85 Bøyla Project Schedule Gross project costs MUSD 867 Activity Project Milestones Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 PDO approval Project sanction / Execute DG Trees available First Oil Award subsea EPIC contract (LOA) Drilling Subsea Topsides Engineering & Design / Procurement Engineering & Design / Procure / Fabrication Engineering & Design / Procurement 2 production & 1 water inj. wells Drilling & Completion Subsea installation Installation & Comm g Project cost as PDO estimates WF11395 p

86 86 Development - Malaysia - Bertam WF11856 Lundin Petroleum Capital Market Day 29 January 2014

87 87 Bertam Development - Peninsular Malaysia PM307 - Lundin Petroleum 75% (operator), PETRONAS Carigali 25% Field Development Plan (FDP) approved September 2013 Facilities installation and initial pre-drilling in P gross reserves 18.2 MMboe Bertam Development Facilities Gross plateau production 15,000 bopd in 2015 First oil: Q KM 20 PM319 PM307 Sotong Field WF11852 p Development plan Well Head Platform & Leased FPSO 14 Horizontal wells with ESP s Re-use of 100% -owned FPSO IKDAM from Tunisia Gross CAPEX MUSD 400 (FDP) (excluding IKDAM) Enhanced fiscal terms Marginal field incentives PM308B Tembakau Gas Discovery PM308A Bertam Oil Field Malong Field Gurita

88 88 Bertam Fast Track Development Progress Bertam Major Milestones Field Development Plan (FDP) Approved by PETRONAS September 2013 FPSO upgrades contract Awarded September 2013 FPSO arrives Keppel Shipyard Singapore September 2013 WHP contract award to THHE November 2013 Steel cutting for Well Head Platform December 2013 WF11852 p

89 89 Bertam Development Schedule Appraisal Drilling Concept Selection Development Planning Well Head Platform Jacket Well Head Platform Topsides FPSO Upgrade Development Drilling First oil WF11852 p

90 90 Bertam Field Development Project Fabrication of Wellhead Platform (WHP) WF11852 p

91 91 Bertam Field Development Project Bertam KL WF11852 p THHE WHP Fabrication Yard Klang FPSO in Keppel Shipyard Singapore

92 92 Appraisal WF11856 Lundin Petroleum Capital Market Day 29 January 2014

93 93 Appraisal Programme Wells 2014 Budget USD 300 Million Norway - 5 wells Utsira High 1 well in Edvard Grieg 1 well in Luno II 2 wells in Johan Sverdrup Barents Sea 1 well in Gohta Norway - Utsira High 0 4 KM 16 PL673 1 well on Edvard Grieg Luno II North LUNO II DISCOVERY PL533 SALINA DISCOVERY PL492 GOHTA DISCOVERY PL438 SKALLE DISCOVERY PL563 PL490 PL766 IVAR AASEN Norway - Barents Sea Barents Sea PL167 PL338 PL359 PL501 EDVARD GRIEG PL265 PL410 PL609 ALDOUS MAJOR NORTH DISCOVERY GEITUNGEN DISCOVERY PL659 1 well on Gohta PL767 2 wells on J. Sverdrup 1 well on Luno II JOHAN SVERDRUP DISCOVERY PL501 B 0 15 KM 60 PL765 Malaysia - 1 well 764 Malaysia - Peninsular Malaysia PM319 WF11796 p Peninsular Malaysia 1 well in Tembakau (75%) Malaysia 0 KM 80 TEMBAKAU DISCOVERY PM307 PM308B PM308A 1 well on Tembakau Gurita BERTAM DISCOVERY Natuna Sea Indonesia

94 94 Targetted Contingent Resources to Reserves Aggressive 2014 drilling programme MMboe of resources to reserves through appraisal of Gohta, Luno II & Tembakau Johan Sverdrup comes in addition Gross Contingent Resources: 1,800-2,900 MMboe (1) Net Reserves/Resources (MMboe) Low range High range 150 2P Reserves end 2013 Gohta Luno II Tembakau Johan Sverdrup WF11612 p Appraisal to move contingent resources to reserves Subject to unitisation (1) Statoil working operator estimates Dec 2013

95 95 Norway 2014 Appraisal Activities Hanz Kopervik 16/2-19 Geitungen Cross-section The Southern Utsira High in new broadband domain West Cable Ivar Aasen Apollo Edvard Grieg 16/1-18 Edvard Grieg SE Geitungen Johan Sverdrup 16/3-8 Avaldsnes Crest 16/4-6; Luno-2 Edvard Grieg South Fignon Luno II North Luno II 16/4-8 Luno II Central South WF11860 p Field Discovery Prospect

96 96 Norway 2014 Appraisal Activities Luno II PL359, 40% (operator ) Tested over 2,000 boepd Good quality oil Luno II discovery Gross contingent resources estimate : MMboe (1) 1 appraisal well on PL359 in Q exploration well stacked target Luno II North gross prospective resources: 24 MMboe Fignon gross prospective resources: 23 MMboe 0 4 KM PL673 Edvard Grieg Luno South discovery Luno II North prospect 0015 PL544 Lundin (40%) Apollo discovery /4-6S Lundin (50%) Lundin (10%) PL338 PL265 PL359 PL410 Lundin (40%) Lundin (70%) Luno II App 16/4-8 Luno II App 16/5-5 Luno II discovery Lundin Petroleum Operator Lundin Petroleum Partner Aldous Major North discovery Geitengun discovery Johan Sverdrup discovery Lundin (40%) PL501 PL501B Lundin (40%) Luno II core sampling PL338 Luno II North/Fignon prospect PL265 PL359 PL410 Luno II discovery 16/4-6S Prospective resources Luno II 2014 App (16/4-8) Luno II 2013 App (16/5-5) (Completed) Contingent resources WF11381 p (1) the resource range quoted is effective May 2013 prior to the drilling of the 16/5-5 appraisal well in PL410. The 16/5-5 well encountered poor quality reservoir in the southern segment indicating that this segment is non-commercial.

97 97 Norway 2014 Appraisal Activities Luno II 16/4-9 proposed 16/4-6s 16/4-8 approved loc. 16/5-5 tight reservoir North1 North2 Central1 Central2 South 16/4-9 proposed Fignon WF11860 p

98 98 Norway 2014 Appraisal Activities Edvard Grieg SE Purpose of well: Target upside reserves and improve the planning basis for production wells Top Reservoir Depth 16/1-18 targets the Middle back-basin good upper reservoir zone Improved understanding of reservoir quality in the deeper conglomeratic section Confirm OWC and pressure communication OP 6 Potential to move gross 50 MMboe from 3P to 2P 16/1-18 WF11825 p OP 8 OP 9 OP10

99 99 Barents Sea Norway 2014 Appraisal Activities Gohta Appraisal PL609 0 KM 40 JOHAN CASTBERG PL659 Gohta Discovery PL492 (Lundin 40%, operated) Gross Contingent Resources: MMboe MMbbl Oil Bcf Gas Robust and well defined 4-way closure ~ 50 km 2 Reservoir consisting of karstified carbonate 75m oil & 25m gas gross columns in Permian carbonate reservoir Tested 4,300 bopd Gohta appraisal in 3Q 2014 PL533 Gohta discovery PL492 PL PL767 PL563 SNØHVIT PL490 GOLIAT PL766 PL695 PL765 PL764 " Hammerfest Gohta Karst Top Permian Karstified Carbonate Map Gohta Appraisal 2014 Gohta discovery PL609B Barents Sea PL708 WF11786 p

100 100 Norway 2014 Appraisal Activities Gohta Discovery Gross Section over Gohta Discovery and Leads Gohta Reinsose (Shell) Geres Bieksu Upper Snadd Middle Snadd Amplitude anomalies Lower Snadd WF11860 p

101 101 Norway 2014 Appraisal Activities Gohta Discovery DST: a major key JS analogue Svalbard ~0.35 g/cc 2290 TVDSS GOC 0.7 g/cc 2365 TVDSS OWC 1.11 g/cc OWC History Plot WF11779 p

102 102 Norway 2014 Appraisal Activities Gohta 7120/ /1R2 7120/1-3 Gøhta Gohta delineation well in 2014 (PL492) Confirm the upside potential and productivity in the western part of the discovery Formulate the basis for additional delineation wells gas/oil contact oil/water contact WF11860 p

103 103 Malaysia - Tembakau Appraisal PM307 - Lundin Petroleum 75% operator (Petronas Carigali 25%) Discovered November 2012 Gross 2C gas resources 306 Bcf 0 KM 20 Appraisal objective to move gross resources to 500 Bcf Seismic calibration for development feasibility Close to infrastructure and Kerteh gas plant Area potential for oil to be tested by nearby Rengas-1 Kerteh 110km PM319 PM307 Tembakau Gas Discovery Sotong Sotong 40km Malong 30km Malong Rengas oil prospect Bertam WF11852 p PM308B PM308A Gurita

104 104 Malaysia - Tembakau-2 Objectives Tembakau-3D shows structure is 90km 2 Tembakau-1 proved brightest amplitudes = gas pay within closure Well to prove continuity and quality of pay sands across southern part of field to define developable resource Focus appraisal on southern area of field to prove core developable resource for Gas Sales Agreement Provide full seismic calibration to allow inversion to estimate gas resource across whole field Tembakau-1 4km Tembakau-2 A TEMBAKAU bounding fault F/H B 1 km I10 I20 I30 I35 I80 Main appraisal targets I10-I35 I80 predict poor development Tembakau-1 J K-shale Tembakau-2 WF11852 p km K-sand (wet) Pre-tertiary

105 105 Gas Market: Peninsular Malaysia Peninsular Malaysia gas supply dominated by associated gas Supply & Demand Limits supply flexibility Fields are in decline as are incremental supplies from Indonesia & JDA Inert gas is an issue for undeveloped gas LNG imports have commenced Tembakau has a ready gas market WF11667 p

106 106 Sabah SB303 Gasfields and Prospects Lundin 75% Operator, PETRONAS Carigali 25% 3 high-quality gas discoveries and one legacy field form potential cluster development of 350 Bcf Miocene IVC Deep Prospects Deep exploration potential remains Feasibility studies ongoing WF11852 p

107 107 Johan Sverdrup WF11856 Lundin Petroleum Capital Market Day 29 January 2014

108 108 Norway - Utsira High - Johan Sverdrup Located in the southern Utsira High In the heart of the North Sea Close to existing infrastructure Water depth: 115m Reservoir depth: ~1900m Excellent reservoir quality High porosity and permeability sands Normal pressure and temperature Norway Mapped area Sweden UK Snorre Statfjord Gullfaks Oseberg Troll Bergen " Easily producible oil Oil dripping out of the cores Highly mobile and low viscosity oil 28 API oil Low gas/oil ratio Sleipner Grane NORWAY Johan Sverdrup Utsira High 0 15 KM 60 WF11366 p

109 109 Johan Sverdrup Activities 2013 Subsurface Basis Appraisal drilling program performed according to plan Six (6) appraisal wells drilled on PL501/J. Sverdrup (including geological side-track of 2012 appraisal well) One well (1) drilled on PL265 Plus two exploration wells Cliffhanger prospect One well drilled on PL502 (Lundin not licence partner) All wells providing essential information required for the development concept selection process and optimum full field resource utilisation planning Statoil (working operator) resource update range announced 1,800 2,900 million barrels of oil equivalents (total field) WF11868 p

110 110 Johan Sverdrup Activities 2013 Field Development Concept Studies performed for concept selection process Plan calls for phased development of the Johan Sverdrup field Concept selection for Phase 1 is scheduled for early 2014 FEED contract awarded December 2013 Completed oil and gas offtake recommendations (oil to Mongstad, gas to Statpipe/Kårstø) The field will receive power from shore Production start date is expected for end 2019 PDO approval expected Q Field unitisation ongoing Completion at PDO submittal date. WF11868 p

111 111 Appraisal at Johan Sverdrup Substantially Complete PL501: Lundin 40% (O), Statoil 40%, Maersk Oil 20% 12* appraisal wells (excl. 5 side-tracks) Well density: ~12,5 km 2 /well PL501 Drilled wells Drilling Ongoing 2014 Drilling Programme 16/ /2-17 b 16/2-20 PL265: Lundin 10%, Statoil 40% (O), Petoro 30%, Det norske 20% PL502: Statoil 44,4% (O), Petoro 33,3%, Det norske 22,2% (Torvastad) 16/2-20S 16/2-20A 16/2-9S Aldous MN 16/ Geitungen 8* appraisal wells (excl. 1 side-tracks) Well density: ~6 km 2 /well 16/ /2-16A 16/ / /2-13A 16/2-13S 16/2-6 16/2-8 16/3-6 16/2-11A 16/3-8S 16/2-11 S 16/2-17 Fault Margin 16/2-7 A 16/2-18S Cliffhanger North 16/2-17 b Cliffhanger South 16/3-4 16/3-4 A PL265 16/ / /2-7 16/3-5 16/3-7 *Incl appraisal drilling programme PL410 PL502 16/5-3 16/5-4 16/5-2 S 501 WF11868 p

112 112 Johan Sverdrup Appraisal PL PL501 PL501 PL501 16/2-9S 16/2-12 PL265 16/2-6 & 6 T2 $ 16/ / /2-8 16/3-4 & 4A 16/2-11 & 11A 16/2-7 & 7A 16/2-15 PL265 PL265 PL502 PL502 PL502 $ $ 16/2-16S & 16A & 16 T2 16/2-13S & 13A 16/5-2 16/2-17S 16/2-21 PL265 PL502 16/5-4 $ 16/5-3 16/3-6 16/3-7 16/3-5 0 KM 5 0 KM 5 0 KM 5 0 KM 5 Avaldsnes discovery 1 well + 1 sidetrack Aldous Major South discovery 5 wells + 2 sidetracks Avaldsnes and Aldous MS renamed Johan Sverdrup 7 wells + 3 sidetracks 7 wells WF11602 p wells + 6 sidetracks drilled to date on Johan Sverdrup Gross Contingent Resources: 1,800-2,900 MMboe (1) (2) Statoil working operator estimates Dec 2013

113 113 Johan Sverdrup - Wells Drilled During Johan Sverdrup appraisal wells PL501 16/2-16AT2 (spud 2012) 16/ /3-5 16/3-6 16/5-4 16/3-7 16/2-20 S Luno II Edvard Grieg 16/2-17B 16/2-17S 16/ /2-20S 16/2-16AT2 PL265 16/2-17 S 16/2-17 B 16/2-18 S 16/5-4 16/5-3 16/ /3-5 16/3-7 16/3-6 WF11868 p PL502 16/ Wells

114 114 Johan Sverdrup - Ongoing and Planned 2014 Exploration and Appraisal Programme Torvastad (16/2-20S and 20A) exploration - investigate the presence of hydrocarbon bearing Jurassic reservoir rocks north of the established Johan Sverdrup discovery Poor quality reservoir Avaldsnes Crest appraisal well (Avaldsnes High: 16/3-8S) Determine Zechstein as a viable play and ensure production optimisation of the Upper Jurassic Draupne reservoir sandstone (sst) in this area. Geitungen appraisal well 16/2-19 Delineate the north eastern part of Geitungen (northern part of Johan Sverdrup discovery) Spud in February 2014 Edvard Grieg 16/2-20A 16/2-19 Luno II 16/3-8S WF11868 p Wells

115 115 Johan Sverdrup - Possible Topside Layout Schematic Concept Selection PDO Approval Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Q1 Q2 Q3 Q First Oil WF11676 p Example of Johan Sverdrup Topside Centre of Field Layout

116 116 Johan Sverdrup Field - Governance Pre-Unit Agreement PL502 included into the existing PUA between PL501 & PL265, June 2013 Statoil is Working Operator Duration until approval of PDO Main Objectives Preparation of joint Plan for Development and Operation (PDO) PDO Submittal to the authorities in due course for Authority approval within 2Q 2015 Prepare a Unitised Unit Operating Agreement (UUOA) WF11868 p Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Unitisation //////// //////// //////// //////// /// Preparations //////// //////// //////// //////// /// Negotiations Approval Sanctioning 2016 Q1 Q2 Q3 Q4 Unit Operating Agreement

117 117 Historical Exploration Performance WF11856 Lundin Petroleum Capital Market Day 29 January 2014

118 118 Norway Exploration Story in Numbers 25,000 20,000 Licence acreage (km 2 ) APA , , ,000 3D seismic acquisition (km 2 ) Lundin operator Lundin non-opertor Third party 3D seismic Cumulative km 2 15,000 10,000 5,000 Cumulative km 2 100,000 80,000 60,000 40,000 20, WF11855 p Cumulative MMboe (net) 1, Discovered resources (net MMboe) Johan Sverdrup Discovered Resources excl Johan Sverdrup Cumulative Wells No. exploration wells Commercial discovery Non-commercial discovery Dry Hole

119 119 Norway Exploration Story in Numbers 1,300 1,200 1,100 Discovered resources (net MMboe) Material resources exposure through exploration 900 Cumulative MMboe (net) Johan Sverdrup 2014 Exploration Programme Unrisked net prospective resources: 390 MMboe Risked net prospective resources: 100 MMboe Johan Sverdrup Discovered Resources excl Johan Sverdrup 45 No. exploration wells 40 Planned 2014 wells 35 Commercial Disc, Norway 30 Non-Commercial Disc, Norway Cumulative Wells Dry Holes, Norway WF11855 p

120 120 Norway - Finding Cost & Value Creation Lundin Petroleum most successful exploration company in Norway during the last decade Continue to pursue value creation through exploration Norway - Cumulative Finding Cost (USD/boe) (1) OMV Acquisition of PL338 (20%) PL338 (Edvard Grieg) Transaction value USD/bbl PL338 transaction value (Post Tax) (2) USD/boe USD/boe WF11855 p (1) (2) Costs include cumulative exploration and appraisal costs since inception up to 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 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 million converted to USD based on 1.31:USD

121 121 Exploration WF11856 Lundin Petroleum Capital Market Day 29 January 2014

122 122 Exploration Activity 2014 NORWAY USD 285 million 7 exploration wells - 2 wells Utsira High - 2 wells in Barents Sea - 2 wells in Norwegian Sea - 1 well in Møre Basin 3D seismic NETHERLANDS 5 exploration wells WF11850 p FRANCE 1 exploration well Drilling Seismic/G&G Total Budget SE ASIA USD 85 million Offshore Peninsular Malaysia - 1 well Offshore Sabah Malaysia - 2 wells Offshore Indonesia - 3 wells Exploration Budget 2014 USD 381 million Targetting Net Unrisked 620 MMboe of PR

123 123 Norway Exploration Drilling 2 exploration wells 7 exploration wells 6 operated wells 1 non-operated wells Rigs secured for all wells Targeting ~390 MMboe net unrisked prospective resources Norway Barents Sea Area 1 exploration well 1 exploration well 1 exploration well 2 exploration wells Greater Alvheim Area Utsira High Area WF11796 p

124 124 Exploration - Norway - Barents Sea Area WF11856 Lundin Petroleum Capital Market Day 29 January 2014

125 125 Barents Sea Overview 0 0'0" 10 0'0"E Longyearbyen 20 0'0"E Svalbard 30 0'0"E 40 0'0"E 50 0'0"E 60 0'0"E 0 KM 400 Barents Sea Underexplored < 100 wells Barents Sea Russia 3 recent oil discoveries 70 0'0"N 70 0'0"N Hammerfest Norway Tromso Vadso New source rock and reservoir proven 10 0'0"E Bodo Narvik Sweden 20 0'0"E Finland 30 0'0"E Murmansk Russia 40 0'0"E Recent 22 nd licensing round very competitive 60 0'0"N '0"W KM 400 Faroe Is. 0 0'0" Norway 10 0'0"E 60 0'0"N NPD upgraded resource potential North Sea Denmark WF11421 p Emerging oil province 10 0'0"W Ireland United Kingdom 0 0'0" Netherlands Germany 10 0'0"E

126 126 Barents Sea - Emerging Oil Province 12 Only 89 exploration wells drilled since 1980, 21 wells since 2011 Planned wells 10 Number of exploration wells Number of discoveries Number of dry wells 2 WF11779 p Source: NPD 2014

127 127 Barents Sea - Oil Play Distribution Oil play distribution Tertiary («gas prone») Cretaceous-Jurassic Triassic-Permian Triassic-Permian (likely) Carboniferous-Devonian 1 Wisting: recent oil charge from Jurassic/Triassic source rocks Lundin Petroleum assets Operated Non operated Johan Castberg: recent oil charge from Jurassic source rocks 2 Gohta: oil charge from Jurassic & Triassic source rocks into Permian reservoir Barents Sea 7128/4-1 oil discovery: charge from Carbonifeorus/Permian source rocks Gamvik Goliat: oil charge from Jurassic and Triassic source rocks Båtsfjord WF11435 p Hasvik Hammerfest Kvalsund Norway Lebesby Tanagard Polmak Russia 0 KM 120 Talvik Utsjoki

128 128 Barents Sea Old Concepts New Technology Oil fill from Mid Triassic Mid Triassic Oil fill from Upper Jurassic Upper Jurassic - Lower Cretaceous Loppa High WF11779 p Skrugard/Havis Bjørnøya Basin Polheim Sub Platform Juksa Snøhvit Tromsø Basin Salina Skalle Hammerfest Basin

129 129 Barents Sea - Natural Gas Flare Environment Loppa high Snøhvit Flare Salina Johan Castberg Flare WF11800 p m Flare Gas bubbles sampled

130 130 Barents Sea - Structural Map (BCU Time) Polarrev High Sentralbanken High Maud Basin Fedynsky High Loppa High Nordkapp Basin Bjørnøya Basin South Barents Basin Tromsø Basin Tiddly Bank Basin Hammerfest Basin Hammerfest WF11779 p Norway Finland Russia

131 131 Barents Sea - Existing Licences & Areas Opened for Activities Lundin operated assets Lundin non-operated assets Other operated assets Open Polarrev High Sentralbanken High Maud Basin Fedynsky High Loppa High Nordkapp Basin Bjørnøya Basin South Barents Basin Tromsø Basin Tiddly Bank Basin Hammerfest Basin Hammerfest WF11779 p Norway Finland Russia

132 132 Barents Sea - Diversity of Play Models on the Loppa High Wisting Discovery (~115MMboe) Lundin operator Lundin partner Discovery Prospect Langlitinden Neiden PL659 LOPPA HIGH PL609 Pasvik Lakselv Alta HAMMERFEST BASIN Gohta Discovery (~170MMboe) PL767 Snhøvit Area Skalle Discovery (~28MMboe) PL490 PL492 PL438 WF11779 p BJORNOYA BASIN Johan Castberg Discoveries (~ 500MMboe) PL533 Salina Discovery (~35MMboe)

133 133 Barents Sea Gohta Discovery & PL609 Prospects/Leads Gohta Discovery Lundin Petroleum Licences Operated Non Operated Fields Oil Gas Prospects 0 KM 20 WF11786 p Alta Prospect Gohta Appraisal PL492 (Lundin 40%, operated) OWC Gross Contingent Resources: MMboe MMbbl Oil Bcf Gas Robust and well defined 4-way closure ~ 50 km 2 Reservoir consisting of karstified carbonate 75m oil & 25m gas gross columns in Permian carbonate reservoir GOC Tested 4,300 bopd Gohta appraisal in 2Q 2014 Gohta discovery Bjørnøya Bassenget Veslemøy High Tromsø Basin JOHAN CASTBERG Bjørnøyrenna Fault Complex Ringvassøy-Loppa Fault Complex 533 Formica Salina Gohta Appraisal Rauto Komag 492 Lavvo Polheim Sub-platform Alta B Geres 609 Carbonate/karst prospectivity Gohta discovery Rein Boazo Noaide Skalle Trål Neiden Pasvik SNØHVIT 767 Hammerfest Basin Loppa High 659

134 134 Barents Sea - Gotha Analogue on Spitsbergen Collapse breccia Cave floor Tempelfjord Group WF11800 p Gipsdalen Group

135 135 Barents Sea - Loppa High - Alta Prospect PL609 Alta Prospect PL609 (Lundin 40%, operated) Drilling in Q Gross Unrisked Prospective Resources: 261 MMboe On trend with Gohta discovery Proposed well location Alta Prospect 3D view of Alta Prospect Alta Prospect WF11858 p

136 136 Barents Sea - Loppa High - Salina Discovery PL533 Salina Discovery PL533 (Lundin 20%, ENI operator) Gross Contingent Resources: MMboe (1) Additional prospectivity on trend with Statoil discoveries (Johan Castberg) Likely 2015 drilling Seismic Line over Salina Discovery Salina Discovery Procida Prospect Rauto Prospect Loppa High 3D View Favignana Prospect Formica Prospect Salina West Prospect Salina East Prospect J. Castberg Discoveries PL609 PL533 Salina Discovery PL492 WF11861 p KM 8 Salina Discovery PL533 (1) Salina contingent resources are Norwegian Petroleum Directorate (NPD) estimate Seismic Line

137 137 Barents Sea - Loppa High - Langlitinden PL659 Langlitinden Prospect PL659 (Lundin 20%, Det norske operator) Drilling Ongoing Gross Unrisked Prospective Resources: 220MMboe Trap: Structural/Stratigraphic Reservoir: Triassic Skårungen Prospect LOPPA HIGH Skårungen Prospect Langlitinden Prospect PL659 Langlitinden Prospect WF11436 p PL659

138 138 Barents Sea - Future Area of Interest: Area A Area A - Large structures with multi stacked closure 5-6 Mega structures: Variable geology in the potential stacked and stratigraphic pinch out plays Polarrev High Areas of Interest Sentralbanken High Fedynsky High Bjørnøya Basin Loppa High B Nordkapp Basin A South Barents Basin Tromsø Basin Tiddly Bank Basin Hammerfest Basin Hammerfest WF11779 p Norway Finland 23 rd Round - Block nomination submitted A : Consortium group, 3D acquisition B : 3D third party seismic acquisition Russia

139 139 Barents Sea - Future Area of Interest: Area B Areas of Interest Polarrev High Sentralbanken High Fedynsky High Loppa High B Nordkapp Basin A Bjørnøya Basin Tromsø Basin Tiddly Bank Basin South Barents Basin Map at BCU Level Hammerfest Basin Hammerfest GDF Statoil Norway 23 rd Round - Block nomination submitted A : Consortium group, 3D acquisition FinlandB : 3D third party seismic acquisition Russia GDF Hoop fault complex Wisting Discovery Maud Basin OMV Statoil WF11779 p RWE DONG

140 140 Barents Sea APA Awards APA 2013, 9 new licences for Lundin Petroleum 4 licences in the Barents Sea 3 as operator: PL764, PL766, PL767 1 as partners: PL765 Barents Sea Lundin Petroleum Operator Operator 2013 APA Partner Partner 2013 APA 0 KM 40 JOHAN CASTBERG PL609 PL533 PL659 PL492 GOHTA PL438 PL563 PL609B PL767 Barents Sea PL708 PL490 SNØHVIT AREA PL766 GOLIAT WF11865 p PL695 PL765 PL764 " Hammerfest

141 141 Barents Sea - Conclusions Emerging oil province - 21 wells drilled since 2011 and drilling activities and competition to increase in the coming years 3 new significant oil discoveries Johan Castberg (~500 MMboe) Gohta ( MMboe) Wisting (~ 115 MMboe) Diversity of play models Lundin Petroleum significant licence position and expecting to further grow trough bidding round Lundin Petroleum active drilling campaign in 2014: 2 exploration wells (Alta & Langlitinden prospects) 1 appraisal well (Gohta discovery) WF11779 p Further drilling activities planned & expected in 2015 & beyond

142 142 Exploration - Norway - Utsira High Area WF11856 Lundin Petroleum Capital Market Day 29 January 2014

143 143 Utsira High Area Evolution Lundin Petroleum Operator Partner Fields/Discoveries Oil Gas Prospect Lead PL546 (2010) 024 PL625(2012) 025 EDVARD GRIEG DISCOVERY 2007 PL PL338 (2004) PL359 PL359 (2006) RAGNARROCK DISCOVERY 2007 PL410 (2007) PL IVAR AASEN DISCOVERY 2008 APOLLO DISCOVERY 2009 LUNO SOUTH DISCOVERY 2009 PL338 PL359 PL265 PL PL546 PL501 PL501 (2009) AVALDSNES DISCOVERY 2010 PL673 (2013) PL673 PL PL625 GEITUNGEN DISCOVERY 2012 ALDOUS MAJOR NORTH DISCOVERY 2011 PL265 PL359 PL PL546 PL501 ALDOUS MAJOR SOUTH DISCOVERY 2011 PL501b (2011) PL501b PL544 PL544 (2010) LUNO II DISCOVERY 2013 RENAMED IN 2011 JOHAN SVERDRUP PL544 PL409 (2007) 0 KM 8 0 KM 8 0 KM 8 PL409 PL409 PL409 WF11749 p First licence (PL338) in 2004 First discovery (Luno) in 2007 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 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

144 144 Southern Utsira High Drilling Activity Drilling activity in the Utsira High has significantly increased since the Edvard Grieg discovery in 2007 Number of wells BP Amoco Elf Det norske Wintershall Norsk Hydro Esso Statoil Lundin Luno II Discovery Johan Sverdrup Discovery Ivar Aasen Discovery Edvard Grieg Discovery 4 2 WF11855 p Source: NPD the Shelf 2013

145 145 Southern Utsira High Area A New Oil Province on the NCS Planned field developments - Johan Sverdrup, Edvard Grieg, Ivar Aasen Johan Sverdrup is one of the largest oil fields discovered on the Norwegian shelf The largest oil discovery on the shelf since 1979 In 10 years, Johan Sverdrup is expected to account for approx. 25% of Norwegian oil production 'ª 'h KM 'h 'h 'h 'ª 'ª E 'ª E 'h E E 'ª'ª F 'ª 'h ' 'ª EDVARD GRIEG E 'h E LUNO SOUTH Gas to UK IVAR AASEN APOLLO 673 'ª 'ª B 'ª 'h E E GRANE 'ª 'ª h 501 'ª 546 Oil to Grane Oil pipeline LUNO II DISCOVERY 'ª Oil Gas 'ª JOHAN SVERDRUP DISCOVERY 'ª 501 B 'ª WF11863 p Source: NPD 'ª 'ª'ª 'ª Lundin operator F 544 Lundin partner

146 146 Utsira High Exploration Drilling 2014 Field Discovery Prospect 25/10-12 Kopervik Exploration - 2 wells PL625 (40%): 25/10-12 Kopervik PL359 (40%): Luno II North/Fignon Hanz Kopervik West Cable Ivar Aasen Apollo Edvard Grieg Geitungen Johan Sverdrup Edvard Grieg South Luno II North / Fignon Fignon Luno II North WF11769 p Luno II

147 147 Southern Utsira High Results & Reservoirs E. Grieg J. Sverdrup Basement UV light WF11800 p Luno II New breakthroughs becomes rapidly obvious Learning is generic

148 148 Southern Utsira High Area Broadband 3D seismic is the future 3D BroadSeis/ BroadSource 0 KM 10 3D OBC 2D Benchmark Line 25/10-8 HANZ 16/1-9 IVAR AASEN EDVARD GRIEG 16/1-8 EDVARD GRIEG 16/2-6 JOHAN SVERDRUP Luno II Luno II Central-South JOHAN SVERDRUP DISCOVERY 3D GeoStreamer WF11800 p

149 149 Broadseis Quality Gives Much Better Subsurface Imaging Edvard Grieg Discovery Original 3D BroadSeis/ BroadSource 3D OBC 2D Benchmark Line 3D GeoStreamer Edvard Grieg Discovery Broadseis WF11800 p

150 150 Southern Utsira High Drilling Beyond Kopervik Exploration 025 PL625 PL546 PL501 PL673 IVAR AASEN 16/1-16 (Asha) RAGNARROCK ALDOUS MAJOR NORTH DISCOVERY GEITUNGEN DISCOVERY APOLLO EDVARD GRIEG LUNO SOUTH Potential Leads on Southern Utsira High PL338 Luno II 015 North Luno Exploration II North PL265 PL359 LUNO II DISCOVERY PL544 PL JOHAN SVERDRUP DISCOVERY PL501b Lundin Petroleum Operator Partner WF11593 p KM 8 Fields/Discoveries Oil Gas Prospect Lead

151 151 Utsira High Area - Kopervik PL625 PL625 Kopervik prospect (Lundin 40% operated) Gross unrisked prospective resources: 163 MMboe (1) Stratigraphic pinchout Targeting Jurassic sands Drilling: Q KM 8 Kopervik PL625 Kopervik PL167 25/ m Volgian sand (ODT) PL167B Aldous Major North discovery PL546 PL501 Apollo discovery PL673 Edvard Grieg Geitungen discovery Johan Sverdrup discovery WF11441 p Luno II Discovery PL338 PL359 (1) includes prospective resources on PL167 (20% W.I.) PL265 PL410 Lundin Petroleum Operator Lundin Petroleum Partner

152 152 Utsira High Area - Luno II North / Fignon PL359 Field Discovery Prospect PL359 (40%, operator) Luno II North / Fignon Prospect Drilling in Q Gross prospective resources: 46 MMboe Dual target well aiming at Luno II North and the overlying Fignon prospect West Cable Hanz Ivar Aasen Kopervik Apollo Edvard Grieg Geitungen Johan Sverdrup 0 4 KM PL673 Edvard Grieg Luno South discovery Luno II North/Fignon 0015 prospect Apollo discovery 0016 Lundin (50%) Lundin (10%) PL338 PL265 PL359 PL410 Lundin (40%) Lundin (70%) Lundin Petroleum Operator Lundin Petroleum Partner Aldous Major North discovery Geitengun discovery Johan Sverdrup discovery PL501B Lundin (40%) Fignon Edvard Grieg South Luno II North Luno II North / Fignon WF11769 p PL544 Lundin (40%) 16/4-6S Luno II discovery Lundin (40%) PL501 Luno II

153 153 Exploration - Norway - New Areas WF11856 Lundin Petroleum Capital Market Day 29 January 2014

154 154 Norway New Areas Manet and Penquin High Flanks PL639 Storm Prospect PL519 Albert Knarr Field PL555 0 KM 20 Prospect Lead PL579 UK PL639 Lundin operated block Lundin non-operated block Tybalt Discovery Tybalt Beta Discovery Storm Prospect out PL519 Albert PL555 Norway Knarr Field out 579 WF11825 p Tybalt Discovery out Magnus Penguin West Penguin PL579 Beta Knarr Blåbær out PL685 Beta Discovery

155 155 Norway New Areas - Storm Prospect PL555 PL555 (60%, Operator) Storm Prospect Drilling in Q Trap: Stratigraphic Reservoir: Upper Jurassic Gross prospective resources: 89 MMboe (1) Secondary target: Mary Lead Mary lead 0 KM 20 Prospect Lead UK PL639 Lundin operated block Lundin non-operated block Albert discovery Storm prospect Storm Prospect PL519 Albert PL555 Norway Knarr Field Storm prospect WF11778 p Tybalt Discovery Magnus Penguin West Penguin PL579 Beta Snorre Blåbær Beta Discovery Knarr PL685 Mary lead (1) Includes PL519

156 156 Norway New Areas - Vollgrav Prospect PL631 PL631 (60%, operator) Vollgrav Prospect Drilling in Q Gross prospective resources: 57 MMboe Trap: Stratigraphic Reservoir: Jurassic Volgian 34/7-21A 33/9-9 34/ / Km MURCHISON4 UK STATFJORD 'h 34/7-5 Norway 33/9-5 VIGDIS 33/9-7 STATFJORD 33/9-4 ØST Vollgrav North 33/9-3 33/9-2 X-Section 33/9-1 'ª 33/9-9 E 'ª 33/9-18 A 33/ /9-12 'h 34/7-24 S 34/7-29 S 34/7-29 SR 34/7-31 A 34/7-21 A TORDIS VIGDIS VIGDIS VIGDIS 'h E 34/7-17 A 34/ /7-23 A 34/ /7-23 S 34/ /7-16 R2 'h 34/7-16 R 34/ /7-11 VIGDIS 34/7-16 'h 34/7-26 A 'ª 34/7-12 'ª TORDIS 34/ / /7-8 34/7-25 S 33/ /12-2 'ª 'ª 33/12-5 Vollgrav Central 33/ /12-4 'ª 34/10-39 S 'h 34/10-47 S 'ª GULLFAKS SØR 34/10-18 'ª GULFAKS AREA 34/10-47 A 34/10-41 S 34/10-34 R GULLFAKS 34/10-34 GULLFAKS GULLFAKS 34/10-12 'ª GULLFAKS WF11439 p BRENT Vollgrav Prospect PL631 'ª 33/12-7 GULLFAKS SØR 'ª 34/10-37 A 34/ /10-37 AR GULLFAKS SØR 33/12-6 E 34/10-38 S E 34/ /10-44 S E F GULLFAKS SØR 34/10-49 B 'ª GULLFAKS SØR '* 34/10-49 S 34/10-43 S 34/10-53 A 34/10-53 S F 34/10-21

157 157 Norway New Areas - Lindarormen Prospect PL584 PL584 (60%, operator) Lindarormen Prospect Drilling in Q Trap: 4 way dip closure Reservoir: Paleocene Egga sandstone Gross prospective resources: 143 MMboe Structure M Lindarormen Structure N Prospect KM 80 PL Steinkjer Structure S Norwegian Sea 583 Trondheim Molde WF11825 p

158 158 Norway APA Awards 0 KM APA 2013, 9 new licences for Lundin Petroleum 4 as operator: PL148B, PL764, PL766, PL767 5 as partners: PL678BS, PL734, PL736S, PL741, PL765 Second largest licence winner in the 2013 APA PL766 PL B PL765 Barents Sea PL767 Hammerfest " PL766 PL765 PL764" Tromso Barents Sea " PL767 Hammerfest Vadso " 0 25 KM 100 PL741 " Vossavangen " Bergen Norwegian Sea Alvheim Area PL736S PL678BS " Molde " Trondheim FINLAND WF11865 p Brynhild field PL148B North Sea Utsira High Area " Stavanger PL734 PL736S PL148B UK North Sea " Bergen NORWAY PL741 PL678BS " Stavanger PL734 DENMARK " Oslo SWEDEN Baltic Sea 0 50 KM 200 " Stockholm Lundin Petroleum ESTONIA Operator Operator 2013 APA Partner Partner 2013 APA LATVIA LITHUANIA

159 159 Norway Exploration Summary Lundin Petroleum has been the most successful explorer in the last 10 years 2014 exploration drilling programme of 7 wells targeting 390 MMboe Continued exploration activity beyond 2014 in the Utsira High and Barents Sea Lundin Petroleum believes that the Barents Sea will be a major oil producing province Early mover strategy to secure a leading acreage position WF11825 p

160 160 Exploration - South East Asia WF11856 Lundin Petroleum Capital Market Day 29 January 2014

161 161 South East Asia Acreage Position WF11852 p Thailand Laos Bangkok Cambodia Myanmar Phnom Penh WI: 85% WI: 75% Penyu Core Area Kuala Lumpur Sumatra Malaysia Vietnam Vietnam Natuna Sea Core Area WI: 90% Cakalang Baronang PM319 PM307 Singapore WI: 35% PM308A WI: 75% PM308B Gurita Lematang Malaysia WI: 90% Borneo Indonesia Jakarta Java Lundin Petroleum Operator Lundin Petroleum Partner South Sokang WI:25.88% WI: 90% SB303 WI:60% Manila WI:75% SB307/308 Sulawesi Philippines Sabah Area Exploration Licences: Production Licences: WI:42.5% Dili Timor-Leste TOTAL 0 KM 800 WI:100% Palau West Papua Mamberamo Delta Frontier Australia 11 1 Cendrawasih VII Papua

162 162 South East Asia Overview Malaysia 6 PSC s (all operated) ~34,000 km 2 of gross acreage 13.7 MMboe of net 2P reserves 81.7 MMboe of net 2C contingent resources 2014 programme Bertam Development Tembakau Appraisal 3 Exploration Wells Indonesia 6 PSC s (5 operated) ~23,000 km 2 of gross acreage 1.9 MMboe of net 2P reserves 3.0 MMboe of net 2C contingent resources 2014 programme 3 Exploration Wells WF11852 p

163 163 South East Asia Project Funnel Seismic Prospecting Areas 2014 Exploration Drilling Prospects Appraisal Projects Development Production PM319(o/g) Balqisoil Tembakau gas Bertam oil Singa gas S. Sokang(o/g) Cendrawasih (o/g) Bonioil Gobioil Rengas oil SB303 gas Kitabu oil Maligan o/g Penyu Core Sabah Core WF11852 p Natuna Core Indonesia Frontier

164 164 Malaysia Second largest PSC Acreage in Malaysia Cumulative PSC Acreage km 2 45,000 40,000 35,000 30,000 25,000 20,000 15, PSC Acreage 12,000 3D km 2 Lundin 10,000 Legacy 8,000 6,000 4,000 2, Cumulative 3D km 2 WF11851 p Cumulative Well Results Well Results oil gas dry Cumulative Resources MMboe (net) Resources net MMboe CR Sabah Reserve Sabah CR Penyu Reserve Penyu

165 165 Malaysia Well Results 12 3 well exploration programme for 2014 Cummulative Well Results wells oil gas dry Resources net MMboe 2014 unrisked 200 WF11851 p Potential to double resource base in 2014 Cummulative Resources MMboe (net) risked CR Sabah CR Penyu Reserve Penyu

166 166 South East Asia 2014 Highlights Myanmar WI: 85% WI: 75% Penyu Core Area Bertam Development Tembakau appraisal 2 Exploration Wells Thailand Bangkok WI: 90% PM319 PM307 Kuala Lumpur WI: 35% PM308A WI: 75% PM308B Sumatra Cambodia Phnom Penh Singapore Cakalang Malaysia Laos Jakarta Vietnam Natuna Sea Core Area 2 exploration Vietnam wells Gurita Lematang Baronang WI: 90% Malaysia Indonesia South Sokang WI:25.88% WI: 90% Borneo SB303 WI:60% Manila WI:75% SB307/308 Sulawesi Philippines TOTAL Exploration Licences: Production Licences: Sabah Area 2 exploration wells WI:42.5% 0 KM 800 WI:100% Palau West Papua 11 1 Cendrawasih VII Papua WF11852 p Lundin Petroleum Operator Lundin Petroleum Partner Java Dili Timor-Leste Australia

167 167 South East Asia 2014 Drilling Programme November 2013 BTM Jacket June J F M A M J J A S O N D J F M A M J Hakuryu 11 (Indonesia) Balqis -1 B o n i - 1 Gobi -1 Rig 2 (Penyu) PM307 Tembakau-2 Bertam Development Drilling PM307 Renggas-1 Bertam Development Drilling Rig 3 (Sabah) SB307/8 Kitabu-1 SB307/8 Maligan-1 WF11852 p

168 168 Malaysia Sabah Area SB307/308 Prospects SB307/308 (42.5%, Operator) Prospect: Kitabu Drilling in Q Gross prospective resources: 71 MMboe Trap: stratigraphic onlap and pinchout Reservoir: Miocene turbidite sands Prospect: Maligan Drilling in Q Gross prospective resources: 133 MMboe Trap: stratigraphic onlap and pinchout Reservoir: Miocene turbidite sands Malaysia - Sabah Area km NNW EMERALD Maligan HIGH Prospect IVE SANDS IVD SANDS IVD SEAL Kitabu Prospect SF 30 SOUTH FURIOUS South HIGH Furious L. IVD U. IVC L. IVC SSE U. IVD 0 KM 40 Maligan South Furious (Shell) 132 MMboe St Joseph SB303 Titik-Terang Kitabu Cempulut Discovery Tarap Discovery Berangan Discovery WF11852 p km 4 Lundin IVC RESERVOIR TURBIDITES IVA/B SOURCE Shell IVA/B COASTAL PLAIN Lundin SB307/308 " Kota Kinabalu Malaysia

169 169 Malaysia SB307/308 - Kitabu & Maligan Prospects South Furious 30 Field MMboe Kitabu Prospect 71 MMboe Maligan Prospect 133 MMboe WF11852 p

170 170 Malaysia SB307/ Exploration Well Kitabu-1 Seismic Amplitude Anomaly Map SB307/308 - Lundin Petroleum 42.5% operator (EnQuest 42.5%, Petronas Carigali 15%) Kitabu Objective stacked Miocene Turbidites Trap downdip from South Furious oil field Seismic amplitude supported play 2012 Emerald 3D Gross prospective resources 71 MMboe Numerous smaller amplitude features in strat trap geometries as potential follow-up South Furious Production Licence (Shell) WF11852 p

171 171 Malaysia SB307/ Exploration Well Maligan-1 SB 307/308 - Lundin Petroleum 42.5% operator (EnQuest 42.5%, Petronas Carigali 15%) Objective Miocene IVC Stratigraphic turbidite play and amplitude supported with flat spots Gross prospective resources 133 MMboe Miocene IVC Target WF11852 p

172 172 Malaysia PM Exploration Well Rengas-1 PM307 - Lundin Petroleum 75% operator (Petronas Carigali 25%) Objective Miocene J & K sands for oil 4-way dip closed structure at multiple levels Gross prospective resources 22 MMbbl Malong Opens new play fairway if successful Cost recovery against Bertam Tembakau Rengas Prospect Bertam WF11852 p