2006 Budgeted Exploration - Lundin Petroleum
2006 Budgeted Exploration - Lundin Petroleum
2006 Budgeted Exploration - Lundin Petroleum
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WF 10 033<br />
<strong>Exploration</strong><br />
Alex Schneiter, Executive Vice President & COO<br />
January 2008<br />
45
<strong>Lundin</strong> <strong>Petroleum</strong> - Value Creation through <strong>Exploration</strong><br />
United Kingdom<br />
19 exploration licences<br />
Ireland<br />
2 exploration licences<br />
France<br />
6 exploration licences<br />
Core Area Prospective p Resources*<br />
Europe p 1,230 , MMboe<br />
Africa 650 MMboe<br />
Russia<br />
730 MMboe<br />
Far East 470 MMboe<br />
Total 33,080 080 MMboe<br />
* includes prospects only<br />
Congo Brazzaville<br />
1 exploration licence<br />
Norway<br />
22 exploration licences<br />
Netherlands<br />
1 exploration licence<br />
Tunisia<br />
2 exploration licences<br />
Ethiopia<br />
3 exploration licences<br />
Sudan<br />
1 exploration licence<br />
Kenya<br />
1 exploration licence<br />
Russia<br />
1 exploration licence<br />
Cambodia<br />
1 exploration licence<br />
46<br />
Vietnam<br />
1 exploration licence<br />
Indonesia<br />
1 exploration licences<br />
3 joint study areas<br />
Ongoing exploration in<br />
Salawatis production<br />
licences<br />
WF10091 01.08
<strong>Exploration</strong> Strategy - Four Core Areas<br />
Four Core Areas: Europe, Africa, Russia, Far East<br />
Oslo<br />
- Regional hub for North Sea<br />
- Assets in Norway, UK<br />
Geneva<br />
- Corporate office<br />
- Technical support<br />
Aberdeen<br />
Villeperdue<br />
Addis Ababa<br />
Tunis<br />
The Hague<br />
- Regional hub for Africa & Middle East<br />
- Assets in Ethiopia, Kenya,<br />
Sudan, Congo<br />
Dubai<br />
Nairobi<br />
Astrakhan<br />
Singapore<br />
- Regional hub for SE Asia<br />
- Assets in Indonesia, Vietnam,<br />
Cambodia<br />
Moscow<br />
- Regional hub for Russia<br />
Jakarta<br />
47<br />
WF10034 01.08
WF10038 01.08<br />
<strong>Exploration</strong> Strategy<br />
Grow organically within core areas<br />
strong knowledge base, focus<br />
competitive edge<br />
Focus on areas of the world with best resource potential<br />
generation of a balanced portfolio of prospects<br />
materiality to <strong>Lundin</strong> <strong>Petroleum</strong><br />
48
Successful Strategy - Licences Awarded 2007<br />
Four Core Areas: Europe, Africa, Russia, Far East<br />
Norway<br />
- 8 new operated licences awarded<br />
- APA 07, applications pending<br />
United Kingdom<br />
- 8 new licences awarded<br />
France<br />
- 4 new licences awarded (Paris Basin)<br />
- 1 new licence awarded (Aquitaine)<br />
Ethiopia<br />
- 3 new PSCs signed (Blocks 2,6 &<br />
7,8 and Adigala Area)<br />
Kenya<br />
- 1 new licence awarded Block 10a<br />
26 New Licences Awarded<br />
Vietnam<br />
- 1 new offshore PSC signed (06/94)<br />
Cambodia<br />
- Farmin (34%) in Block E<br />
Indonesia<br />
- 2 joint study areas (Jemaja, Sokang)<br />
secured offshore Natuna area<br />
- Rangkas Area (onshore Java) joint<br />
study completed. Bid submission<br />
imminent. (<strong>Lundin</strong> first right of refusal)<br />
49<br />
WF10036 01.08
Successful Strategy - Discoveries 2007<br />
United Kingdom - Scolty<br />
- Scolty oil discovery (P1107)<br />
- Contingent resources: 10 MMboe (gross)<br />
3 New Discoveries<br />
Country<br />
UK<br />
Indonesia<br />
UK<br />
Norway<br />
Norway<br />
UK<br />
Indonesia<br />
Indonesia<br />
UK<br />
Total<br />
Four Core Areas: Europe, Africa, Russia, Far East<br />
Well/Prospect<br />
Laurel Valley<br />
Tengis-1<br />
Lytham<br />
Luno<br />
Orange<br />
Scolty<br />
Matugu<br />
Bagong<br />
Ridgewood<br />
9 wells<br />
Results<br />
Dry hole<br />
Gas find<br />
Dry hole<br />
Oil discovery<br />
Dry hole<br />
Oil discovery<br />
Dry hole<br />
Oil discovery<br />
Dry hole<br />
Norway - Luno<br />
- Luno oil discovery (PL338)<br />
- Contingent resources:<br />
65 - 190 MMboe (gross) + prospective upside<br />
Comments<br />
Indonesia - Bagong<br />
- Bagong oil discovery (Salawati)<br />
- Included in Salawati 2P reserves<br />
Tested gas but vey high CO2<br />
CR: 65-190 MMbo (gross)<br />
+ Luno Jurassic & Triassic upside<br />
CR: 10 MMbo (gross)<br />
Included in Salawati 2P reserves<br />
3 of 9 (33%) CR: 143 MMbo + Luno Jurassic & Triassic upside<br />
50<br />
WF10036 01.08
Successful Strategy - Ongoing <strong>Exploration</strong><br />
Four Core Areas: Europe, Africa, Russia, Far East<br />
Significant ongoing exploration drilling activity<br />
2008 18 Wells (firm) 1,260 MMboe of targeted unrisked prospective resources<br />
- risked 380 MMboe<br />
2009 25 Wells (estimate) 1,066 MMboe of targeted unrisked prospective resources<br />
- risked 210 MMboe<br />
51<br />
WF10036 01.08
WF10039 01.08<br />
Prospective Resources - Net Unrisked Resources<br />
Venezuela<br />
Tunisia<br />
Sudan<br />
2007 Prospective Resources*: 2.7 bn boe net unrisked 2008 Prospective Resources*: 3.1 bn boe net unrisked<br />
Vietnam<br />
Dry Holes<br />
123 MMboe<br />
Russia<br />
France<br />
UK<br />
Discoveries<br />
(Contingent Resources)<br />
- Luno<br />
- Scolty<br />
}<br />
Norway<br />
Indonesia<br />
Ireland<br />
Netherlands<br />
70 MMboe<br />
Prospective Resources<br />
Additions<br />
- APA <strong>2006</strong> (Norway)<br />
- Sudan<br />
- Russia<br />
Sudan<br />
Vietnam Tunisia<br />
Russia<br />
* Includes prospects only (including leads, the 2007 PR is 5.4 bn boe and 2008 PR is 6.1 bn boe<br />
Netherlands<br />
Norway<br />
UK<br />
France<br />
Indonesia<br />
Ireland<br />
52
WF10040 01.08<br />
Core Area - Europe<br />
PR = Prospective Resources<br />
Resources are net unrisked<br />
No of Licences:<br />
No of Prospects:<br />
Total PR (prospects only)<br />
Ireland<br />
No of Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
United Kingdom<br />
France<br />
No of Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
2<br />
1<br />
29 MMboe<br />
20<br />
9<br />
128 MMboe<br />
23<br />
11<br />
192 MMboe<br />
Norway<br />
No of Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
No of Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
TOTAL<br />
No of Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
Netherlands<br />
53<br />
25<br />
28<br />
880 MMboe<br />
19<br />
3<br />
1 MMboe<br />
89<br />
52<br />
1,230 MMboe
WF10041 01.08<br />
Europe <strong>Exploration</strong><br />
Country<br />
Norway 880<br />
UK 192<br />
France 128<br />
Ireland 29<br />
Netherlands 1<br />
TOTAL<br />
* Includes prospects only<br />
Net<br />
Net 2008 Targeted<br />
Prospective Resources*<br />
Prospective Resources<br />
(unrisked) - MMboe Prospects 2008 Wells (unrisked) 2008 Rig Contracts<br />
28<br />
11<br />
1,230 52<br />
9<br />
1<br />
3<br />
3<br />
1<br />
1<br />
-<br />
-<br />
5<br />
61<br />
Maersk Guardian<br />
Bredford Dolphin<br />
Aker Barents<br />
11 GSF Arctic II<br />
9 MAST III<br />
-<br />
-<br />
81<br />
-<br />
-<br />
54
WF10043 01.08<br />
Country<br />
Norway<br />
Norway<br />
Norway<br />
Norway<br />
UK<br />
Norway<br />
Norway<br />
Norway<br />
Norway<br />
Norway<br />
Norway<br />
Norway<br />
Norway<br />
UK<br />
UK<br />
Norway<br />
Norway<br />
Norway<br />
Norway<br />
Europe - <strong>Exploration</strong> Drilling Schedule<br />
Licence<br />
PL292<br />
Prospect/<br />
Discovery Equity<br />
Pi North 40% 9<br />
PL148 Nemo 50% 20.6<br />
PL338 Luno 50% 65-190<br />
PL338 Luno 50% 65-190<br />
Unrisked<br />
2008<br />
2009 2010<br />
Gross<br />
mmboe Rig Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4<br />
Maersk<br />
Guardian<br />
Maersk<br />
Giant<br />
Bredford<br />
Dolphin<br />
P1107 Torphins 40% 28<br />
GSF<br />
Arctic II<br />
PL340 Marihone A/B 15% 39<br />
Bredford<br />
Dolphin<br />
PL304 Aegis 50% 104<br />
Aker<br />
Barents<br />
PL006c SE Tor 75% 22.5 Maersk<br />
Gallant<br />
PL363 Mon 60% 123<br />
PL363 Monster 60% 50<br />
Norway PL412 Hugin South 30% 86<br />
France<br />
PL409 D 100% 94<br />
PL359 Lemond 70% 198<br />
PL400 Blizzard 50% 59<br />
P1399 Delgany 15% 74<br />
P1410 A 60% 143<br />
PL203 Alvheim Deep 15% 158<br />
PL203 South Kneler 15% 30<br />
PL150 Ibsen 35% 47<br />
PL438 Lavvo 35% 159<br />
Ferrières<br />
Ferrières<br />
West<br />
Alpha<br />
65% 14 Mast 3000<br />
2007<br />
<strong>Exploration</strong> Well Appraisal Well<br />
55<br />
Songa Dee Rig secured for 1.5 years from end Q1 2009 to end 2011
WF10043 01.08<br />
Rig 2008<br />
Bredford Dolphin GSF Arctic II Maersk Gallant Maersk Giant<br />
3rd Generation Semi<br />
Wa&<br />
Drilling depth: 20,000ft<br />
BOP max: 10,000 psi<br />
3rd Generation Semi<br />
Water depth: 1,200ft<br />
Drilling depth: 25,000ft<br />
BOP max: 5,000 psi<br />
Jack-up<br />
Water depth: 121m<br />
Drilling depth: 10,000m<br />
BOP max: 12,000 psi<br />
Contracted for 100 days,<br />
56<br />
Jack-up<br />
Water depth: 107m<br />
Drilling depth: 10,000m<br />
BOP max: 12,000 psi<br />
Contracted for 1 well<br />
(approx 60 days)
WF10043 01.08<br />
Rig 2008/2009<br />
PL 304 Songa Dee<br />
Additional rig - from 2009<br />
Aker Barents<br />
6th Generation Semi<br />
Water depth: 3,000m<br />
Drilling depth: 10,000m<br />
BOP max: 15,000 psi<br />
Contracted for 1 well<br />
(approx 50 days)<br />
3rd Generation Semi<br />
Water depth: 1,600ft<br />
Drilling depth: 30,000ft<br />
BOP max: 15,000 psi<br />
Winterized<br />
2+1 year contract from Q1 09<br />
Semi<br />
Under negotiation<br />
57
WF9892 01.08<br />
Alvheim Area - PL304<br />
<strong>Lundin</strong> <strong>Petroleum</strong> interest: 50% (Operator)<br />
Aker <strong>Exploration</strong> 30%<br />
Endeavour 20%<br />
Work Commitment<br />
One well to be drilled<br />
Prospective Resources<br />
Prospect *MMBOE COS %<br />
Aegis<br />
104<br />
19<br />
Buhund<br />
87 19<br />
*Gross Unrisked Prospective Resources<br />
Alvheim field<br />
009<br />
UK<br />
PL088<br />
P090<br />
PL340<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Operator<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Partner<br />
PL150<br />
0024<br />
PL413<br />
PL036c<br />
PL203<br />
PL103B<br />
PL363<br />
0025<br />
PL304<br />
58<br />
Jotun field<br />
PL412<br />
00<br />
Norway N y
WF9892 01.08<br />
Alvheim Area - PL304 - Aegis & Buhund<br />
Forward Plan<br />
A slot on the Aker Barents drilling rig has<br />
been secured<br />
The Aegis Prospect is scheduled to be drilled<br />
late 2008<br />
0 KM<br />
Norway<br />
UK<br />
10<br />
PL340<br />
203<br />
PL304<br />
Aegis<br />
Buhund<br />
T1<br />
T2<br />
J2<br />
J1<br />
J3<br />
Jotun Unit<br />
&103B<br />
167B<br />
59
WF9890 01.08<br />
Alvheim Area - PL363<br />
<strong>Lundin</strong> <strong>Petroleum</strong> interest: 60% (Operator)<br />
Endeavour 40%<br />
Work Commitment<br />
Acquire 3D seismic<br />
Drill or drop decision within 2 years.<br />
Declaration of Commerciality or<br />
relinquishment within 4 years.<br />
Submit PDO or relinquish within 5 years.<br />
Prospective Resources<br />
Prospect *MMBOE COS %<br />
Mon<br />
123<br />
25<br />
Monster<br />
50 25<br />
*Gross Unrisked Prospective Resources<br />
Alvheim field<br />
009<br />
UK<br />
PL088<br />
P090<br />
PL340<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Operator<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Partner<br />
PL150<br />
0024<br />
PL413<br />
PL036c<br />
PL203<br />
PL103B<br />
PL304<br />
PL363<br />
0025<br />
60<br />
Jotun field<br />
PL412<br />
00<br />
Norway N y
WF9890 01.08<br />
Alvheim Area - PL363 - Mon / Monster<br />
Forward Plan<br />
Drilling first exploration well in 2009<br />
4c<br />
1d<br />
9 S<br />
VILJE<br />
VALE<br />
4a<br />
0025<br />
4gUP<br />
HEIMDAL<br />
4gLW<br />
4e<br />
1c<br />
4d<br />
2<br />
6 S<br />
5d<br />
2g<br />
HEIMDAL EAST<br />
0025/02 (Area 5)<br />
2aW<br />
2f Mon Prospect<br />
16 S<br />
5b<br />
Monster Prospect<br />
PL363<br />
4<br />
PL413<br />
SKIRNE<br />
5a<br />
2<br />
61<br />
2d<br />
FROEY<br />
5e<br />
6<br />
PL412<br />
5f<br />
0 KM 4<br />
1<br />
5g
WF9896 01.08<br />
Luno Area - PL359<br />
<strong>Lundin</strong> <strong>Petroleum</strong> interest: 70% (Operator)<br />
Premier 30%<br />
Work Commitment<br />
Acquire existing 3D within 2 years<br />
Decide on drilling within 2years<br />
Declaration of Commerciality or relinquish<br />
within 4 years<br />
Submit PDO or relinquish within 5 years<br />
Prospective Resources<br />
Prospect *MMBOE COS %<br />
LeMond 198 20<br />
Merckx 76 18<br />
Armstrong 122 30<br />
*Gross Unrisked Prospective Resources<br />
1a<br />
6b<br />
11b<br />
16b<br />
16a<br />
1a a<br />
6c<br />
6a<br />
11a<br />
2a<br />
7a<br />
OAK<br />
12a<br />
17<br />
016<br />
22<br />
2b<br />
TONI<br />
27a<br />
27aF1<br />
BEINN<br />
12b<br />
7b<br />
UK<br />
8c<br />
23N<br />
23S<br />
28<br />
2b 3b<br />
4b<br />
3a<br />
4c<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Operator<br />
022<br />
3d<br />
8b<br />
3e<br />
13b<br />
13c<br />
18b<br />
18c<br />
8a<br />
13f<br />
J1<br />
8f<br />
3f<br />
3b<br />
8c<br />
CYRUS<br />
ANDREW<br />
5e<br />
5b<br />
8a<br />
2<br />
5a<br />
5c<br />
24a<br />
29aN<br />
29aS<br />
3d<br />
6d<br />
9a<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Partner<br />
3a<br />
PL359<br />
6b<br />
0015<br />
9b<br />
6e<br />
12f<br />
55a<br />
12b<br />
12a<br />
5b<br />
12g<br />
3b<br />
SLEIPNER WEST<br />
3<br />
5c<br />
3e<br />
4a<br />
7a<br />
SIGYN<br />
1a<br />
1g<br />
7c<br />
1c<br />
PL292<br />
4b<br />
10b<br />
10a<br />
1d<br />
1e<br />
PL338<br />
PL409<br />
7b<br />
0016<br />
8<br />
9<br />
Norway a<br />
0007<br />
1 2<br />
1f<br />
2b<br />
2a<br />
3<br />
Luno discovery<br />
PL410<br />
5b<br />
11<br />
5a<br />
62<br />
5c<br />
6b<br />
6a<br />
12<br />
3a<br />
0 KM 20
WF9896 11.07<br />
Luno Area - PL359<br />
Forward Plan<br />
Planning to drill first exploration<br />
well in 2009<br />
LeMond: Ty/Heimdal Fms 10 km2 Main risk: Lateral Base Seal<br />
Armstrong: Frigg Fm 15 km2 Main risk: Lateral Base Seal<br />
Luno II: Pre-Chalk (Jurassic to Triassic) 26 km2<br />
Main risk: Reservoir Presence<br />
Merckx: Ty/Heimdal Fms 35 km2 Main risk: Lateral Base Seal<br />
0 KM 4<br />
3e<br />
3a<br />
3b<br />
0015<br />
6b<br />
1a<br />
1c<br />
1g<br />
LeMond Armstrong<br />
Merckx<br />
PL359<br />
LUNO DISCOVERY<br />
1d<br />
4b<br />
4a<br />
1e<br />
Luno II<br />
PL338<br />
63<br />
0016/01 (Area 4)<br />
2a<br />
0016<br />
PL410<br />
5b
WF9900 01.08<br />
Barents Sea - PL438<br />
<strong>Lundin</strong> <strong>Petroleum</strong> interest: 35% (Operator)<br />
Marathon 25%<br />
RWE Dea 20%<br />
Petoro 20%<br />
Work Commitment<br />
Acquire 3D seismic in eastern part of<br />
the licence area,<br />
Drill or drop decision within 3 years.<br />
Declaration of Commerciality or<br />
relinquishment within 5 years.<br />
Submit PDO or relinquish within 6 years.<br />
Prospective Resources<br />
Prospect *MMBOE COS %<br />
Lavvo<br />
Skalle<br />
159<br />
14<br />
75 22<br />
*Gross Unrisked Prospective Resources<br />
2<br />
7<br />
3b<br />
7<br />
0 KM 12a 40 7221<br />
11<br />
7220<br />
5<br />
3<br />
711 7 98<br />
3a<br />
10<br />
6<br />
10<br />
8<br />
1<br />
11<br />
9<br />
1c<br />
3<br />
GAMMA<br />
2<br />
1a<br />
1b<br />
4<br />
11<br />
9a<br />
2<br />
7019<br />
7b<br />
9b<br />
7b<br />
12<br />
12b<br />
5<br />
3<br />
7a<br />
10<br />
10<br />
6d<br />
8b 8a<br />
6<br />
8c<br />
1<br />
1<br />
11<br />
9b<br />
4<br />
4c<br />
2<br />
2<br />
12<br />
12<br />
5c<br />
7b<br />
7020<br />
5<br />
3<br />
3<br />
10<br />
7121<br />
10<br />
6<br />
6a<br />
7222 11<br />
PL438<br />
4a<br />
6<br />
4<br />
5b<br />
5a<br />
712 1 0<br />
6a<br />
6c<br />
6b<br />
4b<br />
7a<br />
5d<br />
5b<br />
9a<br />
SNOEHVIT AREA<br />
8a<br />
5a<br />
6b<br />
8b<br />
1<br />
1<br />
11<br />
9a<br />
4b<br />
4<br />
9b<br />
12<br />
2<br />
4a<br />
2<br />
12<br />
7<br />
7021<br />
5b<br />
Bare BB rents re ts ts Se Sea Se<br />
5<br />
3<br />
7223<br />
10<br />
5a<br />
7122<br />
10a<br />
3<br />
10b<br />
8<br />
6<br />
6<br />
1<br />
9a<br />
1<br />
11<br />
11<br />
4<br />
4b<br />
4a<br />
9b<br />
2<br />
2<br />
7a<br />
12<br />
702 7 2<br />
5<br />
7b<br />
3<br />
TORNEROSE<br />
GOLIATH<br />
3<br />
7123<br />
10<br />
8<br />
1<br />
7023 1<br />
11<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Operator<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Partner<br />
9<br />
2<br />
6b<br />
Norsk Hydro<br />
5 Discovery 6a<br />
4<br />
6<br />
“Nucula”<br />
2<br />
12<br />
7<br />
3<br />
7124<br />
10<br />
8<br />
64<br />
1<br />
7125 4b<br />
11<br />
9<br />
2<br />
4a<br />
7<br />
12<br />
5b<br />
5a
WF9900 01.08<br />
Barents Sea - PL438 - Lavvo / Skalle<br />
Forward Plan<br />
Actions:<br />
Develop a common view on play types,<br />
leads and prospects within Q2 2008<br />
Carry out all necessary environmental studies<br />
Perform field development and feasibility<br />
studies to define economical threshold.<br />
Drilling likely to commence in 2009<br />
7220<br />
Komse<br />
Sild<br />
Lavo<br />
Prospect<br />
7119<br />
1 R2<br />
1a<br />
PL438<br />
4a<br />
7120/01 (Area 2)<br />
Lodde<br />
1<br />
Triassic<br />
Anomaly<br />
7120/1-2<br />
2a<br />
5b<br />
7120/2-2<br />
Skalle<br />
Prospect<br />
7120<br />
1<br />
Rein<br />
3a<br />
Cretaceous<br />
Pinchout<br />
6d<br />
65<br />
1<br />
0 KM 8<br />
7121<br />
SNOEHVIT NORTH<br />
SNOEHVIT AREA<br />
2<br />
2 S<br />
1
Norway Continental Shelf - Prospective Resources<br />
Licence<br />
WF1 WF 0042 NNo<br />
N o 01.0<br />
1 8<br />
PL359<br />
PL438<br />
Alvheim-Area<br />
PL363<br />
PL304<br />
PL440s<br />
PL409<br />
PL304<br />
PL412<br />
PL359<br />
PL359<br />
PL438<br />
PL400<br />
PL440s<br />
PL167<br />
PL409<br />
PL363<br />
PL150<br />
PL412<br />
PL412<br />
Alvheim Area<br />
PL340<br />
PL412<br />
PL412<br />
PL340<br />
PL292<br />
Alvheim Area<br />
PL340<br />
PL340<br />
Gross*<br />
Prospect Unrisked Equity %<br />
Lemond<br />
Lavvo<br />
Alvheim Deep<br />
Mon<br />
Aegis<br />
Helena<br />
D<br />
Buhund<br />
Hugin S<br />
Armstrong<br />
Merckx<br />
Skalle<br />
Blizzard<br />
Clapton<br />
Verdandi (Oil)<br />
A<br />
Monster<br />
(Ibsen) Kielland<br />
Hugin W<br />
Ty N<br />
S Kneler<br />
Marihone A<br />
Hugin Central<br />
Hugin N<br />
Marihone B<br />
Pi North<br />
E Kneler<br />
Frosk<br />
Padde<br />
198<br />
159<br />
158<br />
123<br />
104<br />
102<br />
94<br />
87<br />
86<br />
122<br />
76<br />
75<br />
59<br />
56<br />
53<br />
50<br />
50<br />
47<br />
36<br />
33<br />
30<br />
34<br />
19<br />
19<br />
5<br />
9<br />
2<br />
6<br />
42<br />
70%<br />
35%<br />
15%<br />
60%<br />
50%<br />
18%<br />
100%<br />
50%<br />
30%<br />
70%<br />
70%<br />
35%<br />
50%<br />
18%<br />
20%<br />
100%<br />
60%<br />
35%<br />
30%<br />
30%<br />
15%<br />
15%<br />
30%<br />
30%<br />
15%<br />
40%<br />
15%<br />
15%<br />
15%<br />
Net*<br />
Unrisked<br />
138.6<br />
55.5<br />
23.8<br />
73.8<br />
52<br />
18.4<br />
94<br />
43.5<br />
25.8<br />
85.4<br />
53.2<br />
26.3<br />
29.5<br />
10.1<br />
10.6<br />
50<br />
30<br />
16.5<br />
10.8<br />
9.9<br />
4.5<br />
5.1<br />
5.7<br />
5.7<br />
0.8<br />
3.6<br />
0.4<br />
0.9<br />
6.3<br />
CoS %<br />
20%<br />
14%<br />
18%<br />
25%<br />
19%<br />
20%<br />
17%<br />
19%<br />
18%<br />
30%<br />
18%<br />
22%<br />
11%<br />
20%<br />
20%<br />
21%<br />
25%<br />
12%<br />
25%<br />
17%<br />
50%<br />
36%<br />
81%<br />
25%<br />
36%<br />
29%<br />
50%<br />
63%<br />
14%<br />
Net*<br />
Risked<br />
27.7<br />
7.8<br />
4.3<br />
18.5<br />
9.9<br />
3.7<br />
16.0<br />
8.3<br />
4.6<br />
25.6<br />
9.6<br />
5.8<br />
3.2<br />
2.0<br />
2.1<br />
10.5<br />
7.5<br />
2.0<br />
2.7<br />
1.7<br />
2.2<br />
1.8<br />
4.6<br />
1.4<br />
0.3<br />
1.1<br />
0.2<br />
0.6<br />
0.9<br />
Total 1934 880 184<br />
*resources (mmboe)<br />
Net Prospective Resources<br />
Unrisked: 880MMBOE , Risked: 184MMBOE<br />
Volund & PL150<br />
PL340<br />
PL338<br />
PL359<br />
PL292<br />
PL440S<br />
<strong>Lundin</strong> <strong>Petroleum</strong> operated assets<br />
<strong>Lundin</strong> <strong>Petroleum</strong> non-operated assets<br />
PL438<br />
PL363<br />
PL412<br />
Alvheim & PL203<br />
PL304<br />
PL167<br />
PL410<br />
PL409<br />
66<br />
PL400
Central North Sea - P1107 & P1109 - Scolty Discovery<br />
WF9903 01.08<br />
8<br />
<strong>Lundin</strong> <strong>Petroleum</strong> interest: 40% (operator)<br />
9<br />
Palace (Revus) 50%<br />
Challanger 10%<br />
Work Commitment<br />
One well drilled 3Q 2007<br />
- Scolty prospect: discovery<br />
- Banchory prospect: dry<br />
One exploration well scheduled<br />
on Torphins prospect 2008<br />
Prospective Resources<br />
Prospect *MMBOE COS %<br />
Scolty<br />
Torphins<br />
Belfry<br />
10<br />
28<br />
Discovery<br />
60<br />
16 15<br />
*Gross Unrisked Prospective Resources<br />
3<br />
24<br />
29<br />
4b<br />
9<br />
4a<br />
21<br />
019<br />
22<br />
12<br />
23<br />
18<br />
13<br />
24<br />
19<br />
14<br />
25<br />
15<br />
20<br />
020<br />
21<br />
16<br />
11<br />
12<br />
13 14<br />
22 23 24 25<br />
11c 021<br />
21<br />
22<br />
12<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Operator<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Partner<br />
3<br />
Flotta<br />
2<br />
28<br />
3<br />
29<br />
4<br />
30<br />
005<br />
5<br />
26<br />
1<br />
27<br />
2<br />
28<br />
3<br />
29<br />
006<br />
4<br />
30<br />
5<br />
26 007<br />
1<br />
27<br />
2<br />
28<br />
3<br />
29<br />
4<br />
30<br />
5<br />
26 008<br />
1<br />
27<br />
2<br />
28<br />
0<br />
3<br />
29<br />
4<br />
30a<br />
KM 30b<br />
5<br />
27b<br />
26b<br />
009 0<br />
40<br />
27a<br />
26a<br />
2c<br />
1b<br />
2b<br />
228aF1<br />
3c<br />
3f<br />
3d<br />
8<br />
1a<br />
3a<br />
7<br />
9<br />
6<br />
11<br />
12<br />
15<br />
P1301<br />
17c 012 116a<br />
16a<br />
20 16b<br />
17b<br />
011<br />
22b<br />
24<br />
25b<br />
21b 22a<br />
30a<br />
29<br />
26b<br />
27<br />
30b<br />
4a<br />
5b<br />
1a<br />
2a<br />
8<br />
9<br />
10<br />
6<br />
13<br />
14<br />
15<br />
11<br />
P1397<br />
19a<br />
16b<br />
20a<br />
18<br />
16a 013<br />
19b<br />
20b<br />
23a<br />
21a<br />
24<br />
25<br />
21b<br />
23b<br />
21c<br />
28<br />
29<br />
26bA<br />
30<br />
26a<br />
7<br />
12<br />
17<br />
22a<br />
22b<br />
22c<br />
27b<br />
27a<br />
8<br />
13<br />
18<br />
23b<br />
23a<br />
28a<br />
28b<br />
9<br />
10<br />
14<br />
15<br />
19<br />
20<br />
24c<br />
24d 25<br />
24a<br />
ROSS 30c<br />
29a 30a<br />
29c<br />
30b<br />
6<br />
11<br />
014<br />
16<br />
21b<br />
21a<br />
21c<br />
26c<br />
26a<br />
7<br />
12<br />
17b<br />
17a<br />
22b<br />
22a<br />
22c<br />
27b<br />
27a<br />
9b<br />
8<br />
6 7<br />
10<br />
9a<br />
14b<br />
15b<br />
13<br />
11b<br />
12a<br />
14a<br />
15a<br />
11a<br />
17F2<br />
18c<br />
20b 015<br />
16b<br />
18b<br />
17<br />
19S<br />
16a<br />
17<br />
19S DUART D A RT 16a<br />
P1089, P1295<br />
21c<br />
23a<br />
25a<br />
24a<br />
22F2 222F2 2F2 F<br />
21a<br />
22<br />
23b<br />
25b<br />
24b<br />
29b<br />
28a<br />
27UP<br />
30a 26a<br />
28c<br />
29c<br />
26b<br />
29a<br />
8 9<br />
13b<br />
14<br />
13a<br />
18b<br />
19b<br />
18a<br />
19c<br />
23a<br />
24a<br />
23e<br />
29e<br />
28a<br />
29a<br />
6a<br />
10<br />
6b<br />
P1471<br />
11a<br />
15<br />
11b 016<br />
20d<br />
16b<br />
20a<br />
16a<br />
21d<br />
25d<br />
21c<br />
30<br />
30F1<br />
2<br />
8c BEINN<br />
7a<br />
8a<br />
7b<br />
8b<br />
5e<br />
12a<br />
13f<br />
12b<br />
5b<br />
18b<br />
8c<br />
17<br />
18c<br />
8a<br />
23N<br />
22<br />
23S<br />
24a<br />
27a CYRUS<br />
28<br />
4b<br />
9<br />
017 5c<br />
1b<br />
P1399 018<br />
10<br />
6<br />
7<br />
2b<br />
3<br />
8<br />
4<br />
9<br />
5<br />
10a<br />
10b<br />
1a<br />
1b<br />
6a<br />
6b<br />
2<br />
7<br />
3E<br />
8<br />
4<br />
9<br />
5c<br />
5b<br />
5a<br />
10a<br />
10b<br />
2b<br />
1N<br />
3d<br />
3b<br />
4b<br />
P1463<br />
2c c<br />
3a 3f<br />
1S<br />
4a<br />
2a<br />
3c<br />
6a<br />
7<br />
8<br />
9<br />
6b UK U<br />
4c<br />
30b<br />
5c<br />
1aN<br />
5b<br />
1b<br />
5d<br />
6b<br />
P1413<br />
10<br />
27LW<br />
2aCR<br />
2aJR<br />
2b<br />
7b<br />
28c<br />
3e<br />
3a<br />
3b<br />
3d<br />
3c<br />
8<br />
29b<br />
4a<br />
5a<br />
1b<br />
4b<br />
11a<br />
1a<br />
5b<br />
1c<br />
P1107<br />
6b<br />
9<br />
10<br />
2b<br />
7<br />
3b<br />
3a<br />
8b<br />
4b<br />
9<br />
11<br />
6a<br />
7a<br />
Aberdeen<br />
30<br />
25<br />
26<br />
16<br />
27<br />
17<br />
28<br />
29<br />
30<br />
26<br />
16a<br />
17 18 8 19 20<br />
P1176<br />
16b<br />
17a<br />
17b<br />
18a<br />
18b<br />
27<br />
28<br />
29<br />
15a<br />
30<br />
15b<br />
11b<br />
11a<br />
26<br />
13b<br />
P1414<br />
28a<br />
23a<br />
13a<br />
29a<br />
14<br />
GROUSE<br />
19<br />
24a<br />
FORTIES<br />
15a<br />
12a<br />
11b<br />
12b<br />
P1109<br />
15b<br />
12aS<br />
25<br />
30<br />
20c<br />
P1421<br />
16b<br />
21<br />
26a<br />
6aS<br />
67<br />
NELSON8a<br />
17<br />
SELKIRK SEL<br />
E<br />
22a<br />
27c<br />
22c<br />
13b<br />
022<br />
23c<br />
8c<br />
18<br />
14b<br />
19b<br />
19a<br />
23b 24e<br />
24a<br />
29
WF9903 01.08<br />
Central North Sea - P1107 - Torphins<br />
Torphins well proposal,<br />
planned for 2008<br />
21/8-1<br />
Torphins 4,5km 2<br />
Scolty 1,6km 2<br />
68
UK Continental Shelf - Prospective Resources<br />
Licence<br />
P1410<br />
P1399<br />
P1406<br />
P1410<br />
P1397<br />
P1107<br />
P1399<br />
P1399<br />
P1107<br />
P1399<br />
P1399<br />
WF10042 UK 01.08<br />
Gross *<br />
Prospect Unrisked Equity %<br />
9/9-A<br />
Delgany<br />
Gamma-Delta<br />
9/9-B<br />
Nairn<br />
Torphins<br />
Southerndown<br />
Wenvoe<br />
Belfry<br />
Carne<br />
Cruit<br />
143<br />
74<br />
45<br />
31<br />
29<br />
28<br />
28<br />
17<br />
16<br />
12<br />
7<br />
60%<br />
15%<br />
100%<br />
60%<br />
15%<br />
40%<br />
15%<br />
15%<br />
40%<br />
15%<br />
15%<br />
Net *<br />
Unrisked<br />
85.8<br />
11.1<br />
45.0<br />
18.6<br />
4.4<br />
11.1<br />
4.2<br />
2.5<br />
6.4<br />
1.8<br />
1.0<br />
*resources (mmboe)<br />
CoS %<br />
18%<br />
20%<br />
25%<br />
14%<br />
50%<br />
60%<br />
20%<br />
20%<br />
15%<br />
20%<br />
20%<br />
Net*<br />
Risked<br />
15.4<br />
2.2<br />
11.3<br />
2.6<br />
2.2<br />
6.6<br />
0.8<br />
0.5<br />
1.0<br />
0.4<br />
0.2<br />
Total 429 192 43<br />
Net Prospective Resources<br />
Unrisked: 192MMBOE , Risked: 43MMBOE<br />
P1399<br />
P1397<br />
P1406<br />
P1410<br />
<strong>Lundin</strong> <strong>Petroleum</strong> operated assets<br />
<strong>Lundin</strong> <strong>Petroleum</strong> non-operated assets<br />
P1107<br />
69
WF10044 01.08<br />
France - Ferrières<br />
<strong>Lundin</strong> <strong>Petroleum</strong> Interest: 65%<br />
SPPE: 35%<br />
Prospective Resources<br />
Prospect *MMBOE COS %<br />
Ferrières 14<br />
Montargis<br />
12<br />
27<br />
16<br />
*Gross Unrisked Prospective Resources<br />
0 KM 40<br />
La Motte Noire<br />
Paris<br />
Vert-la-Gravelle<br />
Fontaine-au-Bron<br />
Itteville<br />
61.5MMbo<br />
PLATFORM MARGIN<br />
Villemer<br />
18MMbo<br />
Nemours<br />
Villeperdue<br />
Ferrières<br />
Merisier<br />
Val-des-Marais<br />
Dommartin<br />
Lettrée<br />
Ferrieres<br />
Plivot<br />
70<br />
Soudron<br />
Mairy<br />
Grandville<br />
Ferrières<br />
Montargis
Rest of Europe - Prospective Resources<br />
Paris Basin<br />
Aquitaine<br />
Licence<br />
WF10042 EU 01.08<br />
NETHERLANDS<br />
L7<br />
L4a<br />
Slootdorp<br />
Gross*<br />
Prospect Unrisked Equity %<br />
L7<br />
L4a<br />
Slootdorp<br />
20<br />
5<br />
5<br />
3.8%<br />
4.3%<br />
7.2%<br />
Net*<br />
Unrisked<br />
0.7<br />
0.2<br />
0.4<br />
*resources (mmboe)<br />
CoS %<br />
22%<br />
15%<br />
60%<br />
Net*<br />
Risked<br />
Total<br />
FRANCE<br />
29 1 0.4<br />
Pays du Vaxy Stephanian<br />
Saulnois and Westphalian 89 100% 89.2 13% 11.6<br />
Ferrières Ferrières 14 65% 9.0 27% 2.4<br />
Ferrières Montargis 12 65% 7.7 16% 1.2<br />
Mairy Ecury<br />
5 40% 2.0 56% 1.1<br />
Nemours Boulay-Chaunoy 2 50% 1.0 56% 0.5<br />
Carret East Piquey 19 50% 9.3 24% 2.2<br />
Carret Griset<br />
16 50% 8.1 25% 2.0<br />
Les Mimosas Bernet<br />
3 50% 1.4 68% 0.9<br />
Les Mimosas N Acacias 1 50% 0.3 72% 0.2<br />
Total<br />
IRELAND<br />
160 128 22.3<br />
Slyne Alpha<br />
59 50% 29.4 16% 4.7<br />
Total 248 158 27<br />
Net Prospective Resources<br />
Unrisked: 158MMBOE , Risked: 27MMBOE<br />
0.2<br />
0.0<br />
0.2<br />
Slyne<br />
Ireland<br />
Aquitaine<br />
UK<br />
France<br />
L4/L7<br />
Netherlands<br />
Paris Basin<br />
Norway<br />
Slootdorp<br />
Germany<br />
Italy<br />
71<br />
Sweden
WF10045 01.08<br />
Core Area - Africa<br />
PR = Prospective Resources<br />
Resources are net unrisked<br />
Tunisia<br />
No of Licences:<br />
3<br />
No of Prospects:<br />
5<br />
Total PR (prospects only): 18 MMboe<br />
No of Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
Congo (Brazzaville)<br />
No of Licences:<br />
3D seismic interpretation ongoing<br />
TOTAL<br />
Sudan<br />
No of Licences:<br />
No of Prospects:<br />
Total (prospects only):<br />
1<br />
1<br />
11<br />
634 MMboe<br />
9<br />
16<br />
652 MMboe<br />
Ethiopia<br />
No of Licences: 3<br />
Kenya<br />
No of Licences: 1<br />
72
WF10047 01.08<br />
Africa <strong>Exploration</strong><br />
Country<br />
Sudan<br />
TOTAL<br />
Net<br />
Net 2008 Targeted<br />
Prospective Resources*<br />
Prospective Resources<br />
(unrisked) - MMboe Prospects 2008 Wells (unrisked) 2008 Rig Contracts<br />
634<br />
Tunisia 18<br />
Congo 1 -<br />
Ethiopia 2 -<br />
Kenya** -<br />
1 3D Seismic interpretation ongoing - leads from old seismic identified<br />
2 Newly acquired licences - subsurface & new data acquisition ongoing<br />
* Includes prospects only<br />
11<br />
652 16<br />
5<br />
-<br />
-<br />
-<br />
4<br />
-<br />
1<br />
-<br />
-<br />
5<br />
568<br />
Dietswell<br />
ZPEB Rig 747<br />
- -<br />
to be updated<br />
towards mid year<br />
-<br />
-<br />
568<br />
Tendering Process<br />
-<br />
-<br />
73
WF10048 01.08<br />
Country<br />
Sudan<br />
Sudan<br />
Sudan<br />
Sudan<br />
Sudan<br />
Sudan<br />
Congo<br />
Africa - <strong>Exploration</strong> Drilling Schedule<br />
Ethiopia<br />
Licence<br />
5B<br />
5B<br />
5B<br />
5B<br />
5B<br />
5B*<br />
Marine XI<br />
Prospect/<br />
Discovery Equity<br />
Wan Machar -1<br />
Barada<br />
V1<br />
Nyal - 1<br />
Nyal South<br />
24.5%<br />
24.5%<br />
24.5%<br />
24.5%<br />
24.5%<br />
24.5%<br />
18.75%<br />
100%<br />
Unrisked<br />
2008<br />
2009 2010<br />
Gross<br />
mmboe Rig Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4<br />
1542<br />
541<br />
59<br />
176<br />
118<br />
Dietswell<br />
Dietswell<br />
Dietswell<br />
ZPEB Rig<br />
ZPEB Rig<br />
2007<br />
*2009 Drilling schedule subject to 2008 drilling campaign results & additional subsurface work & newly acquired 2D seismic.<br />
(3 Wells)<br />
<strong>Exploration</strong> Well Contingent Well<br />
74
WF9171 01.08<br />
Sudan - Block 5B Overview<br />
Thar Jath (Dev)<br />
Thar Jath<br />
Jarayan<br />
Nyal South<br />
Prospect<br />
Lead<br />
Adok<br />
N<br />
Nyal<br />
V<br />
Block 5A<br />
White Nile<br />
B<br />
Lake Nuong<br />
Nuong Dock<br />
Seismic Camp<br />
Bahr El Zaraaf<br />
Kasafa<br />
0<br />
Block 5B<br />
Wan Machar*<br />
Barada<br />
Khawr Jurwel<br />
Block B Central<br />
* Prospect renamed (formerly Umm Dandalo)<br />
Km 20<br />
Jonglei Canal<br />
Block B Central<br />
Net unrisked resource<br />
from targeted prospects<br />
LIBYA<br />
CHAD<br />
CENTRAL<br />
AFRICAN REPUBLIC<br />
CONGO<br />
EGYPT<br />
SUDAN<br />
Current Partners<br />
Port Sudan<br />
Khartoum<br />
Kosti<br />
BLOCK 5B<br />
KENYA<br />
<strong>Lundin</strong> <strong>Petroleum</strong><br />
Petronas Carigali<br />
Sudapet<br />
ONGC Videsh Ltd<br />
Red Sea<br />
ERITREA<br />
ETHIOPIA<br />
Prolific Muglad Basin petroleum system<br />
1500 km 2D seismic survey programme<br />
Over 1,280 km of seismic acquired since <strong>2006</strong><br />
Four well exploration programme to begin<br />
in 1Q 2008<br />
> 500 million boe<br />
5B interest**<br />
24.5%<br />
39.0%<br />
13.0%<br />
23.5%<br />
Joint<br />
operators<br />
(WNPOC)<br />
**NilePet likely to take 10% interest in Block 5B<br />
75
WF9171 10.07<br />
Surface Conditions - Wetlands<br />
Wetland conditions<br />
76<br />
Waterways through the wetlands
WF9171 10.07<br />
Surface Conditions - Nyal Area<br />
Nyal Area<br />
77<br />
Nyal Area
WF9171 10.07<br />
WM-1 Access Channel and Drilling Site Preparation<br />
Well site preparation - 28 September 07<br />
Well site preparation - 11 September 07<br />
110m<br />
110m<br />
110m<br />
Bahr Bahr El El Zaraf<br />
Zaraf<br />
TB<br />
PT<br />
SB<br />
110m<br />
110m<br />
110m<br />
110m<br />
Drilling Drilling Area<br />
Area<br />
CB<br />
SB<br />
DB<br />
DB – Drilling Barge<br />
CB – Crane Barge<br />
SB – Storage Barge<br />
TB – Transport Barge<br />
WT – Well Testing Barge<br />
AB – Accommodation Barge<br />
PT – Pusher Tugs<br />
AB<br />
WT<br />
18m<br />
18m<br />
Vegetation Vegetation primarily primarily consists consists of<br />
of<br />
papyrus papyrus and and elephant elephant grass<br />
grass<br />
Access<br />
Access ~ ~ 2500m<br />
2500m<br />
Channel<br />
Channel<br />
78<br />
Equipment at well site<br />
Well site layout
WF9171 10.07<br />
Pusher Tugs and Wan Machar-1 Storage<br />
Some of drilling equipment already at WM-1 well site<br />
79<br />
Drilling equipment delivery from KLB to WM-1
WF874707.07<br />
Development - Congo Brazzaville<br />
Block Marine XI:<br />
Soco E+P Congo (operator) 37.5%<br />
<strong>Lundin</strong> <strong>Petroleum</strong> 18.75%<br />
Raffia Oil 18.75%<br />
SNPC 15.0%<br />
AOGC 10.0%<br />
Marine XI spans 1,400 km2 in<br />
water depths less than 110m<br />
4 discoveries remain undeveloped<br />
Several leads identified w/ old 2D seismic<br />
1,200 km2 3D acquired 4Q-<strong>2006</strong>;<br />
currently being interpreted<br />
Key points:<br />
”Marginal” discoveries potentially<br />
commercial in current oil price environment<br />
No exploration to date in block using<br />
3D seismic<br />
M'Wengui<br />
Nyanga Mayombe<br />
M'Bya Marin<br />
Mer Profonde Sud<br />
Marine IV<br />
Yombo-Masseko-Youbi<br />
Mwafi<br />
Marine IX<br />
Loango<br />
Likalala-Libondo<br />
Gabon<br />
14K / A-IMI<br />
Kombi<br />
Zatchi Marine<br />
Foukanda<br />
Djambala Marine<br />
Moho-Bilondo<br />
Yanga-Sendji<br />
Sounda Marine<br />
Kitina Marine<br />
Lobito<br />
Noumbi<br />
Marine III A<br />
Marine XI<br />
Haute Mer C<br />
N'Kossa<br />
Kuito<br />
Block Tomboco 14d<br />
Benguela<br />
Belize<br />
Landana<br />
Kouilou B<br />
Tchibouela<br />
Tchibeli-Litanzi-Loussima<br />
N'Soko<br />
Tchendo<br />
Nemba<br />
Block 14aLomba<br />
Vanza<br />
Longui<br />
Congo Brazzaville<br />
Kayo Bloc Nord<br />
Tilapia<br />
Likouala<br />
N'Sangui<br />
Block 14b Bomboco<br />
Block 0 (Area B)<br />
Kokongo<br />
Pointe Indienne<br />
Marine III B<br />
Emeraude<br />
Awa-Paloukou<br />
Block 0 (Area B)<br />
Kouilou A<br />
Kouakouala B Kouakouala D<br />
Block 0 (Area A)<br />
Kayo Bloc Sud<br />
12°0'0"E<br />
Kouakouala A<br />
Kouakouala C<br />
80<br />
Cabinda A (North)<br />
0 9 18<br />
D.R.C.<br />
Angola<br />
Km<br />
Cabinda B (Center)<br />
Cabinda C (South)<br />
4°0'0"S
WF8765 01.08<br />
Ethiopia and Kenya - New Assets for <strong>Lundin</strong><br />
Ethiopia<br />
- 3 PSCs signed<br />
(WI 100%)<br />
Kenya Block 10A<br />
- 1 PSC signed<br />
(WI 100%)<br />
Block 5B<br />
Sudan<br />
MUGLAD BASIN<br />
MELUT BASIN<br />
Laga Laga Balal B al l 1<br />
Eliye Springs 1<br />
Loperot 1<br />
Chalbi 3<br />
Bellatrix Bellatri llatrix 1<br />
Kargi argi 1A Kargi Ka Kargi 1<br />
Sirius Siriu 1<br />
Kenya<br />
Eritrea<br />
Ethiopia thiopia<br />
Block 10A<br />
ANZA BASIN<br />
Kaisut 1<br />
Ndovu 1<br />
Duma 1<br />
OGADEN BASIN<br />
Anza 1<br />
Elgal 1<br />
Bahati 1<br />
Hotori 1<br />
Endela 1<br />
Tarbaj 1<br />
Elgal 2<br />
Ogaden-02<br />
Waligiro 1<br />
Meri 1<br />
Adigala<br />
Ogaden-08 08 0<br />
Djibouti<br />
Ogaden-06<br />
Ogaden-07<br />
OGADEN DEN DEN DEN DEN DEN DEN DEN DEN DEN DEN DEN DEN DEN DEN DEN DEN DEN DEN DEN DEN DEN BASIN BBASIN<br />
SIN SIN SIN SIN<br />
MARIB-SHABWA BASIN<br />
Yemen<br />
Gulf of Aden<br />
BERBERA BASIN<br />
81<br />
AL MEDO BASIN<br />
Somalia<br />
NOGAL BASIN<br />
SAYUN-<br />
MASILA<br />
BASIN<br />
0 00
Africa - Prospective Resources<br />
Licence<br />
Sudan<br />
5B<br />
5B<br />
5B<br />
5B<br />
5B<br />
5B<br />
5B<br />
5B<br />
5B<br />
5B<br />
5B<br />
WF10042 AFR 01.08<br />
Gross*<br />
Prospect Unrisked Equity %<br />
Wan Machar<br />
Barada<br />
V1<br />
Nyal<br />
Kasafa<br />
V2<br />
N1<br />
N2<br />
N3<br />
N4<br />
Nyal South<br />
1542<br />
541<br />
59<br />
176<br />
60<br />
31<br />
27<br />
23<br />
4<br />
8<br />
118<br />
24.5%<br />
24.5%<br />
24.5%<br />
24.5%<br />
24.5%<br />
24.5%<br />
24.5%<br />
24.5%<br />
24.5%<br />
24.5%<br />
24.5%<br />
Net*<br />
Unrisked<br />
377.8<br />
132.5<br />
14.5<br />
43.1<br />
14.7<br />
7.5<br />
6.7<br />
5.7<br />
1.0<br />
2.0<br />
28.9<br />
*resources (mmboe)<br />
CoS %<br />
28%<br />
34%<br />
19%<br />
20%<br />
20%<br />
19%<br />
16%<br />
19%<br />
19%<br />
13%<br />
20%<br />
Net*<br />
Risked<br />
107.3<br />
45.2<br />
2.8<br />
8.6<br />
2.9<br />
1.4<br />
1.1<br />
1.1<br />
0.2<br />
0.3<br />
5.8<br />
Total<br />
Tunisia<br />
2590 634 177<br />
Oudna Oudna South 15 40% 6.0 25% 1.5<br />
Oudna Prospect A<br />
8 40% 3.4 39% 1.3<br />
Zelfa Zelfa-B/C<br />
12 43.75% 5.2 24% 1.2<br />
Oudna Prospect B<br />
5 40% 2.2 39% 0.8<br />
Zelfa Zelfa-A<br />
3 43.75% 1.1 31% 0.3<br />
Total 43 18 5<br />
Total 2633 652 182<br />
Net Prospective Resources (prospects only)<br />
Unrisked: 652MMBOE , Risked: 182MMBOE<br />
Tunisia<br />
Oudna/Zelfa<br />
5B<br />
Sudan<br />
82
WF9848 11.07<br />
Core Area - Russia<br />
Russia <strong>Exploration</strong><br />
<strong>Exploration</strong> Licences:<br />
No of Prospects:<br />
Total PR Prospects:<br />
1<br />
3<br />
732 MMboe<br />
Caspain Sea<br />
Moscow<br />
Russia Ru<br />
Ka Kazh zhak akstan a<br />
Astrakhan Field<br />
100 tcfg<br />
Caspian Field<br />
RUSSIA<br />
China<br />
Viktor Filanovsky<br />
600 MMBO, 1.2 tcfg<br />
Mo Mong ngol olia<br />
Astrakhan<br />
Khvalynskoye Field<br />
266 MMBO<br />
Rakushechnoye Field<br />
4.4 tcfg<br />
CPC Pipeline<br />
Korchagin Field<br />
380 MMBO<br />
Kalamkas Field<br />
1-2 BBO<br />
Makhachkala Aktau<br />
Caspian Sea<br />
Kazakhstan<br />
Atyrau<br />
Kashagan Field<br />
15 BBO<br />
83<br />
Tengiz Field<br />
9 BBO<br />
Oil Field<br />
Gas<br />
Condensate<br />
Oil Pipeline<br />
Gas Pipeline<br />
Terminal
WF10046 01.08<br />
Russia <strong>Exploration</strong><br />
Country<br />
Russia<br />
Lagansky<br />
TOTAL<br />
Licence<br />
Net<br />
Net 2008 Targeted<br />
Prospective Resources*<br />
Prospective Resources<br />
(unrisked) - MMboe Prospects 2008 Wells (unrisked) 2008 Rig Contracts<br />
Prospect/<br />
Discovery Equity<br />
732 3<br />
732 3<br />
Lagansky Morskaya 70% 641 DC<br />
Lagansky Laganskaya 70% 106 DC<br />
Lagansky Petrovskaya 70% 300 Land Rig<br />
* Prospects only - no numbers for leads at present<br />
2<br />
2<br />
523 YES<br />
Unrisked<br />
2008 2009 2010<br />
Gross<br />
mmboe Rig Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4<br />
523<br />
84
WF10050 01.07<br />
Russia - Lagansky Block<br />
<strong>Lundin</strong> <strong>Petroleum</strong>: 70% (operator)<br />
Mintley Kalmykia 30%<br />
Gazprom option to acquire<br />
50% working interest<br />
<strong>Lundin</strong> <strong>Petroleum</strong> option to<br />
acquire 30% interest.<br />
Work Commitment<br />
4 well commitment<br />
- 2 wells to be drilled by end 2008<br />
- 2 wells to be drilled by August 2009<br />
Prospective Resources<br />
Prospect *MMBOE COS %<br />
Morskaya<br />
Laganskaya<br />
Petrovskaya<br />
641<br />
106<br />
300<br />
35<br />
26<br />
34<br />
*Gross Unrisked Prospective Resources on block<br />
0 KM 20<br />
Petrovskaya Prospect<br />
Northern Caspian<br />
<strong>Lundin</strong><br />
Concession<br />
Oil Field<br />
Laganskaya Prospect<br />
Morskaya Prospect<br />
Gas Field<br />
Kaspiskoye<br />
Prospects<br />
Lagansky Block<br />
Rakushechnoye<br />
Viktor Filanovski<br />
Rak-4<br />
Rak-2<br />
Rak-1<br />
Severo-<br />
Rakushechny<br />
Yuri Korchagin<br />
85
Russia - Prospective Resources<br />
WF10042 RU 01.08<br />
License<br />
Russia<br />
Lagansky<br />
Lagansky<br />
Lagansky<br />
Gross*<br />
Prospect Unrisked Equity %<br />
Morskaya<br />
Laganskaya<br />
Petrovskaya<br />
641<br />
106<br />
298<br />
70%<br />
70%<br />
70%<br />
Total 1,045 732 247<br />
Lagansky<br />
Net*<br />
Unrisked<br />
449<br />
74<br />
209<br />
Russia<br />
*resources (mmboe)<br />
CoS %<br />
35%<br />
26%<br />
34%<br />
Net*<br />
Risked<br />
157<br />
19<br />
71<br />
86<br />
Net Prospective Resources<br />
Unrisked: 732 MMBOE , Risked: 247 MMBOE
WF10055 01.08<br />
Core Area - South East Asia<br />
TOTAL<br />
<strong>Exploration</strong> Licences:<br />
No of Prospects:<br />
Total PR (prospects only):<br />
6<br />
43<br />
471 MMboe<br />
<strong>Exploration</strong> Licences:<br />
No of Prospect<br />
Total PR (prospects only)<br />
Cambodia<br />
<strong>Exploration</strong> Licences:<br />
No of Leads<br />
Vietnam<br />
<strong>Exploration</strong> Licences:<br />
No of Prospects<br />
Total PR (prospects only)<br />
Indonesia<br />
4<br />
36<br />
92 MMboe<br />
1<br />
7<br />
87<br />
1<br />
7<br />
379 MMboe<br />
PR = Prospective Resources<br />
Resources are net unrisked
WF10056 01.08<br />
South East Asia <strong>Exploration</strong><br />
Country<br />
Vietnam<br />
TOTAL<br />
Net<br />
Net 2008 Targeted<br />
Prospective Resources*<br />
Prospective Resources<br />
(unrisked) - MMboe Prospects 2008 Wells (unrisked) 2008 Rig Contracts<br />
379<br />
Indonesia 1 92<br />
Cambodia 2 -<br />
1 <strong>Exploration</strong> within producing fields. Large new 3D seismic acquisition ongoing<br />
2 Early stage exploration. 2D seismic acquisition planned in 2008<br />
* Includes prospects only<br />
7<br />
36<br />
471 43<br />
0<br />
1<br />
5<br />
-<br />
6<br />
42<br />
YES<br />
34 YES<br />
-<br />
76<br />
-<br />
88
WF10057 01.08<br />
South East Asia <strong>Exploration</strong><br />
Significant growth story expected to unfold in next 2 years<br />
Cambodia<br />
- 2D seismic acquisition (Block E) in 2008<br />
- Further regional studies ongoing for<br />
additional acreage position<br />
Indonesia<br />
- 240 km 2 3D seismic and 140 km 2D seismic<br />
planned in Salawati Basin in 2008<br />
- Additional 2D seismic planned in Salawati<br />
Basin in 2008<br />
- 3 large Joint Study Areas awarded to <strong>Lundin</strong><br />
(allows <strong>Lundin</strong> to first right of refusal when<br />
blocks included in bid round). Next bid round<br />
announced in Dec 2007 with bid deadline<br />
27 Feb 2008<br />
- 5 wells to be drilled in 2008<br />
Vietnam<br />
89<br />
- 800 km 2 3D seismic (Block 06/94) in 2008<br />
- 1 exploration well in 2008 (Prospect “A”)<br />
- Further regional studies ongoing for<br />
additional acreage position
WF10059 01.08<br />
Vietnam - 06/94 - Near Top Basement TWT Map<br />
Dua Oil Field<br />
Dua Terrace<br />
Block Limit<br />
0 KM 10<br />
Northern<br />
Basin<br />
Lan Tai Gas Field<br />
06/94<br />
“A” Prospect<br />
Lan Do Gas Field<br />
Central<br />
Fault Block<br />
Hoa Dao<br />
High<br />
90
South East Asia - Prospective Resources<br />
WF10042 AS 01.08<br />
License<br />
Vietnam<br />
06-94<br />
06-94<br />
Total 1,138 379 40<br />
Indonesia<br />
All All<br />
Gross*<br />
Prospect Unrisked Equity %<br />
“A”<br />
6 other prospects**<br />
127<br />
1,012<br />
514<br />
33.3%<br />
33.3%<br />
Various<br />
Net*<br />
Unrisked<br />
42<br />
337<br />
*resources (mmboe)<br />
CoS %<br />
Total 1,652 471 57<br />
92<br />
30%<br />
Various<br />
Net*<br />
Risked<br />
** Based on old seismic; newly acquired 3D seismic interpretataion<br />
ongoing. Results pending.<br />
13<br />
17<br />
Block E<br />
Cambodia<br />
Vietnam<br />
Block 06/94<br />
1 well in 2008<br />
Indonesia<br />
91<br />
Salawati<br />
5 wells in 2008<br />
Net Prospective Resources (prospects only)<br />
Unrisked: 471 MMBOE , Risked: 57 MMBOE
WF9978 01.08<br />
<strong>Exploration</strong> Activity 2008<br />
Country Licence<br />
Russia Lagansky<br />
Sudan<br />
France<br />
Vietnam<br />
Congo<br />
Net unrisked 1.26 bn boe targeted in 2008<br />
Net risked 380 MMboe targeted in 2008<br />
Prospect<br />
Norway PL292 Pi North<br />
PL340<br />
PL304<br />
Block 5B<br />
Paris Basin<br />
Block 06/94<br />
Marihone A/B<br />
Aegis<br />
UK P1107 Torphins<br />
Morskaya<br />
Langaskaya<br />
Wan Machar<br />
Barada<br />
V1<br />
Nyal<br />
Ferrieres<br />
“A”<br />
UK<br />
France<br />
Congo<br />
Norway<br />
Sudan<br />
Russia<br />
Vietnam<br />
Indonesia<br />
Gross<br />
Likely Drilling Schedule 2008<br />
Unrisked Net<br />
MMBOE Interest Operator<br />
Q1 Q2<br />
Q3 Q4<br />
9<br />
39<br />
104<br />
28<br />
641<br />
106<br />
1542<br />
541<br />
59<br />
176<br />
14<br />
127<br />
Marine XI -<br />
- 18.75% Soco<br />
Indonesia Salawati Island/Basin 34* -- PetroChina<br />
TOTAL 3,386 * Net Unrisked MMBOE<br />
40%<br />
15%<br />
50%<br />
40%<br />
70%<br />
70%<br />
24.5%<br />
24.5%<br />
24.5%<br />
24.5%<br />
65%<br />
33.3%<br />
BG<br />
Marathon<br />
<strong>Lundin</strong><br />
<strong>Lundin</strong><br />
<strong>Lundin</strong><br />
<strong>Lundin</strong><br />
WNPOC<br />
WNPOC<br />
WNPOC<br />
WNPOC<br />
<strong>Lundin</strong><br />
Pearl<br />
92
WF 10058 01.08<br />
MMBOE<br />
Targeted Prospective Resources - Net Unrisked<br />
1400<br />
1200<br />
1000<br />
800<br />
600<br />
400<br />
200<br />
0<br />
Indonesia<br />
Vietnam<br />
Sudan<br />
Russia<br />
Congo<br />
UK<br />
France<br />
Congo<br />
Vietnam<br />
Norway<br />
France<br />
UK<br />
2008 2009<br />
Sudan<br />
Russia<br />
UK<br />
Norway<br />
Norway<br />
Sudan<br />
Russia<br />
1400<br />
1200<br />
1000<br />
800<br />
600<br />
400<br />
200<br />
0<br />
MMBOE<br />
93<br />
Vietnam<br />
Indonesia
WF9979 01.07<br />
Reserves Upside Potential<br />
MMboe<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
2P RESERVES<br />
184.2 MMboe<br />
Luno<br />
CONTINGENT<br />
RESOURCES<br />
188.3 MMboe<br />
RUSSIA<br />
SUDAN<br />
NORWAY<br />
UK<br />
VIETNAM<br />
CONGO<br />
MMboe<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
94
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