Annual Report 2005 (6 MB) - Lundin Petroleum

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Board members at the executive session in Norway Lukas Lundin, Ashley Heppenstall and Ian Lundin boarding the helicopter to fl y to the Thistle Platform, off shore UK. C. Ashley Heppenstall, President and Chief Executive Offi cer. Director since 2001 Born 1962 Other board duties: Valkyries Petroleum Corp. and Matrix Rm Fund. Bachelor of Science degree in Mathematics from the University of Durham. Shares in Lundin Petroleum: 1,143,250 Incentive warrants: 550,000 Kai Hietarinta, Director since 2001 Born 1932 Other board duties: Vostok Nafta Investment Ltd. Master of Science degree in Engineering from Helsinki University of Technology. MBA from Helsinki School of Economics. Dr of Economics HC from the School of Economics and Business Administration in Turku. Shares in Lundin Petroleum: nil Incentive warrants: nil Lukas H. Lundin, Director since 2001 Born 1958 Other signifi cant board duties: Chairman of Tanganyika Oil Co. Ltd., Canadian Gold Hunter Corp., International Uranium Corporation, Tenke Mining Corp., Valkyries Petroleum Corp. and Lundin Mining Corp. Board member of Vostok Nafta Investment Ltd and Atacama Minerals Corp. Graduate from New Mexico Institution of Mining, Technology and Engineering. Shares in Lundin Petroleum: 708,478 Incentive warrants: nil William A. Rand, Director since 2001 Born 1942 Other signifi cant board duties: Lundin Mining Corp., Tenke Mining Corp., Vostok Nafta Investment Ltd., International Uranium Corp., Canadian Gold Hunter Corp., Pender Financial Group Corporation and Dome Ventures Corp. Commerce degree (Honours Economics) from McGill University. Law degree from Dalhousie University. Master of Law degree in International Law from the London School of Economics. Shares in Lundin Petroleum: 50,000 Incentive warrents: nil Magnus Unger, Director since 2001 Born 1942 Other board duties: Chairman of Strategic Leap AB and CAL-Konsult AB. Board member of System Separation AB and Quartz Pro AB MBA from the Stockholm School of Economics. Shares in Lundin Petroleum: 50,000 Incentive warrants: nil > 29
MANAGEMENT Standing from left to right: Chris Bruijnzeels, Geoff rey Turbott, Jeff rey Fountain, Christine Batruch, Tim Coulter. Sitting from left to right: C. Ashley Heppenstall, Alexandre Schneiter MANAGEMENT AND COMPANY STRUCTURE The President and CEO, who is a member of both the Board of Directors as well as of the Group management, has overall responsibility for the Lundin Petroleum Group. The President and CEO is assisted in his functions by the Group Management (see below). All the managers in the Company are responsible for working in compliance with the company’s strategies and procedures. The main responsibility for the operation of Company assets, ensuring that approved budgets are maintained and that all of Lundin Petroleum’s internal rules and principles are followed, rests with the manager of each geographical business unit (General Manager) as well as with the Group management. General Managers regularly report on all technical, commercial, HSE, fi nancial and legal issues to the Group management. Remuneration Lundin Petroleum’s aim is to recruit, motivate and retain high calibre executives capable of achieving the objectives of the Group, and to encourage and appropriately reward superior performance in a manner that enhances shareholder value. Accordingly, the Group operates a Policy on Remuneration which ensures that there is a clear link to performance and a close alignment with shareholder interests, and aims to ensure that senior executives are rewarded fairly for their contribution to the Group’s performance (see Note 38, Remuneration to Board of Directors’ and Management). Changes in management Marco Zanella left the Company in January 2005. Andrew Harber, Vice President Corporate Services transferred to the role of General Manager of the Company’s Indonesian operation during March 2005 and the role of Vice President Corporate Services was withdrawn with the functions of the role being redistributed among other positions. During 2005 Tim Coulter has been appointed Vice President Operations. > 30
Page 1 and 2: ANNUAL REPORT 2005
Page 3 and 4: PRODUCTION (BOEPD) 40,000 30,000 20
Page 5 and 6: LETTER TO SHAREHOLDERS ...fi rst pr
Page 7 and 8: WORDS FROM THE CHAIRMAN IAN H. LUND
Page 9 and 10: UNDERSTANDING RESERVES AND RESOURCE
Page 11 and 12: MARKET DESCRIPTION World Oil Produc
Page 13 and 14: OPERATIONS REVIEW 2005 was another
Page 15 and 16: OPERATIONS REVIEW Solan/ Strathmore
Page 17 and 18: OPERATIONS REVIEW Workover rig, Par
Page 19 and 20: OPERATIONS REVIEW INDONESIA Lundin
Page 21 and 22: OPERATIONS REVIEW IRELAND In Januar
Page 23 and 24: OUR PEOPLE ARE OUR STRENGTH We have
Page 25 and 26: CORPORATE RESPONSIBILITY In view of
Page 27 and 28: SHARE INFORMATION Lundin Petroleum
Page 29 and 30: BOARD OF DIRECTORS The Annual Gener
Page 31: BOARD OF DIRECTORS From left to rig
Page 35 and 36: CORPORATE GOVERNANCE REPORT- Chairm
Page 37 and 38: INTERNAL CONTROL REPORT THE BOARD O
Page 39 and 40: KEY FINANCIAL DATA Data per share 2
Page 41 and 42: DIRECTORS’ REPORT PRODUCTION AND
Page 43 and 44: DIRECTORS’ REPORT Sudan A compreh
Page 45 and 46: DIRECTORS’ REPORT Write off Write
Page 47 and 48: DIRECTORS’ REPORT hydrocarbons an
Page 49 and 50: BALANCE SHEET CONSOLIDATED AND PARE
Page 51 and 52: STATEMENT OF CHANGES IN EQUITY CONS
Page 53 and 54: ACCOUNTING PRINCIPLES Introduction
Page 55 and 56: ACCOUNTING PRINCIPLES ACCOUNTING PR
Page 57 and 58: ACCOUNTING PRINCIPLES The Group cat
Page 59 and 60: ACCOUNTING PRINCIPLES Site restorat
Page 61 and 62: NOTES 2005 SEK Average crude sales
Page 63 and 64: NOTES NOTE 4 - WRITE-OFF OF OIL AND
Page 65 and 66: NOTES The tax on the Group’s prof
Page 67 and 68: NOTES 2005 Production cost pools UK
Page 69 and 70: NOTES Venezuela In November 2002, L
Page 71 and 72: NOTES NOTE 12 - SHARES IN ASSOCIATE
Page 73 and 74: NOTES The Group has entered into th
Page 75 and 76: NOTES life. It was further agreed t
Page 77 and 78: NOTES NOTE 33 - EARNINGS PER SHARE
Page 79 and 80: NOTES Salaries, other remuneration
Page 81 and 82: NOTES NOTE 39 - INCENTIVE WARRANTS
Page 83 and 84:
SUPPLEMENTAL INFORMATION - RESERVE
Page 85:
Corporate Head Offi ce Lundin Petro
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Annual Report 2005 (6 MB) - Lundin Petroleum

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