Annual Report 2005 (6 MB) - Lundin Petroleum

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2005 2004 Total equity and liabilities TSEK TSEK United Kingdom 1,951,801 1,585,790 France 323,613 293,576 Norway 1,156,224 497,594 Netherlands 248,260 892,170 Indonesia 189,030 100,093 Tunisia 62,445 33,093 Ireland – 13,900 Venezuela 61,413 22,627 Albania 33,738 – Nigeria 25,721 – Iran 438 13,057 Sudan 2,195 1,702 Other 24,829 28,498 Total liabilities 4,079,707 3,482,100 Shareholders’ equity 3,679,616 2,367,282 Minority interest 3,050 2,931 Total equity 3,682,666 2,370,213 Group total 7,762,373 5,852,313 NOTE 2 – PRODUCTION COSTS (TSEK) Parent Parent Group Group Company Company Production costs comprise: 2005 2004 2005 2004 Cost of operations 1,107,591 910,141 – – Tariff and transportation expenses 133,492 118,702 – – Direct production taxes 35,805 28,045 – – Change in lifting position 39,481 12,873 – – Inventory movement – hydrocarbons -4,935 5,962 – – Inventory movement – well supplies -529 -1,232 – – 1,310,905 1,074,491 – – NOTE 3 – DEPLETION OF OIL AND GAS PROPERTIES (TSEK) Parent Parent Group Group Company Company Depletion of oil and gas properties per country: 2005 2004 2005 2004 United Kingdom 508,519 175,680 – – France 67,651 55,665 – – Norway 26,663 38,328 – – Netherlands 70,834 61,669 – – Indonesia 16,192 8,903 – – Tunisia 18,831 12,319 – – Venezuela 44,738 28,688 – – 753,428 381,252 – – > 59
NOTES NOTE 4 – WRITE-OFF OF OIL AND GAS PROPERTIES (TSEK) Parent Parent Group Group Company Company Oil and gas properties written off were as follows: 2005 2004 2005 2004 Nigeria 158,174 – – – Netherlands 30,162 – – – Iran 6,040 123,820 – – Indonesia 855 22,360 – – Other – project appraisal 12,904 3,885 – – 208,135 150,065 – – Whilst Lundin Petroleum retains an interest in Block OML 113 in Nigeria and is reviewing the information that was obtained from drilling the Aje-3 well, it was decided to write off all of the costs amounting to MSEK 158.2 in 2005 following the disappointing well results. The other material cost written off in 2005 relates to the Luttelgeest exploration well that was drilled in the Netherlands in 2004. After testing of the well in August 2005 the decision was made to plug and abandon the well and the costs incurred of MSEK 30.2 were written off . During 2004 the decision was made to write off the costs incurred in Iran as well as other exploration project costs resulting in a charge to the income statement for the year ended 31 December 2004 of MSEK 150.1. NOTE 5 – REMUNERATION TO THE GROUP’S AUDITORS (TSEK) Remuneration to the Group’s auditors for Audit fees Group 2005 > 60 < Group 2004 Parent Company 2005 Parent Company 2004 - PricewaterhouseCoopers 4,289 5,152 1,023 1,114 - Other 52 741 – – 4,341 5,893 1,023 1,114 Other - PricewaterhouseCoopers 498 879 498 206 - KPMG – 9 – – - Other 47 1,418 – – 545 2,306 498 206 Total 4,886 8,199 1,521 1,320 NOTE 6 – FINANCIAL INCOME (TSEK) Parent Parent Group Group Company Company Financial income comprise: 2005 2004 2005 2004 Interest income 31,195 11,468 37,243 30,005 Dividends received 12,817 10,899 – – Foreign exchange gain, net – 36,125 2,603 523 Other fi nancial income – – – 267 44,012 58,492 39,846 30,795 Included in the interest income for the Parent Company is an amount of TSEK 37,161 (TSEK 29,944) received from Group companies.
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 and 32: BOARD OF DIRECTORS From left to rig
Page 33 and 34: MANAGEMENT Standing from left to ri
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: NOTES 2005 SEK Average crude sales
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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