Annual Report 2005 (6 MB) - Lundin Petroleum

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To the annual meeting of the shareholders of Lundin Petroleum AB (publ) Corporate identity number 556610-8055 We have audited the annual accounts, the consolidated accounts, the accounting records and the administration of the board of directors and the managing director of Lundin Petroleum AB for the year 2005. The board of directors and the managing director are responsible for these accounts and the administration of the company as well as for the application of the Annual Accounts Act when preparing the annual accounts and the application of international fi nancial reporting standards IFRS as adopted by the EU and the Annual Accounts Act when preparing the consolidated accounts. Our responsibility is to express an opinion on the annual accounts, the consolidated accounts and the administration based on our audit. We conducted our audit in accordance with generally accepted auditing standards in Sweden. Those standards require that we plan and perform the audit to obtain reasonable assurance that the annual accounts and the consolidated accounts are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the accounts. An audit also includes assessing the accounting principles used and their application by the board of directors and the managing director and signifi cant estimates made by the board of directors and the managing director when preparing the annual accounts and consolidated accounts as well as evaluating the overall presentation of information in the annual accounts and the consolidated accounts. As a basis for our opinion concerning discharge from liability, we examined signifi cant decisions, actions taken and circumstances of the company in order to be able to determine the liability, if any, to the company of any board member or the managing director. We also examined whether any board member or the managing director has, in any other way, acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. We believe that our audit provides a reasonable basis for our opinion set out below. The annual accounts have been prepared in accordance with the Annual Accounts Act and give a true and fair view of the company’s fi nancial position and results of operations in accordance with generally accepted accounting principles in Sweden. The consolidated accounts have been prepared in accordance with international fi nancial reporting standards IFRSs as adopted by the EU and the Annual Accounts Act and give a true and fair view of the group’s fi nancial position and results of operations. The statutory administration report is consistent with the other parts of the annual accounts and the consolidated accounts. We recommend to the annual meeting of shareholders that the income statements and balance sheets of the parent company and the group be adopted, that the profi t of the parent company be dealt with in accordance with the proposal in the Directors’ report and that the members of the board of directors and the managing director be discharged from liability for the fi nancial year. Stockholm, 7 April 2006 Carl-Eric Bohlin Klas Brand Authorised Public Accountant Authorised Public Accountant PricewaterhouseCoopers AB PricewaterhouseCoopers AB > 79 < AUDITORS’ REPORT
SUPPLEMENTAL INFORMATION – RESERVE QUANTITY INFORMATION UNAUDITED Proved and probable oil reserves Total Mbbl UK Mbbl France Mbbl Netherlands Mbbl > 80 < Tunisia Mbbl Norway Mbbl Venezuela Mbbl Indonesia Mbbl 1 January 2004 56,616 – 26,006 42 6,218 4,768 8,180 11,402 – Changes during the year - acquisitions 85,131 54,283 – – – 30,848 – – – - sales -4,509 – – – -397 -4,112 – – – - revisions -5,875 – -3,558 767 -95 – -2,393 -596 – - extensions and discoveries 3,055 – 2,287 – – – – 768 – - production -8,566 -3,974 -1,561 -4 -574 -870 -753 -830 – 69,236 50,309 -2,832 763 -1,066 25,866 -3,146 -658 – 31 December 2004 125,852 50,309 23,174 805 5,152 30,634 5,034 10,744 – 2005 Changes during the year - acquisitions – – – – – – – – – - sales – – – – – – – – – - revisions 10,815 6,616 -1,590 -646 -68 4,395 -175 2,283 – - extensions and discoveries 4,510 4,510 – – – – – – – - production -11,127 -7,361 -1,534 -13 -355 -337 -716 -811 – 4,198 3,765 -3,124 -659 -423 4,058 -891 1,472 – 31 December 2005 130,050 54,074 20,050 146 4,729 34,692 4,143 12,216 – Proved and probable gas reserves 1 Total MMscf UK MMscf France MMscf Netherlands MMscf Tunisia MMscf Norway MMscf Venezuela MMscf Indonesia MMscf 1 January 2004 95,173 – – 48,468 – 12,572 5,526 28,607 – Ireland Mbbl Ireland MMscf Changes during the year - acquisitions 68,907 – – – – 34,107 – – 34,800 - sales -12,429 – – – – -12,429 – – – - revisions -43,854 – – -5,214 – – -3,089 -1,711 -33,840 - extensions and discoveries – – – – – – – – – - production -7,127 – – -5,665 – -169 -449 -64 -780 5,497 – – -10,879 – 21,509 -3,538 -1,775 180 31 December 2004 100,670 – – 37,589 – 34,081 1,988 26,832 180 2005 Changes during the year - acquisitions – – – – – – – – – - sales -35 – – – – – – – -35 - revisions 1,187 – – 2,145 – 3,877 -363 -4,472 – - extensions and discoveries – – – – – – – – – - production -5,740 – – -5,054 – -140 -317 -84 -145 -4,588 – – -2,909 – 3,737 -680 -4,556 -180 31 December 2005 96,082 – – 34,680 – 37,818 1,308 22,276 – 1 The Company has used a conversion factor of 6,000 scf equals one boe. Of the total proved and probable oil and gas reserves at 31 December 2005, 58 Mbbl and 82 MMscf of gas are attributable to minority shareholders of certain subsidiaries of the Group. Reserves as at 31 December 2005 of 146.1 MMboe have been certifi ed by Gaff ney, Cline & Associates.
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 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: NOTES NOTE 39 - INCENTIVE WARRANTS
Page 85: Corporate Head Offi ce Lundin Petro
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Annual Report 2005 (6 MB) - Lundin Petroleum

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