Annual Report 2005 (6 MB) - Lundin Petroleum

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FINANCIAL REPORT DATES Lundin Petroleum will publish the following interim reports: ■ 16 May 2006 Three month report 2006. ■ 16 August 2006 Six month report 2006. ■ 15 November 2006 Nine month report 2006. ■ February 2007 Year End report 2006. The reports are available on Lundin Petroleum’s website, www.lundinpetroleum.com direct after public announcement in Swedish and English. The reports are sent automatically to shareholders who have requested the information. ANNUAL GENERAL MEETING The Annual General Meeting (AGM) is held within six months from the close of the fi nancial year. All shareholders who are registered in the shareholders’ registry and who have duly notifi ed their intention to attend the AGM may do so and vote in accordance with their level of shareholding. Shareholders who cannot participate personally may be represented by proxy. The AGM of the shareholders is to be held on Wednesday, 17 May 2006 at 13.00 (Swedish time). Location: China Teatern (for registration Berns main entrance, 1 fl oor down) Berzelii Park, in Stockholm. Attendance at the meeting Shareholders wishing to attend the meeting shall: ■ be recorded in the share register maintained by the Swedish Central Securities Depository (VPC) on Thursday 11 May 2006; and ■ notify Lundin Petroleum of their intention to attend the meeting no later than Friday 12 May 2006 Confi rmation of attendance ■ in writing to Lundin Petroleum AB, Hovslagargatan 5, SE-111 48 Stockholm, Sweden ■ by telephone: +46-8-440 54 50 ■ by fax: +46-8-440 54 59 ■ by e-mail: bolagsstamma@lundin.ch When registering please give your name, personal social security number/company registration no., address and daytime telephone number. Shareholders whose shares are registered in the name of a nominee must temporarily register the shares in their own names in the shareholders’ register. Such registration must be eff ected by 11 May 2006. Printed in Sweden Landsten Reklam – Vindspelet Grafi ska Photography: André Longchamp, Ulf Blomberg, Kaia Moens DEFINITIONS An extensive list of defi nitions can be found on the Lundin Petroleum website www.lundin-petroleum.com under the heading “Defi nitions” Abbreviations SEK Swedish krona USD US dollar CHF Swiss franc NOK Norwegian krona GBP British pound TSEK Thousand SEK TUSD Thousand USD TCHF Thousand CHF MSEK Million SEK MUSD Million USD Oil related terms and measurements bbl Barrel (1 barrel = 159 litres) bcf Billion cubic feet (1 cubic foot = 0.028 m 3 ) boe Barrels of oil equivalents boepd Barrels of oil equivalents per day bopd Barrels of oil per day Mbbl Thousand barrels (in Latin mille) MMbo Million barrels of oil MMboe Million barrels of oil equivalents MMbopd Million barrels of oil per day Mcf Thousand cubic feet Mcfpd Thousand cubic feet per day MMscf Million standard cubic feet Probable reserves Probable reserves are those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable.In this context, when probablistic methods are used, there should be at least a 50% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves. Proved reserves Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods and governmental regulations. Proved reserves can be categorised as developed or undeveloped. If deterministic methods are used, the term reasonable certainty is intended to express a high degree of confi dence that the quantities will be recovered. If probablistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimates.
Corporate Head Offi ce Lundin Petroleum AB (publ) Hovslagargatan 5 SE - 111 48 Stockholm Sweden Telephone: 46-8-440 54 50 Telefax: 46-8-440 54 59 E-mail: info@lundin.ch www.lundin-petroleum.com President’s Offi ce Lundin Petroleum AB (publ) 5 chemin de la Pallanterie CH - 1222 Vésenaz Switzerland Telephone: 41-22-595 10 00 Telefax 41-22-595 10 05 E-mail: info@lundin.ch
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ANNUAL REPORT 2005
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PRODUCTION (BOEPD) 40,000 30,000 20
Page 5 and 6:
LETTER TO SHAREHOLDERS ...fi rst pr
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WORDS FROM THE CHAIRMAN IAN H. LUND
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UNDERSTANDING RESERVES AND RESOURCE
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MARKET DESCRIPTION World Oil Produc
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OPERATIONS REVIEW 2005 was another
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OPERATIONS REVIEW Solan/ Strathmore
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OPERATIONS REVIEW Workover rig, Par
Page 19 and 20:
OPERATIONS REVIEW INDONESIA Lundin
Page 21 and 22:
OPERATIONS REVIEW IRELAND In Januar
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OUR PEOPLE ARE OUR STRENGTH We have
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CORPORATE RESPONSIBILITY In view of
Page 27 and 28:
SHARE INFORMATION Lundin Petroleum
Page 29 and 30:
BOARD OF DIRECTORS The Annual Gener
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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 and 82: NOTES NOTE 39 - INCENTIVE WARRANTS
Page 83: SUPPLEMENTAL INFORMATION - RESERVE
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Annual Report 2005 (6 MB) - Lundin Petroleum

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