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WF8328 01.06
Capital Market Day Presentation24th January 2006
2006 Exploration Expenditure
2006 Exploration Expenditure
MUSD
Norway OtherUKSudan France Ireland
AlbaniaIndonesiaNetherlands
NigeriaNew Ventures
0
5
10
15
20
25
30
35
0
5
10
15
20
25
30
35
2006 Forecast 2006 Forecast 103.0
MUSD
WF8171 01.06
WF8261 01.06
USD 103 million Exploration Expenditure
Sudan 3 Block 5B
Norway 3 PL203, PL338, PL335
Indonesia 6 Blora, Salawati
Ireland 1 Donegal
Netherlands 1 F12
France 1 Paris Basin
Country Wells Area
Total 15
Unrisked net reserve potential ~ 750 million boe
2006 Exploration Work Programme
WF7578 1.06
Sudan - Block 5B
Block 5A
Block 5B
Lehr
Adok
C Umm Dandalo-1
Q Kasafa-1
A Barada-1
Prospect B
CENTRAL AFRICAN REPUBLIC
CONGO
LIBYA EGYPT
CHAD
KENYA
ETHIOPIA
ERITREA
SUDAN
Port Sudan
Khartoum
Red S
ea
BLOCK 5B
Thar Jath Discovery
SSE NNW
Prospect Umm Dandalo
Potential Reserves ( Most likely, unrisked, net Lundin)3 prospects -> over 500 MMBO
Same Play as Block 5A
2006 budget over 100 MMUSD (100% JV) - 3 exploration wells - 2D seismic acquisition
4 drillable prospects with existingseismic
Sudan - 5B Exploration
WF8347 01.06
Typical Terrain
Typical Terrain
Sudan - 5B Exploration
WF8347 01.06
Swamp Buggy
Swamp BuggyAirboat
Swamp Buggy
WF6750 01.06
PL292 - 1 Well (2007)
PL338 - 1 Well (2006)
Gas and oil discovery to be appraisedand tied back to BG’s Armadafacilities in success case
Deepening of 1 water disposal well‘East Kameleon’
SE Tor discovery undergoing feasibilitystudy with tie-back opportunities to Ekofisk and Tor platform
PL335 - 1 Well (2006)
NORWAY PL088bs
PL203
PL036cPL363
Jotun
PL304
PL338
PL359
PL292
PL340
PL150
PL148
PL335
PL006c
PL167 & PL167B
Norway - Exploration / Appraisal Activity
PL006c
PL203 - 1 Well (2006)
PL148 - 1 Well (2007)
Oil discovery (untested) Subsea tieback to Ula (2 producers, 1 injector)PO
TEN
TIA
L N
EW D
EVEL
OPM
ENTS
WF7665 08.05
340
167
167B
304
PL338
0 20KM
Nor
way
UK
Awarded: December 2004 (APA 2004)
Operator: Lundin Norway AS (100%)
Farmout Farmout campaign ongoing
Work commitment: Drill one exploration well within 2 years If commercial discovery, prepare PDO within December 2007
Plan: Drill exploration well 4Q 2006
Norway
Mapped Area
UK
Grane
PL 338 - Summary
WF7664 08.05
PL 335 & 148 – Potential Area Synergies
0 6km
Reserves
Talisman DNO
Talisman DONG
Talisman DONG
Talisman DONG
37 MMBOE
Reserves
21 MMBOE
NorwayMappedArea
UK
2°0'0"E
2°0'0"E Norw
ay
UK
PL335
PL148
UlaMime
Blackcurrent Leads
Orange Prospect
Blackberry Lead
Apple Lead
WF7662 08.05
PL 292 - Area Overview and 2006 Plans
Future Exploration Well
2°0'0"E
2°0'0"E
58°0'0"N
0 4km
PL292
Reserves Estimates
Oil: 5.0 MMBOGas: 17.5 MMBOE
Norway
MappedArea
UK
Flemmings
Hawks
Drake
Seymour
Varg
15/12-8
15/12-12
6/3-1 PI
Norway
UK
WF7656 08.05
PL 006C - South East Tor Discovery
0 20KM
006C
South East Tor
Oil field
Gas field
Oil discovery
Gas discovery
ODT 3150 m
ODT 3049 m
3177 m
STOOIP Estimates:
56-340 MMBOE(Tor + Ekofisk formations)
Norway
MappedArea
UK
WF7579 01.06
Ireland - Donegal
UK
NorthernIreland
Ireland
Donegal
0 50
KM
Atlantic
Inishbeg Prospect
Corrib Field
0 1 2
KILOMETRES
Inishbeg Prospect Top Sherwood Sandstone Depth Structure
Frontier Exploration Licence awarded to Lundin led group Jan 2005. The commitment includes one firm well in the first two years
Two prospects /leads worked-up prior to Lundin acquiring the block Lundin’s review validated the larger structure as having potential
The target structure is a shallow, four-way dip closure defined on 2D seismic data. Well control is 50 kms distant
Gas, sourced from the Carboniferous, is the expected hydrocarbon fluid
This is a high risk frontier exploration well
Pre-drill recoverable volume and CoS estimates are:Sherwood Sandstone 550 Bscf (15% CoS)
Drilling is planned for 2006
The prospect is analogous to Shell’s Corrib field (under development)
Lundin Petroleum WI: 30% (operator)Island Oil & Gas 31.00%Ramco Donegal Ltd 19.25%Lerida Trading Ltd 15.25%Sunningdale Donegal Basin Ltd 3.50%
WF8270 01.06
Ireland, Inishbeg – Lundin Risk Assessment
6.61 in
15%CoS (%)
Equivocal – Tertiary uplift could have breached trap –secondary migration could have charged structure–late structure formation could post -date charge
0.50Trap preservation
Excellent – not long distance for gas0.90Migration route
Certain – in basin centre prior to inversion1.00Source mature
Certain – Carboniferous sequences1.00Source presence
Very good – proven reservoir at Corrib where deep,near off-set wells have porous sands
0.80Reservoir quality
Very good – Triassic clastics typically present in off- setwells and sub-basins
0.70Reservoir presence
Good – Upper Triassic shales +/-0.60Seal
Certain – 4 WDC mapped – timing probable issue1.00Structure
CommentsProbabilityParameter
WF6748 01.06
Indonesia, Banyumas Block - Jati Prospect
Wanareja
Cilacap
Banyumas
Purwokerto
Kebumen
Jati Prospect 18,800 acres
Besuki Lead 5,100 acres
Gunung Wetan Lead 19,100 acres
Karang Wangkel Lead 5,900 acres
KRN-1
KRG-1
Cipari-1
G.Wetan-1
0 20KM
Indonesia
BANYUMAS
Indian Ocean
Pacif ic
Ocean
Australia
Phil ippines
Java
China
Lundin Petroleum 25% (operator)ConocoPhillips 25%Star Energy 50%
Operation update: Current depth over 13,000 feet, drilling ongoingto revised TD of 15,000 feet.
WF6680 01.06
100KM0
Nigeria
OML113 Aje discovery
Nigeria
Cameroon
Niger
Benin
Gabon
Mapped Area
Aje-1 tested 60 mmcfgd + 1729 bcpd in the gas cap and2389 bopd from an interval in the oil zone from Turonian sand
Aje-2 confirmed oil, gas and condensate in Turonian sand.It discovered a deeper oil play in the Cenomanian sand whichflowed 3866 bopd 44° API crude
Reservoir depth 6700-8000 feet. Water depth 300-5000 feet
Lundin Petroleum (technical advisor): 22.5% net revenue interest
Aje-3 drilled in 3Q 2005
Technical studies ongoing to define if further appraisaldrilling warranted (drill or drop decision 4Q 2006)
Nigeria - OML113
WF8341 01.06
All Lundin’s 2006 offshore drilling programme committed
and secured with signed drilling contracts ...
Tunisia Oudna 2 development wells (1Q.06) Pride Venezuela
Norway Alvheim 12-13 development wells Deep Sea Bergen (including East Kamaleon 2-4Q.06)
Norway PL338 1 exploration well (4Q.06) Bredford Dolphin
Norway PL335 1 exploration well (4Q.06) Maersk Guardian
Ireland 1/05 1 exploration well (3Q.06) Petrolia
Country Licence Work Programme 2006 Rig
Average day rate: ~USD 200,000
Contracted Rigs 2006