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Lundin Petroleum - Norway
Analyst Presentation2 December 2010WF11073
1
Norway - Oil Industry Overview
Analyst Presentation - 2 December 2010WF11073
2
NCS Development Trends - Last 10 - 12 Years
Changes in company structure Privatisation of Statoil Statoil/Hydro/Saga merger General ”Mega mergers” acquisition Large amount of new companies, 50+ pre quali�ed
Increased exploration activities Award in APA rounds Tax incentive All time high in 2009 Moderate success
Decline in production Too little focus on IOR (Åm report)
High oil prices, lower gas prices
Increased cost development Unit cost doubled the last 4-5 years
New companies have the possibility to seek the best in new software PC based interpretation software from small independent suppliers A revolution in computing power enables in-house processing Web based publishing tools makes report and application work fast and �exible
WF11158 p1 11.10
Production
Exploration Wells
3
Current Drilling Activities
WF11158 p2 11.10
Company activity (wells drilled) 2010
0
1
2
3
4
5
6
7
8
9
Det Nors
ke
Statoil
LundinShe
llBG
Centrica
Petro C
anad
a
RWE-D
ea
Talism
an
Winters
hall BP
CoP EniEss
o
Nexen
Total
Noreco
Premier
num
ber o
f wel
ls
wells plannedwells drilled
18 wells by ‘oldtimers’27 wells by newcomers
4
Development in Exploration and Delineation Drilling
WF11158 p3 11.10
Stat
oil
Eni
Talis
man
Esso
CoP
Det
Nor
ske
Shel
l
Mar
atho
n
BG
BP
DO
NG
Hes
s
Che
vron
Lund
in
RW
E-D
ea
Tota
l
Cen
trica
PetC
an
Win
ters
hall
Nex
en
GdF
Nor
eco
VNG
wells2010wells 2000-2008
0
5
10
15
20
25
30
35
40
45
50
wells2010wells2009wells 2000-2008
5
Oil Discoveries above 40 MMbbl in Mature Areas
WF11158 p4 11.10
NCS oil discoveries >40 MMbblAfter year 2005
0
50
100
150
200
250
300
Avaldsnes
Dagny/E
rmintru
deLu
no
Goliat d
eep
JordbærMari
a
Grevlin
g
Grosbeak Beta
"6608/1
0-14"
Draupne
MM
bbl
Apollo
Astero
Lundin Petroleum operated(Greater Luno Area)
6
New Players in the Last 10 Years
WF11158 p5 11.10
Norwegian start-ups E&P
(14)
International E&P companies(ca 30)
European Energy companies
(8)
7
The “Right Tool” to do the “Right Job”
A new company will not start with yesterday’s “IT toolbox” and it’s defenders
A new company will start with a fresh, new, up to date “IT toolbox” PC based interpretation and data handling software from smaller and independent suppliers (Kingdom, �A, Headwave, H&R, Petrel) A revolution in storage capacity and computing power makes in-house processing of large 3D multiuser datasets possible (Promax) Lundin Petroleum will stay in front to facilitate the most competitive technical and commercial solutions
WF11158 p6 11.10
8
WF11158 p7 11.10
Taxes are pro�t related: Corporation Tax : 28% Special Petroleum Tax : 50%
No Royalty, no Ring Fence
30% uplift against special tax over four years for new investments
Interest costs can be deducted against tax
New entrants without revenue receive 78% of unsuccessful exploration spend back in December the following year
Norwegian Taxation
9
Lundin Norway Organisation
WF11165 p1 11.10
Managing DirectorTorstein Sanness
Adm./Support Finance Manager
Drilling
Johan Bysveen
ManagerRes. Development
& Partner OperationsManager
Tove Lie
ProjectsManager
Bjorn Sund
ExplorationManager
Hans C. Ronnevik
ProcurementManager
CommercialManager
Andreas Hildeng
HSE Manager
Total (2010) LNAS employees: >75 (excluding consultants)
10
Lundin Norway
Analyst Presentation - 2 December 2010WF11073
11
WF11057 p1 09.10
Norway - Introduction
2P Reserves of 121 MMboe GCA + additional latest Luno 2P certi�ed Reserves of 27 MMboe (net Lundin)
Contingent resources of 44.6 MMboe
Unrisked prospective resources of ~1.2 billion boe
2 producing fields: Alvheim & VolundCurrent production 20,000 boepd1 field under development (Gaupe) - first oil Q4 20116 fields fully appraised - undergoing concept selection
Nemo �rst oil 2012/13Krabbe �rst oil 2013/14Luno �rst oil 2014/15Marihøne �rst oil 2013
No resources booked for Ragnarrock, Luno South, Avaldsnes & ApolloNew discoveries: Avaldsnes & Apollo
2 wells in 4Q 20109 wells in 2011
12
Norway - Licence History
Major position built through organic growth
0
5
10
15
20
25
30
35
40
45
31.12.2003
31.12.2004
31.12.2005
31.12.2006
31.12.2007
31.12.2008
16.09.2009
19.01.2010
Norway number of licences
0
50
100
150
200
250
Stato
il
Tota
l
Det Norsk
e
ExxonENI
Win
tersh
all
Noreco
ConocoPhillips
Talis
man
GdF
RWE D
eaDong
Bayerngas
E.ON
Shell
Spring
VNGDana BG
Centrica
Faroe
HESS BP
Mara
thon
Bridge
Petro-C
anadaOM
V
Rockso
urce
Lundin Norway ranked No.3 in terms of operated licences
LUNDIN NORWAY
WF10757a 01.10
Number of licences per Company
13
Norway - 3 Key Areas
WF10757b 03.10
Greater Alvheim Area
Greater Luno Area
Barents Sea Area
Greater Luno Area
Barents Sea Area
Greater Alvheim Area
14
Norway Reserves & Contingent Resources
WF10757c p2 08.10
0
25
50
75
100
125
150
175
200
2005 2006 2007 2008 2009 2010
Norway Reserves and Contingent ResourcesH
ydro
carb
on V
olum
e [M
Mbo
e]
CR
2P
2010 CR: Luno South discovery, Ragnarrock, Avaldsnes and Apollo not yet included
* Doesn’t include Luno latest additional certified 2P reserve increase from 95MMboe to 149 MMboe gross
2P reserves increased year by year from 36 MMboe (2005) to 121 MMboe (2010) +336% in 6 years *
15
Norway Prospective Resources
WF10757c p2 01.10
0
200
400
600
800
1,000
1,200
1,400
1,800
1,600
Norway Prospective Resources
F/O to Statoil+ new discoveries& unsuccessful wells
Hyd
roca
rbon
Vol
ume
[mm
boe]
01.01.2006 01.01.2007 01.01.2008 01.01.2009 01.01.2010
16
WF10757 p2 03.10
Norway - Proven Track Record
Exploration Wells Drilled up to Nov. 2010
Commercial Discoveries up to Nov. 2010
Cumulative E&A Spend up to Oct 2010, MMUSD
Finding Cost USD/boe
Finding Cost USD/boe - post tax
Success Rate (commercial successes)(3)
(1)
(2)
(1)
Includes USD 130 Million investment in 3D Seismic, YTD 2010 spend estimatedMid range estimate assumed for Avaldsnes & Apollo
(3) Does not include Luno South
16
7
530
2.3
0.5
44%
Volund, Luno, Gaupe, Marihøne, Viper,Avaldsnes, Apollo
People = key
Proven basin & petroleum system
Close to infrastructure
Leading edge technology with emphasis on new 3D seismic acquisitionOver 7,115 km2 acquired & 48,135 km2 of 3D seismic reprocessed since 2004.
-
100
200
300
400
-
100
200
300
400
2004 2005 2006 2007 2008 2009
MUS
D MUSD
2010Forecast
Exploration capex
Development capex
(2)
(2)
17
Norway Production Growth
WF10925 p8 04.10
2010Forecast
Actual 2010
boep
d
16,8
00-1
8,30
0
14,3
00
17,9
00
increasein
production
LunoOnstream
Avaldsnes/Apollo
GaupeOnstreamVolund
Onstream
NemoOnstream
KrabbeOnstream
MarihøneOnstream
2011 2012 2013 2014/2015Q1 Q2
20,0
00Q3
Production Growthfrom Norway
Development Projects
18
Norway - Production
Analyst Presentation - 2 December 2010WF11073WF11073
19
WF10819 p5 04.10
PL203
PL203
PL150
PL150
P1283
PL340
PL340
PL505
PL547S
PL505BS
PL340BS
PL413
PL088 BS
P090
PL036C
PL036C
PL088PL088
PL088
PL088 bs
PL088 BS
GEKKO
ALVHEIM
VOLUND
GAMMA
HEIMDAL
PEIK
SKENE
0025
009
0024
25/7-6
25/7-5
25/4-8
25/4-7
25/4-3
24/9-624/9-5
24/9-4
24/6-3
24/6-2
24/6-1
9/19-12
9/15b-49/15b-3
9/15a-2
9/15a-1
9/14a-6
9/14b-2B
0 KM 4
LundinPetroleum PartnerLundinPetroleum Operator
UK
Norway
Alvheim Field
Volund Field
Norway - Greater Alvheim Area
Marihøne ADiscovery
Peik
Volund
Alvheim
Lundin Petroleum 15% Marathon 65% (operator), ConocoPhillips 20%
Gross ultimate recovery 246 MMboe
Lundin Petroleum 35% Marathon 65% (operator)
Gross ultimate recovery 49 MMboe
20
Norway - 2P Production Alvheim & Volund
0
2,000
4,000
6,000
8,000
1,0000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
22,000
24,000
0
2,000
4,000
6,000
8,000
1,0000
12,000
14,000
16,000
18,000
20,000
2008 Q22008 Q1 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3
Quar
tly P
rodu
ctio
n R
ate
[boe
/d]
Quartly Production Rate [boe/d]
Norway Production
Volund
Alvheim
WF11043 p4 11.10
21
Norway - Development
Analyst Presentation - 2 December 2010WF11073
22
WF10762 p9 04.10
Norway Development Projects - Summary
Nemo
Marihone
Krabbe
Gaupe (Pi)
Luno
FieldFirst Oil
dateNet Reserves
MMboeProduction(1)
boe/day
11
3
9
11
75
6 000
TBA
4 800
5 000
>30 000
2012/13
2013
2013/14
2011
2014/15
(1)Lundin Initial Production
Total 109 45 800
23
Norway - Luno Project
Analyst Presentation - 2 December 2010WF11073
24
WF10018 11.10
Lundin Petroleum interest: 50% (operator) Wintershall 30%, RWE 20%
Plateau production forecast >60,000 boepd gross
Certi�ed 2P reserves increased from 95 MMboe to 149 MMboe gross
Good progress with development planning Subsurface work completed Concept selection in late 2010 Submission of PDO in 2011 First oil 2014/15
Greater Luno Area - Luno Field Development
2P reserves increase
009
0016
0025
016
008
0015015
0024
0026
0017
PL304
PL359
PL338
PL501
PL265
PL505
PL505BS
PL547S
PL340BSPL546
PL544
PL410
PL409
PL412
PL363
PL203
PL340
PL150
PL036c
PL167PL167B
0 20KM
Alvheim fieldPeik field
Volund field
Lundin Petroleum OperatorLundin Petroleum Partner
UK
Norway
Avaldsnes discoveryApollo discovery
Luno Field
25
WF10766 p10 07.10
Greater Luno Area - Luno Development Options
PDO Submission 2011First Oil 2014/15
Luno
Gas export to Sleipner, 40km
Oil export to Grane
26
WF10766 p7 07.10
Luno Well Development Outline (9OP + 3WI)
SW1.0
0.2
0.8
0.6
0.4
Water InjectorWater Injector
Oil Producer Oil Producer
16/1-1016/1-13
16/1-8 R16/1-8 R Luno Field
Greater Luno Area 27
Norway - Exploration
Analyst Presentation - 2 December 2010WF11073
28
Lundin Norway Exploration Strategy
WF11159 p1 11.10
Cash �ow protected organic growthLeverage on what we know and develop new concepts
E�cient exploration through early drilling decisions and continuous drilling activityTailor yearly balanced drilling portfolio in relation to
Standalone Frontier explorationGrowth ExplorationMature tie in exploration
Maintain production from existing and emerging developments (Alvheim and Volund)Data driven subsurface understanding, with a clear appreciation of the limitations of Data, Tools, Methods and Theories at any time
Data integration platform is Petrel, Kingdom, �A, Easy DC, LNAS NR @risk modelMulticube 3D data and in-house processingIn house formation evaluation analysis In house core description and paleofacies analysisIntegrate at highest possible entropy level for a max of parameters
Skilled specialists and interpreters in an open co-creation mode
Lundin strategy:
Subsurface work �ow:
People:
Utilise synergy in portfolio in relation to improved exploration and development
29
Norway - Prospective Resource
1.2 billion boe of unrisked prospective resources
36 exploration licences
Seismic new coverage
7,115 km2 of 3D
WF11057 p4 08.10
3 rigs on hire
Transocean WinnerSonga DeeBredford Dolphin
Rig secured for all and targeting >120 MMboe (net Lundin Petroleum)
2 wells remaining to be drilled or ongoing in 2010
9 wells estimated in 2011
30
Exploration - Norway - 3 Key Areas
WF10757b 03.10
Greater Alvheim Area
Greater Luno Area
Barents Sea Area
Greater Luno Area
Barents Sea Area
Greater Alvheim Area
31
Exploration - Greater Luno Area
WF11159 p2 11.10
WILL:Why?
Conceptual knowledge
PROCESS:
SKILL:How?
Operational knowledge
PURPOSE:Create values
Intellect
*Capital
*Land
Visions
Relations
Concepts
Acreage
Resources
Reserves
Production
Interlinking ofmultiple activitiesto discrete events
Source: EFQM
WILL:Why?
Conceptual knowledge
PROCESS:
SKILL:How?
Operational knowledge
PURPOSE:Create values
Intellect
*Capital
*Land
Visions
Relations
Concepts
Acreage
Resources
Reserves
Production
Interlinking ofmultiple activitiesto discrete events
Exploration targets in GLA/GAA:Explore inlier basins and fractured porous basement shallower than 1940m MSL on the high and all structural and stratigraphic traps fringing the high in the west
Primarily exploration for light oil
Exploration strategy:Have been our own fast follower
Focus on exploration and delineation of early stand alone prospects within each JV
De�ne and then realize prospects with tie in potential that can in�uence development solutions as in PL 338
Utilize at any time the impact of new geological and geophysical data on the totality
Enable parallel exploration and delineation within the various licenses
Retain all proli�c acreage as required in the APA regime
Create a common purpose for all stakeholders
32
New 3D Seismic Techniques Introduced in GLA
WF11159 p3 11.10
LN0803
LN0902
LN1002
LN10M06
33
Southern Utsira High at BCU and Basement Levels
WF11159 p4 11.10
34
Exploration - Greater Luno Area
WF11159 p5 11.10
16/2-6
35
WF11159 p6 11.10
Exploration - Greater Luno Area
16/2-6
Avaldsnes disc
36
PL501 (40%) Avaldsnes discovery contingent resources estimates 100-400 MMboe gross
2 appraisal wells to be drilled in 2011
PL 338 (50%) Apollo discovery contingent resources estimate 15-65 MMboe gross
Tellus prospect Prospective resources 40 MMboe gross unrisked
1 exploration well in 2011
PL 409 (70%) Norall exploration well to be drilled end 2010 prospective resources 27 MMboe gross unrisked
PL 265 (10%) 1 appraisal + 1 exploration well to be drilled in 2011 (Statoil) - Avaldsnes West and Aldous North prospect
WF10988 p12 11.10
Greater Luno Area - Further Exploration Potential
2 exploration wells and 3 appraisal wells to be drilled in 2011
00160015
0 KM 20UK
SLEIPNER WEST
SLEIPNER EAST
Lundin Petroleum OperatorLundin Petroleum Partner
PL359
PL410
PL409
PL304
PL546
PL544
PL338
PL502
PL265
Norway
PL501
Norall27 MMboe
Luno and Luno Southdiscoveries
Apollo Discovery16/1-14
Avaldsnes discovery
Ragnarrock16/2-6
Aldous North
TorvastadTellus
37
WF11111 p12 11.10
Greater Luno Area - Further Upside - Exploration
00160015
0 KM 20OilGasProspectLead
Lundin Petroleum OperatorLundin Petroleum Partner
PL304
PL546
PL501
PL544
PL410
PL359
PL338
PL502
PL265Ragnarrock
Draupne
16/2-6
Tellus ProspectPR unrisked gross: 40 MMboeCoS: 40%Drilling: Jan 2011
Avaldsnes West
Apollo discoveryContingent gross: 15 - 65 MMboe
Avaldsnes discoveryContingent resource estimate 100 - 400 MMboe (on block).Appraisal drilling to start inMarch 2011
Luno South
Luno discoveryRevised certi�ed 2P reserves149 MMboePDO submission 2011
PL359Numerous Pre and PostCretaceous prospects
PL410Two Pre Cretaceous Leads
Torvastad Prospect
Aldous North Prospect
Luno 3 Prospect
38
WF11111 p10 10.10
PL501PL546
PL410
(30m Jurassic Gross Thickness)
16/3-2Triassic
pinchout ?Rotliegendes
potential OWC1922 mss
PL265
Resources estimate on blockat 100-400 MMboe
Geological model assumesno Jurassic reservoir in white area
Avaldsnes Discovery
16/2-6(33m Jurassic
Gross Thickness)
39
WF11111 p11 11.10
Avaldsnes Discovery - Further Upside
PL501PL546
PL410
(30m Jurassic Gross Thickness)
16/3-2
Aldous North prospect
Torvastad prospect
Triassic pinchout ?
Rotliegendes potential OWC
1922 mss
16/2-6(33m Jurassic
Gross Thickness)
PL265
Avaldsnes post-drill Contingent resource estimate 100 - 400 MMboe (on block)
Additional potential in Avaldsnes West located in PL265
Avaldsnes drilling to commence inMarch 2011 with two appraisal wells.
Avaldsnes West and Aldous Northexploration wells in 2011. Locatedin PL265
Additional prospectivity in Torvastadprospect in PL501
Appraisal well
Appraisal wellAvaldsnes West (PL265)Current model showsJurassic sand reservoirthickness increasingtowards fault
40
WF11159 p7 11.10
Avaldsnes Top Jurassic sand map (m)
Approx Location 16/3-4A A’
Approx Location 16/2-7
41
Apollo discovery
WF10988 p13 04.10
Greater Luno Area - Apollo Discovery
Size 15-65 MMboe gross (PL338)
Lower Cretaceous/Upper Jurassic DiscoveryPaleocene Discovery
PL 338 - Lundin Petroleum 50% operator Wintershall 30%, RWE 20%
16/1-6 S
16/2-5
16/1-9
16/1-8
16/2-3
16/1-7
16/1-5
16/1-2
16/2-1
16/1-14
16/1-13
16/1-12
16/1-11
16/1-10
16/1-4
0 2.5 5
Kilometers
Lundin Petroleum OperatorLundin Petroleum Partner
RagnarrockLuno
Tellus
Luno South
Apollo,Paleocene Discovery
Apollo, Lower Cretaceous Discovery
Draupne
Avaldsnes
42
WF11159 p8 11.10
Greater Luno Area - Apollo Discovery
Proven Paleocene owc
Flatspot owcProven Cret owc
Dip line showing Palaeocene and Jurassic/Cretaceous discoveries
Crossline showing up dip Palaeocene pot
43
Other Areas - PL519 Area
WF11046 p2 07.10
211 034210
2196201 6202
033
003 030002
220
029
0 KM 205
Lundin Petroleum Operator
Oil FieldGas Field
PL519 Lundin Petroleum 40% (operator) Spring Energy 20%, Bayerngas 20%, Noreco 20% Work commitment: - 1 firm well within first 3 years, TD 100m into Teist Fm or at 3500m Albert prospect to be drilled in 2011
PL555 Lundin Petroleum 60% (operator) Bayerngas 40% Work commitment: - 3D re-processing and G&G studies
UKNorway
PL519
PL555
Albert Prospect
44
PL 519 - Albert Prospect
WF11169 12.10
NW SE
Planned well
45
Norway - Barents Sea
Analyst Presentation - 2 December 2010WF11073
46
Regional Barents Sea with New Border Line
WF11164 p1 11.10
New border (red line)
Lundin core area
47
Barents Sea
WF10825 p3 01.10
Arenaria
Source:maps.grida.no
Nucula
Goliat
Obesum
Ververis
Shtokman
Obelix?
Lundin Licence area
SnøhvitOil & GasGas
Oil
48
Distribution of oil prone source rocks
WF11164 p2 11.10
49
WF9900 p4 10.10
6309
6915
69146916
68146813SWEDEN
PL438 Lundin Petroleum 25% (operator) 3 prospects Skalle to be drilled in Q1 2011, 250 MMboe gross prospect size in multiple targets
Barents Sea - Drilling to Commence in 2011
ICELAND
71227121
71207119
7118
7116
7123
72247223
72227221
7225
72207219
72187217
7216
7124
7127
7226
71267125
7227
7317
7019
72287318 7319
7020
7320
7021
73217316 7323
7022
7215
7324 7325
Hammerfest
KM0 80
Barents Sea
PL438
PL492
PL533
PL563
PL490 SnoehvitArea Goliath
21°E
0 KM 8
Lundin Norway Licences
Operated
Non-Operated
Licenced Area (NPD)
Prospect
Lead
Oil field
Gas field
22°E
72°N
71°45’N
Lavvo
Bieksu & Geres
Snurrevad
Rein
Juksa
Pulk (Salina)
Skalle
Gohta
Rauto
PL490PL563
PL533
PL438
PL492
PL533 Lundin Petroleum 20% Rauto & Pulk prospects Pulk 500 MMboe gross prospect size in multiple targets likely to be drilled in 2011
PL490 Lundin Petroleum 30% (operator) Juksa and Snurrevad prospects likely drilling in 2012 380 MMboe gross prospect size
Numerous multi-stacked prospects matured in the portfolio
50
Geological play types
WF10980 p4 04.10
Lower to Middle Triassic
Paleocene
Shallow gas anomalies Shallow gas anomalies
1000
2000
3000
Upper Paleozoic Carbonates
Late Triassic
Early Jurassic
Cretaceous?
Cretaceous
Paleocene
Pleistocene
Pre Carboniferous
7120/1-1R
PL533 PL492 PL438 PL490
7120/2-1SkalleLavvo
0 KM 4
21°E22°E
72°N
71°45’N
Lavvo Rein
X-SectionPulk
SkallePL490
PL563
PL533
PL438
PL492
NW
SEBright Spot
Possible Flat Spot
Numerous structural and stratigraphic play types
Potential for stacked reservoirs, as seen at other discoveries in the region
Oil and gas potential in proven good quality reservoirs
NW SE
51
Skalle well will be drilled with the Polar Pioneer rig spudded approx. March 2011
WF11159 p12 11.10
PL438 Skalle
52
Pulk well will be drilled with Scarabeo 8tentatively July 2011
WF11159 p11 11.10
PL533 Pulk/Salinas
53
Triassic channels mapped in by 3D and observed in field
WF11164 p3 11.10
Analogue channel seen from outcrop at Edgeøya, Spitsbergen
PL490
GohtaProspect Middle Triassic
channel anomaly
Well with oil showsoutside closure
54
Norway - Drilling Schedule
Analyst Presentation - 2 December 2010WF11073
55
Norway Targeted Prospective Resources – 2010-11 Drilling Schedule
WF11117 p2 12.10
Licence - Prospect Operator LUPE% NURPR CoS%
3
2
1
4
5
6
7
8
10
1112
13
14
14
Lundin
Marathon
Marathon
70.00
15.00
30.00
19
2
24
36
50
18
Lundin 40.00 – –PL501 - Avaldsnes
PL409 - Norall
PL340 - Caterpillar
PL505 - Earb South
Lundin 50.00 75
NRPR
7
1
4
9
40.00
Lundin
Lundin
50.00 20 40 8
–
– – –
25.00 63 19-41 22
21.30 (3) 107 14-19 16
40.00
10.00
– – –
TBA – –
TBA – –
Lundin 50.00 – –PL338 - Apollo –
1318PL400 - Barchan
394 90
operated
Discovery
Discovery
non operated
Q3 Q4
2010 2011
Q3Q1 Q2 Q4(1)
(1) Net Unrisked Prospective Resources (MMboe)(2) Net Risked Prospective Resources (MMboe)
(2)
Lundin
Statoil
10.00Statoil
PL501 - Avaldsnes 1st Appraisal
PL338 - Tellus
Lundin 40.00 84 22 19PL519 - Albert
PL501 - Avaldsnes 2nd Appraisal
PL265 - Avaldsnes West
PL265 - Aldous North
Lundin
ENI
PL438 - Skalle
PL533 - Pulk
(3) Propsect split between PL533 (20% equity) and PL 492 (30% equity)
56