Financial Results - Year End 2007
C. Ashley Heppenstall, President & CEOGeoffrey Turbott, Vice President Finance & CFOWF10140
1
Disclaimer
DISCLAIMER Certain statements made in this presentation involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating to Lundin Petroleum’s business and operations are based on management’s expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. Lundin Petroleum makes no commitment, and disclaims any duty, to update or revise any of these statements. This presentation is for informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The information contained in this presentation is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to Lundin Petroleum and should not be relied upon for the purpose of making investment decisions concerning any securities of Lundin Petroleum.
WF8278
2
Financial Results - Year End 2007
Mill
ion
SEK M
illion SEK
WF9686 02.08
0
500
1,000
1,500
2,000
2,500
3,000
3,500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
953
794+20%
Net Profit Year End 2007
Net Profit Year End 2006
220196
220196
3,126
2,271
OperatingCash Flow
Year End 2007
OperatingCash Flow
Year End 2006
+38%901
618
EBITDAYear End 2007
EBITDAYear End 2006
3,049
2,732637
559
+12%
3
WF8508 02.07
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Million SEK
2002 2003 2004 2005
Operating Cash Flow
EBITDA
Net Profit
Financial Performance
2006 2007
4
WF9608 02.08
Production 2007 34,000 BOEPD
Cost of operations 2007 USD 18.28/bbl
G&A Cost 2007 172 MSEK
Financial Performance - Year End 2007
5
2007 Taxation
WF10094e 02.08
2007 effective rate of tax
Current tax charge
Deferred tax charge
47%
1.07
8.97
USD/boe
USD/boe
Includes UK Corporation tax refund for prior periods 7.0 MUSD
6
UK including wells 9/10c, 14/28a, 41/10a, Banchory
Indonesia including Banyumas, Blora
Norway well PL335
Albania
Other
2007 exploration write-offs
25.5
12.0
8.8
4.6
3.9
54.8
2007 Exploration Write-Offs
2007ActualMUSD
WF10094d 01.08
172.4
80.7
59.3
31.2
26.0
369.6
2007ActualMSEK
Note: UK 12/17b-1 Ridgewood well to be written o� in Q1 2008 (approx. 50 MSEK)
7
Production (mmboe)
Revenue
Cost of operationsTariffsProduction taxesStock movements
DepletionWrite-offs
Margin Netback
12.66
64.25
-18.40-2.30-4.35-1.50
37.70
-11.85-4.40
21.45
12.66
64.15
-18.28-2.29-4.50-1.44
37.64
-11.67-4.33
21.64
2007 Margin Netback [USD/boe]
72.65 72.39
CMDJan 08
forecast 2007
13.30
48.35
-16.30-1.65-3.65-0.30
26.45
-10.950.00
15.50
55.00
CMDJan 07
excl. AlvheimActual2007
WF10094a 02.08
oil price
8
Capital Market Day 2007 excl. Alvheim
Capital Market Day 2008
Actual 2007
% Change to CMD 2007 excl. Alvheim
13.3
12.7
12.7
-5.1%
X
X
X
=
=
=
16.30
18.40
18.28
12.2%
217.3
232.9
231.5
6.6%*
2007 Cost of Operations
MMBOE USD/boe MUSD
WF10094c 02.08
*Foreign exchange = 4.6% => Actual cost increase = 2.0%
9
WF9610 02.08
Balance Sheet
Fixed Assets
Net Current Assets (excluding cash)
Net Bank Debt
Shareholder Equity
Net Debt/Equity Ratio
16,188
3
1,134
8,953
13%
19,026
-180
2,302
9,706
24%
31 Dec 2007MSEK
31 Dec 2006MSEK
10
WF9835 02.08
Liquidity
New Finance Facility of $1bn
$850 million secured revolving reducing credit facility $150 million unsecured credit facility
Facility was underwritten by BNP Paribas Royal Bank of Scotland Bank of Scotland
Facility Fully Syndicated
11
WF10093 02.08
Operational Highlights 2007
Norway - APA2006 Round very successfulRussia – Petrovskaya lead matured to prospect
Luno Discovery in NorwayScolty Discovery in United Kingdom
Sudan – 2D seismic programme increased prospective resources
2P Reserves up from 176 mmboe to 184 mmboe – reserves replacement ratio of 148%
Contingent Resources up from 133 mmboe to 188 mmboe
Prospective Resources (prospects only) up from 2.7 bn boe to 3.1 bn boe
Added 28 licences through licence awards and farm-ins
Production 34,000 boepd - in line with forecast
12
WF10138 02.08
An Excellent Start to 2008
Sail away from Haugesund on 15 February First oil by end �rst quarter 2008
Alvheim
Nemo - successful appraisal well in PL148 o�shore Norway
Exploration drilling commenced in Block 5B Sudan in February
Receipt of drilling permit for Lagansky block in Russian Caspian
Seven new licences awarded in Norwegian 2007 APA
13
WF9613 01.08
2006Actual
29,400 BOEPD
2007Actual
34,000 BOEPD
2003Actual
16,100 BOEPD
2004Actual
28,900 BOEPD
2005Actual
33,100 BOEPD
Production History
2002Actual
14,010 BOEPD2001
NIL
2008Forecast
36,500 BOEPD
Compounded annual growth rate 2002-2007 is 19%Compounded annual growth rate 2002-2007 is 19%
14
WF9974 01.08
2008 Proven & Probable Reserves
France (25.8)Netherlands (4.9)
Indonesia (16.1)
Tunisia (1.9)
UK (53.8)
Norway (57.0)
Russia (24.7)
Total 184.2 MMboe
01.01.2007 176.4mmboe
- Produced (forecast) -12.4+ New reserves 18.4+ Acquisitions 1.801.01.2008 184.2
Reserves Replacement Ratio 148%
Increase in Reserves 12%
Oil 85.3%
Gas 14.7%
15
WF10015 01.08
Contingent Resources - Existing Discoveries
to R
eser
ves
Norway, 45.1
UK, 54.7
France, 12.4
Others, 20.8
Others, 13.0
133.0 MMboe net Lundin Petroleum
Norway, 105.4
UK, 60.3
- Thistle Infill- Heather Infill- Heather Triassic- SW Heather- Broom Infill- Scolty
- Luno- Greater Alvheim Area- Nemo- Pi South- SE Tor
France, 9.6
188.3 MMboe net Lundin Petroleum
2007
DiscoveriesLuno, Scolty
+70 MMboe
20 MMboe
2008
16
WF9688 02.08
0
20
40
60
80
100
120
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Mb
oep
d
excludes any exploration success or acquisitionsNemo and Luno included in contingent resources
2P as at 1.1.2008
as at 1.1.2008Contingent Resources (CR)
Production Profile based upon 2008 Resource Position
Existing resources have the potential to triple existing production
17
WF9976 01.08
Norway
DEVELOPMENT
Alvheim Field onstream 2008Volund Field onstream 2009
UK Broom Field infill drillingThistle Field redevelopment including rig reactivation
Indonesia Singa Field onstream 2009
2008 Development Expenditure Budget USD 375 million
18
WF9066 02.08
Alvheim - First Oil Approaching
Alvheim - working interest 15%First production end first quarter 2008Development drilling - 6 production wells completedSubsea installation completedSail away from Haugesund 15 February. FPSO completePlateau production >90,000 gross in 2008Reserves 215 MMboe gross (increase of 14% in 2007)
Alvheim FPSO sail away from Haugesund
19
2008 Projects – Norway Alvheim
WF10029 02.08
BOA 12
Kameleon
East Kameleon
Kneler
BoaBOA 11
BOA 09
KAM 03
KAM 02
EKAM 01
EKAM 02
KN 02
KN 05
KN 03
KN 06
KN 07
KAM 01
Drilled Development WellsPhase 1 TargetsPhase 2 Targets
80 km of well boreCompleted
12.3 km of horizontal section }
20
UK
EXPLORATION
Paris Basin
P1107 - Torphins
Lagansky Block - Morskaya, Laganskaya
Marine XI
Block 06/94
* Excludes Congo and VietnamPL148 Nemo already drilled - Proved �eld extension
Norway PL 292 ; PL 304 ; PL338 Luno Appraisal PL 006 SE Tor Appraisal, PL148 Nemo Appraisal
Sudan Block 5B - Umm Dandalo ; Barada ; Kasafa ; Nyal
France
Russia
Congo
Vietnam
1
2 3
4
1
2
1
1
Indonesia 5
ExplorationFirm Wells
Appraisal
17 exploration wells and 3 appraisal wells targetting
1.2 billion* barrels of unrisked exploration potential
2008 Exploration Expenditure Budget USD 350 million
WF9977 02.08
21
WF9920 02.08
0007022
023
029 030 0001
PL292
PL335
OSELVAR
JADE
SCOTER
SHEARWATER
PI
ULAHERON
GYDA
MUNGO
KRABBE
PIERCE
BLANE
MIME
SKUA
BRECHIN
MONAN
MIRREN
TAMBAR
PHYLLIS
MACHAR
0007/12 (Area 5)EGRET
BANKS
MORTIMER
SEAGULL
022/14 (Area 3)
KESSOGPUFFIN
MARNOCK
EVEREST
ERSKINE
LOMOND
ARMADA FIELDS
COLUMBUS
FIDDICH
ELGIN;FRANKLIN
OCKLEY
GLENELG
FRANKLIN WEST
0 20KM
PL335
Southern North Sea - PL148
Lundin Petroleum interest: 50% (operator) Noreco 20 %, Talisman 30%
Recent appraisal well con�rmed �eld extension
Existing infrastructure nearby in UK and Norway
Likely FDP in 2008
Likely to move to 2P reserves in 2008
Gross Contingent Resources
Field MMBOE
Nemo (range) 20 - 30*
* Current contingent resources 20.6 MMboe
PL148
Lundin Petroleum OperatorLundin Petroleum Partner
UK
Norway
Nemo discovery
22
WF9434 02.08
027 028 029
020 021 022
013 014 015
007 008
002
006
003
009
001
030
00090008
001800170016
0026
0025
0027
00310030
0002
0007
016
0032
0003
A
5604
5504
0015
0001
023
0024
5603
5503
031
BergenSullom Voe
UNITED KINGDOM
NORWAY
0 100KM
OperatedNon Operated
PL148
PL338
PL203
PL340
PL292P1107
PL006c
Peik
9/10b
PL006c:South East Tor
75% interest (operator)gross resources: 22.5 mmboeappraisal drilling in 2008
PL148 7/7-2:Nemo
50% interest (operator)successfully appraised by well 7/4-2gross resources: 20-30 mmboe
PL292:Pi South
40% interestgross resources: 10.9 mmboePi North prospect drilling in Q1 2008
PL340 15% interestgross resources: 11.0 mmboedrilling Marihone prospect in 2009
PL338Luno
50% interest (operator)gross resources: 65-190 mmboeappraisal drilling in 2008
* Excludes in�ll drilling within existing �elds
P1107:Scolty
40% interest (operator)gross resources: ~10 mmboedrilling amplitude anomaly prospect (Torphins) in 2008
PL203Gekko/Kobra
15% interestgross resources: ~36.6 mmboe
P090 (9/10b)9/10b discovery
85% interestgross resources: ~11.9 mmboe
Net Contingent Resources: ~120 MMboe
UK / Norwegian Undeveloped Discoveries*
23
WF10018 02.08
Luno Discovery - PL338
Lundin Petroleum interest: 50% (Operator) Revus 30%, RWE 20%
Discovery 16/1-8 Light oil in Jurassic reservoirUpside in TriassicLargest discovery in Norwegian North Sea in the last decadeNew play concept provenSignificant working interest in adjoining acreage
Contingent Gross Resources
Discovered in 2007
Discovery MMBOE
13357?
Luno Jurassic (mean)Luno Jurassic upsideLuno Triassic upside
009
0016
0025
016
008
0015015
0024
0026
0017
PL304
PL359
PL338
PL410
PL409
PL412
PL103B
PL363PL413
PL203
PL340
PL150
PL036c
PL088P090
PL167PL167B
0 20KM
Luno discovery
Jotun field
Alvheim field
Peik field
Volund field
Lundin Petroleum OperatorLundin Petroleum Partner
UK
Norway
24
WF10018 02.08
Forward Plan
Luno Discovery Appraisal Drilling 2008
Jurassic reservoir
Triassic reservoir
Luno discoverywell 16/1-8
16/1-416/1-10Appraisal well
Appraisal programme to commence in 2008 to appraise lateral extent and quality of Jurassic reservoir appraise Triassic reservoir
A rig slot has been secured to begin appraisal programme in Q2 2008
25
021 022
015
FORTIES
NELSON
COOK
TWEEDSMUIR
KITTIWAKE
GLENN
PICT
MALLARD
ALBACALLANISH
GADWALL
WAGTAILGROUSE
GANNET COMPLEX
WHINCHAT
TEAL;TEAL SOUTH
CHRISTIAN
GOOSANDER
FINLAGGAN
BACCHUS
022/01 (Area 4)
021/19 (Area 2)
021/15 (Area 2)
SAXON021/24 (Area 4)
FORTIES
NELSON
COOK
TWEEDSMUIR
KITTIWAKE
GLENN
PICT
MALLARD
ALBACALLANISH
GADWALL
WAGTAILGROUSE
GANNET COMPLEX
WHINCHAT
TEAL;TEAL SOUTH
CHRISTIAN
GOOSANDER
FINLAGGAN
BACCHUS
022/01 (Area 4)
021/19 (Area 2)
021/15 (Area 2)
SAXON021/24 (Area 4)
BRODGAR
BRITANNIA
BLIGH
021/02 (Area 2)
BRODGAR
BRITANNIA
BLIGH
021/02 (Area 2)
P1109
P1107
P1176
P1421
8 9
19
1214
10
4b
7b
5b
22
16b
11b
17a
25
18b
1a
21
15a
13b
5a
6b
2b
23a
20c
6b
24a
3a1b
1c
13a
7
15b
17
6a 7a
1b
21
18a
11c
17b
16b
2aCR
3c
1aN
3b
6aN
30
3d
3e
6aS
16a
20d
11F1
28c
16a
23b
11d
4a
20f
6aF1
29b
22a
20e
2aJR
2b
1aS
27LW
2aS
12aS
20b
9F1
26b
11a
12aF1
20aF1
11a
29d
2a
7F1
29c
0 10KM
2007 UK Exploration Success - Scolty Discovery [P1107]
WF9833 02.08
Scolty Discovery
Torphins Prospect
Lundin Petroleum acreage OperatorPartner
Scolty Discovery
Lundin Petroleum interest: 40% (operator) Palace Exploration (Revus) 50 % Challanger Minerals 10%
Drill Torphins in Q2 2008
26
WF9831 11.07
2007 UK Exploration Success - Scolty Discovery [P1107]
Scolty discovery@ ~1700m1.6 km2
21/8-3
Middle Jurassic @ ~3000-4000m
Torphins prospectProspective resources~30 MMbbls recoverable
Torphins prospects @ ~1700m 4.5 km2
Scolty discoveryPotential ~10 MMbbls recoverable
Proposed Torphins wellplanned for 2008
27
026 027 028 029
020 021 022
013 014 015
007 008
019
002206
006
214 208 209 210
003
218217
009
001
5610560956085607
030
219
5606
001000090008
5611
5710
001800170016
5709
0026
0011
0025 0027
0031
005
0030
012
0034 0035
62036202 6204
6302630563046301 63036302 6306
0002
0007
640764026406640564046402 6403
211
016
6408
222
6201
6509650865076506650565046502 6503
5605
66106609660866076606660566046602 6603
6403
6300
6510
671067096708670767066705
207
0032
6711
0019
0022
6812
6301
6811
6611
70177016
5708
0012
71217120
71197118
71177116
6303
7122
0003
6307
67046703
6409
7018
6401
0036
6501
6601
6202
7123
216
6813
6810
6205
025
5604
6915
6914
7019
6203
6916
0015
0013
7124
5511
5707
6401
5711
5512
7020
7215
6809
55155510
0033
6913
7216
0004
7125
0001
018
213
0023
7021
0021
023
5509
7217
6917
221
7126
6712
5612
7218
034
6400
5508
6503
5603
0020
223
6814
7219
5507035
7022
6410
7127
6299
5810
6300
7029
6912
220
6808
5506
6206
7128
6308
5516
7220
5809
7030
0 240KM
OsloBergen
Tromso
Aberdeen
Trondheim
Stavanger
Copenhagen
Sullom Voe
Kristiansand
OsloBergen
Tromso
Aberdeen
Trondheim
Stavanger
Copenhagen
Sullom Voe
Kristiansand
Block 7120/4,5 & 6
Block 6507/11
Block 8/4,5,6,7,8,9,11 &12
Block 7120/1& 2
Block 6609/8,9,10 & 11
Block 2/5
Block 6609/8 & 9
Norway
UK
Sweden
Lundin Licences2007 APA Award Operator Partner
Block
Block
Lundin Petroleum Awarded Licences APA 2007
Lundin Petroleum awarded 7 new licencesin Norwegian licensing round
Licence
Block 2/5 75%*
Block 8/4, 5, 7, 8, 9, 11 & 12(blocks 8/8 & 8/11:200m below base jurassic and younger) 30%*
Block 6507/11 30%
Block 6609/8 & 9(all formations below base cretaceous) 20%
Block 6609/8, 9, 10 & 11 30%
Block 7120/1 & 2 40%*
Block 7120/ 4, 5 & 6 40%*
Total licences in Norway - 31 including 7 awarded in 2007 APA
Lundin Petroleum licence interest
*operator Lundin PetroleumWF10132 02.08
28
WF10050 01.07
Russia - Lagansky Block
Lundin Petroleum: 70% (operator) Mintley Kalmykia 30%
Work Commitment 4 well commitment - 2 wells to be drilled by end 2008 - 2 wells to be drilled by August 2009
Prospective Resources
Prospect COS %*MMBOE
Morskaya
Laganskaya
Petrovskaya
35
26
34
641
106
300
*Gross Unrisked Prospective Resources on block
0 MK 02
Lagansky Block
Kaspiskoye
Yuri Korchagin
Rakushechnoye Severo-Rakushechny
Northern Caspian
Viktor Filanovski
Laganskaya ProspectMorskaya Prospect
Rak-1
Rak-2
Rak-4
Petrovskaya Prospect LundinConcessionOil Field
Gas Field
Prospects
Gazprom option to acquire50% working interest
Lundin Petroleum option toacquire 30% interest.
29
Russia Lagansky Exploration - Drilling Status
WF9691 02.08
Permitting
Operationally ready to commence drilling
Licence amendments approved by RosnedraDrilling permit from Rosprirodnadzor secured
First well to be drilled in second quarter 2008
Mobilisation to well location beginning second quarter
30
WF9171a 02.08
Jong
lei C
anal
Km 200
Thar Jath
JarayanBlock 5B
Block 5A
Block B Central
Block B CentralThar Jath (Dev)
Lake Nuong
White Nile
Khawr Jurwel
Bahr El Zaraaf
Nuong DockSeismic Camp
Adok
Lundin PetroleumPetronas Carigali
ONGC Videsh LtdSudapet
24.5%39.1%
23.5%13.7%
Current Partners
Jointoperators(WNPOC)
5B interest
SUDAN
Port Sudan
Khartoum
Kosti
BLOCK 5BCENTRAL
AFRICAN REPUBLIC
CONGO
LIBYAEGYPT
CHAD
KENYA
ETHIOPIA
ERITREA
Red S
ea
Prolific Muglad Basin petroleum system
Over 1,280 km of seismic acquired since 2006
Four well exploration programme began in 1Q 2008
Net unrisked resourcefrom targeted prospects > 500 million boe
Sudan - Block 5B
Wan Machar*
Kasafa
Barada
Nyal
Nyal South
NV
B
* Prospect renamed (formerly Umm Dandalo)
NilePet likely to take 10% interest in block
Spudded in February
Imminent Spud
31
WF9171 ph2 10.07
Nyal - Drill Site
Nyal drilling site Nyal structure over satellite image
0 KM 2
Nyal-1
Gross prospective resources - 176 MMboe
32
WF9171 ph 10.07
Wan Machar - Well Site Preparation
Equipment at well site
DB
SB
SBTB
PT
CB
DB – Drilling BargeCB – Crane BargeSB – Storage BargeTB – Transport BargeWT – Well Testing BargeAB – Accommodation BargePT – Pusher Tugs
AB
WT
110m110m
110m110m
18m18m
~ 2500m~ 2500m
Vegetation primarily consists of Vegetation primarily consists of papyrus and elephant grasspapyrus and elephant grass
Drilling AreaDrilling Area
Bahr El Bahr El ZarafZaraf
AccessAccessChannelChannel
DBDB
SB
SB
SB
SBTB
PT
TBTB
PTPT
CBCB
DB – Drilling BargeCB – Crane BargeSB – Storage BargeTB – Transport BargeWT – Well Testing BargeAB – Accommodation BargePT – Pusher Tugs
ABAB
WTWT
110m110m
110m110m
18m18m
~ 2500m~ 2500m
Vegetation primarily consists of Vegetation primarily consists of papyrus and elephant grasspapyrus and elephant grass
Drilling AreaDrilling Area
Bahr El Bahr El ZarafZaraf
AccessAccessChannelChannel
110m110m
110m110m
18m18m
~ 2500m~ 2500m
110m110m
110m110m
18m18m
~ 2500m~ 2500m
Vegetation primarily consists of Vegetation primarily consists of papyrus and elephant grasspapyrus and elephant grass
Drilling AreaDrilling Area
Bahr El Bahr El ZarafZaraf
AccessAccessChannelChannel
Well site prepared
Accomodation barge at well site
Well site layout
Gross prospective resources - 1.5 Bn boe
33
WF9693 02.08
Sudan - Block 5B
National Petroleum Commission (NPC) has confirmed the legal validity of
the Block 5B partnership.
“Nile Pet” (Government of South Sudan oil company) to take a 10% equity
interest in Block 5B
34
WF10039 01.08
Prospective ResourcesAdditions
Discoveries(Contingent Resources)Dry Holes
- APA 2006 (Norway)- Sudan- Russia
- Luno- Scolty
123 MMboe70 MMboe
2007 Prospective Resources*: 2.7 bn boe net unrisked 2008 Prospective Resources*: 3.1 bn boe net unrisked
Prospective Resources - Net Unrisked Resources
}
* Includes prospects only (including leads, the 2007 PR is 5.4 bn boe and 2008 PR is 6.1 bn boe
Norway
UK
FranceIndonesia
IrelandNetherlands
Russia
Sudan
VietnamTunisiaUK
Norway
IndonesiaIreland
NetherlandsRussia
Sudan
Tunisia
Venezuela
Vietnam
France
35
Targeted Prospective Resources - Net Unrisked
WF 10058 01.08
Norway
Russia
Sudan
Congo
France
Vietnam
Indonesia
UK
MM
BO
E MM
BO
E
Congo
France
Indonesia
UK0
200
400
600
800
1000
1200
1400
0
200
400
600
800
1000
1200
1400
200818 wells (firm) 25 wells (estimated)
2009Norway
Norway
UK
Sudan
Sudan
Vietnam
Vietnam
Russia
Russia
36
Exploration Activity 2008
WF9978 02.08
Norway
Russia
Sudan
Congo
France
Vietnam
Indonesia
UK
Likely Drilling Schedule 2008
Country Licence Net
Interest OperatorProspect
GrossUnriskedMMBOE Q3 Q4Q1 Q2
Langaskaya
Morskaya
Wan Machar
Nyal
V1
Barada
Russia Lagansky
Sudan
FranceVietnamCongo
Block 5B
Paris Basin
Block 06/94
Marine XI
Ferrieres
“A”
-
14
127
-
Norway PL292 Pi North
Marihone A/BPL340
PL304
40%
15%
50%
40%
70%
70%
22.05%
22.05%
22.05%
22.05%
65%
33.3%
18.75%
BG
Marathon
Lundin
Lundin
Lundin
Lundin
WNPOC
WNPOC
WNPOC
WNPOC
Lundin
Pearl
Soco
Indonesia Salawati Island/Basin *34
TOTAL 3,420 MMBOE * Net Unrisked MMBOE
-- PetroChina
Aegis
UK P1107 Torphins
106
641
1542
176
59
541
9
39
104
28
17 wells in 2008Net unrisked 1.26 bn boe targeted in 2008Net risked 380 MMboe targeted in 2008
Moved to 2009
37
WF9979 01.07
0
100
200
300
400
500
MMboe
0
100
200
300
400
500
MMboe
2P RESERVES184.2 MMboe
CONTINGENTRESOURCES
188.3 MMboe
Luno
RUSSIASUDAN
NORWAYUK
VIETNAMCONGO
Reserves Upside Potential
38