LUNDIN PETROLEUM AB

LUNDIN PETROLEUM AB

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Company Overview
Lundin Petroleum AB, with registered business address in Stockholm, Sweden, is a publicly traded company primarily engaged in the production and exploration of oil and natural gas. The company’s production is generated from its assets in France, Tunisia, the Netherlands, Norway, Venezuela, Indonesia and the United Kingdom. The exploration drilling activities are operated in Nigeria, Sudan and Albania. The company has an estimated 146.1 million barrels of fuel oil equivalent in reserves.
The company was established in 2001, as a result of the takeover of Lundin Oil AB by Canadian independent Talisman Energy. The company was listed on the New Market in Sweden in September 2001, through the management and corporate technical team from Lundin Oil and exploration assets in Sudan, Iran and an equity investment in Russian oil company KMOC. The company aims to explore for and produce oil & gas in the most economically efficient, socially responsible and environmentally acceptable way, for the benefit of their shareholders, employees, and co-venturers.
The company also holds licenses and interests in several petroleum and oil companies worldwide, including a 75 percent interest in the Norway-based oil company OER ASA. The company creates a joint venture with OMV for the exploration and production of oil and gas in a new offshore block in Albania. As of 2005, the company produced oil in Oudna and in Tunisia.
Business Summary
Lundin Petroleum AB is a company active within the oil and gas industry. The Company, operating globally, is engaged in the production and exploration of oil and natural gas.
Description and history
Lundin Petroleum AB is a company active within the oil and gas industry. The Company, operating globally, is engaged in the production and exploration of oil and natural gas. Production is generated from the Company’s assets in France, Tunisia, the Netherlands, Norway, Venezuela, Indonesia and the United Kingdom. The exploration drilling activities are operated in Nigeria, Ethiopia, Congo, Vietnam, Sudan, Albania and other countries. Lundin Petroleum has an estimated 176.4 million barrels of fuel oil equivalent in reserves. The Company also holds licenses and interests in several petroleum and oil companies worldwide, including interest in the Norway-based oil company OER ASA. Lundin is also engaged in a joint venture with OMV for the exploration and production of oil and gas in a new offshore block in Albania.

History:
2001- Lundin Petroleum AB – the beginning
Lundin Petroleum AB was formed in 2001 as a result of the takeover of Lundin Oil AB by Canadian independent Talisman Energy. With the management and corporate technical team from Lundin Oil and exploration assets in Sudan, Iran and an equity investment in Russian oil company KMOC, Lundin Petroleum was listed on the New Market in Sweden in September 2001. In October/November of the same year approximately SEK 500 million was raised in new equity capital. In addition the investment in KMOC was sold for USD 18.3 million in cash.

2002- The first major acquisition
In 2002, Lundin Petroleum acquired Coparex International from BNP Paribas for USD 172.5 million adding exploration and production assets in France, Netherlands, Tunisia, Venezuela, Indonesia and Albania to the existing portfolio. This acquisition transformed Lundin Petroleum from a pure exploration company into an important E&P player with production of approximately 16,000 boepd.

2003- The sale of Block 5A Sudan and the second major acquisition
In early 2003, Lundin Petroleum took its first step onto the Norwegian Continental shelf by acquiring 75 percent of the shareholding in OER oil, a Norwegian E&P company for NOK 30 million. In the summer of that year, Lundin Petroleum sold its working interest in Block 5A in Sudan to Petronas Carigali for USD 142.5 million. Following the sale of Sudan, the Company agreed to acquire a portfolio of producing assets in the UK, Ireland and Norway from DNO AS for USD 165 million.

2004- The consolidation
With the completion of the DNO acquisition, Lundin Petroleum doubled its reserves to 137 million boe and boosted production to over 35 000 boepd. In August 2004 the Broom project, a satellite field to the Heather field offshore UK, was put on stream with gross production reaching in excess of 25 000 boepd from 3 wells. Further discoveries have been made in Norway, France and Indonesia and there is ongoing exploration drilling in Iran, Netherlands and Indonesia. Amongst other important events the development plan for the 180 million boe Alvheim Project in Norway was approved in September 2004, with first oil planned in early 2007.

2005-2006
In 2005 production increased to an average of 33,190 boepd and reserves were certified at 142.6 million boe which was later increased to 146.1 million boe in 2006. The development projects Alvheim, offshore Norway and Oudna, offshore Tunisia progressed according to plan and budget. The Oudna field was successfully completed and came on stream in November 2006. The total production by year end reached 40,000 boepd. A number of exploration licences were awarded in the UK and Norwegian licencing rounds.

2007
Average production for 2007 was 34,000 boepd and reserves increased to 176.4 million boe. The Luno discovery was made offshore Norway with gross resources estimated to be between 65 and 190 million boe with further potential to be appraised in 2008/2009.

Pre Lundin Petroleum
The Lundin Group of companies which includes Lundin Petroleum AB, has been involved in Exploration, Development and Production operations in a number of the major oil and gas provinces of the world for almost 30 years. Throughout its existence the Lundin Group has been active in Qatar, United Arab Emirates, Oman, Papua New Guinea, Malaysia, Vietnam, United Kingdom, Libya, Sudan, Albania, Somalia and Russia to name but some of the countries in which the companies have had operations. The group has historically operated the assets it has been involved in and this continues to be the strategy and strength of Lundin Petroleum AB. It?s operating experience and capability has been gained in exploration, development and production phases of assets.
The Lundin Group of companies are publicly listed vehicles with a material shareholding owned by the Lundin family. The flagship oil and gas company was Lundin Oil AB which was sold in 2001 to Talisman Energy, the Canadian company, in a US$ 400 million deal. As part of this deal Lundin Oil AB shareholders received cash plus one share in Lundin Petroleum AB.

Lundin Petroleum’s shares are listed on the O-list, Attract 40 at the Stockholm Stock Exchange.

Established from the takeover of Lundin Oil AB by Canadian independent Talisman Energy

Business Line
Production and exploration of oil and natural gas
Subsidiary
AFRICA OIL ETHIOPIA B.V.
Advisor
OHRLINGS PRICEWATERHOUSECOOPERS AB
IPO date
9/6/2001
US SIC Code
1382
Company Address
Hovslagargatan 5

City province or state postal code
111 48, STOCKHOLM
Phone: +46 8 440 54 50
Fax: +46 8 440 54 59
Country address: SWEDEN
Website url: www.lundin-petroleum.com