• Annual Report 2009
  • 4Letter to shareholders
  • 6Words from the Chairman
  • 8Our business, vision and strategy
  • 9Market overview
  • 12Operations
  • 13Reserves, resources and production
  • 16Core area - Europe
  • 21Core area - Russia
  • 22Core area - South East Asia
  • 23Other operations
  • 24Corporate responsibility
  • 30Corporate governance report
  • 36-Internal control and risk management
  • 38-Board of directors
  • 39-Management
  • 40-Risk factors
  • 41The share and shareholders
  • 44Five year financial summary
  • 45Director's report
  • 54Income statement
  • 55Comprehensive income
  • 56Balance sheet
  • 57Statement of cash flow
  • 58Statement of changes in equity
  • 59Key financial data
  • 60Accounting principles
  • 67Notes - Group
  • 84Parent company annual accounts
  • 88Notes - Parent company
  • 90Board assurance
  • 90Financial reporting dates
  • 91Auditor's report
  • 92Reserve quantity information
  • 93Definitions

Annual Report 2009

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RESERVES, RESOURCES AND PRODUCTION 2009 PRODUCTION 50,000 Net boepd 40,000 20% 30,000 20,000 10,000 0 Full Year 2008 Q1 Q2 Q3 Q4 Forecast high Forecast low Actual production 38,200 Production Lundin Petroleum produced a total of 13.9 million barrels of oil equivalents (MMboe) in 2009 from fields in Norway, France, Netherlands, United Kingdom, Russia, Tunisia, and Indonesia. The production for 2009 was 20 percent higher than for 2008 when production amounted to 11.6 MMboe. The main contributor to the increase is the Alvheim field in Norway contributed a full year’s production in 2009 having come onstream in late June 2008. The Alvheim field has performed above expectations since production commenced, producing at an average of 13,800 barrels of oil equivalent per day (boepd) during 2009. A development programme is ongoing on the Alvheim field with Phase 2 of the drilling programme to start in 2010. In 2010 the Volund field, south of the Alvheim field will come on stream and further increase production. 38,200boepd production for 2009 – 20% increase over 2008. Sales OPERATIONS 15 Lundin Petroleum sold a total of 13.9 MMboe at an average oil price achieved of USD 57.16 per barrel of oil equivalent (boe). The average Dated Brent price for 2009 was USD 61.67 per barrel. The oil produced in Russia which is 14 percent of Lundin Petroleum’s total production is sold either on the Russian domestic market or exported into the international market. 40 percent of the Russian sales in 2009 were on the international market at an average price of USD 57.23 per barrel and the remaining 60 percent of Russian sales being sold on the domestic market at an average price of USD 24.67. 2010 FORECAST 55,000 Net boepd 50,000 45,000 40,000 35,000 30,000 25,000 Q1 Q2 Q3 Q4 Variations Production quantities in a period can differ from sales quantities for a number of reasons. Timing differences can arise due to inventory, storage and pipeline balances effects. Several of Lundin Petroleum’s fields are producing into storage tanks onboard FPSOs, such as the Oudna field in Tunisia, the Alvheim/Volund fields in Norway and the TBA field in Indonesia or into onshore storage tanks such as the fields in the Aquitaine basin in France. These storage tanks are being offloaded on a regular basis depending on the production volume and it is only at the point of having offloaded these tanks that the sale of this crude is recorded in the income statement and this can sometimes lead to a misalignment between what is reported as produced crude oil volume versus sold crude oil volumes. However, over time these differences between reported production and sales volumes will balance out. In certain fiscal regimes part of the production volume has to be transferred to the government as a tax and/or royalty payment in kind which results in lower sales volumes than production volumes. Production from Lundin Petroleum’s Indonesian fields and from the Oudna field in Tunisia are liable for such “in-kind” payments. Forecast high Forecast low 38,000-44,000* boepd production guidance for 2010. * Following the spin-off of the UK business, Lundin Petroleum’s 2010 production guidance is 29,000 – 33,000 boepd. Production forecast Lundin Petroleum’s production forecast for 2010 is in the range of 38,000 to 44,000 boepd. With the spin-off of the assets in the United Kingdom to EnQuest plc, Lundin Petroleum’s production forecast for 2010 will be in the range of 29,000 to 33,000 boepd.

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