Annual Report 2011

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MANAGEMENT MANAGEMENT C. Ashley Heppenstall President & Chief Executive Officer, Director Management structure The President and CEO of the Company, C. Ashley Heppenstall, is responsible for the management of the day-to-day operations of Lundin Petroleum. He is appointed by, and reports to, the Board and is also the only executive Board member. The tasks of the CEO and the division of duties between the Board and the CEO are defined in the Rules of Procedure and the Board’s instructions to the CEO. In addition to the overall management of the Company, the CEO’s tasks include ensuring that the Board receives all relevant information regarding the Company’s operations, including profit trends, financial position and liquidity, as well as information regarding important events such as significant disputes, agreements and developments in important business relations. The CEO is also responsible for preparing the required information for Board decisions and for ensuring that the Company complies with applicable legislation, securities regulations and other rules such as the Code of Governance. To fulfil his duties, the CEO works closely with the Chairman of the Board to discuss the Company’s operations, financial status, up-coming Board meetings, implementation of decisions and other relevant matters. The CEO is assisted in his functions by Group management, being: » The Investment Committee, which in addition to the CEO includes – the Chief Operating Officer (COO), Alexandre Schneiter, who is responsible for Lundin Petroleum’s worldwide exploration and production operations; – the Chief Financial Officer (CFO), Geoffrey Turbott, who is responsible for the financial reporting, internal audit, risk management, IT, HR, tax and treasury function; and – the Senior Vice President Operations (SVP Operations), Chris Bruijnzeels, who is responsible for operations, reserves and the optimum development of Lundin Petroleum’s asset portfolio. » The Vice President Corporate Responsibility, Christine Batruch, who is responsible for the Group’s CR and HSE strategy, and the Vice President Legal, Jeffrey Fountain, who is responsible for all legal matters pertaining to the Group. » The General Managers/Managing Directors who are responsible for the day-to-day activities of the local operational entities. Group management works closely together in respect of commercial, technical, HSE, financial and legal issues with the aim of creating long-term shareholder value. Group management is also responsible for ensuring that the operations are conducted in compliance with all Group policies and procedures. Investment Committee The Company’s Investment Committee, which consists of the members of the Executive Management, was established by the Board in 2009 to assist the Board in discharging its responsibilities in overseeing the Company’s investment portfolio. The role of the Committee is to determine that the Company has a clearly articulated investment policy, to develop, review and recommend to the Board investment strategies and guidelines in line with the Company’s overall policy, to review and approve investment transactions and to monitor compliance with investment strategies and guidelines. The responsibilities and duties include considering annual budgets, supplementary budget approvals, investment proposals, commitments, relinquishment of licences, disposal of assets and performing other investment related functions as the Board may designate. The Investment Committee has scheduled meetings every two weeks and meets more frequently if required by the operations. Alexandre Schneiter Executive Vice President & Chief Operating Officer Geoffrey Turbott Vice President Finance & Chief Financial Officer Chris Bruijnzeels Senior Vice President Operations Christine Batruch Vice President Corporate Responsibility Jeffrey Fountain Vice President Legal 49

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