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 an average of 28,900 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 were made in Norway, France and Indonesia. Amongst other important events the development plan for the 215 million boe Alvheim Project in Norway was approved in September 2004, with first oil planned in 2008.


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.


Past projects
To provide some background, we have outlined an overview of some of the successful projects and transactions the company has concluded in recent years.


1992- Bukha field, offshore Oman
In July 1992 the company, as field operator, received approval to develop the Bukha field, the first offshore field in Oman. Facilities included the installation of an offshore platform and a 35 kilometre pipeline to the RAKGAS processing plant. The project was successfully completed in April 1994.


1992- PM-3 Block, offshore Malaysia
In 1992 the PM-3 block, offshore Malaysia, was declared a commercial arrangement area. This resulted in the commencement of an aggressive seismic and drilling exploration programme operated by the Lundin Oil AB. As a result of a successful programme, Phase 1 development project was initialised in 1996 with first oil at 15,000 bopd in 1997. Phase 1 consisted of an unmanned early production system supported by a floating production, storage and offloading vessel with a 350,000 barrel capacity producing at in excess of 15,000 bpd.  The subsequent drilling of further appraisal wells, signing of a gas sales agreement and unitisation agreement, facilitated the progress of Phase 2. Facilities included 5 offshore platforms and a floating storage and offloading vessel. Reserves were estimated to be approximately 145 mmbbls of oil and 1,600 bcf of gas.


1993- Welton field, onshore United Kingdom
In 1993 the company acquired an interest in the Welton field onshore United Kingdom. The company operated its 100 percent ownership in the Welton oil field and satellite fields together with the processing facilities. The Welton field was the second largest onshore field in the United Kingdom and the company successfully implemented a well optimisation programme which resulted in a significant increase in production levels.


1995- United Kingdom offshore oil and gas interests
The Lundin Group of companies acquired Neste Oy’s United Kingdom offshore oil and gas interests in October 1995. The acquisition included 8 producing assets, 1 field development and a number of exploration licences together with infrastructure ownership. Reserves were initially estimated to be 21 mmboe with production of approximately 9,000 bopd however through an aggressive drilling, well optimisation and cost cutting programme, reserves and production increased. The acquisition was supported by a revolving credit facility through a syndicate of banks lead by Barclays Capital. The Lundin Group subsequently acquired a 20 percent equity in the Sedgwick field from Texaco.


1998- En Naga field, onshore Libya
In 1998 the company discovered the En Naga North and West field in southern part of the Sirte Basin, Libya. After a successful appraisal programme in 1998 and 1999 the field was declared the commercial and development programme commenced. The full development included the construction of a central production facility, 100 kilometre pipeline together with the drilling of 20 production, 15 injector and 15 water supply wells. Recoverable reserves were estimated to be approximately 100 mmbbls.


2001- Talisman takeover
The historic success culminated in the takeover of Lundin Oil AB by Talisman Energy in a deal valued at US$ 400 million and a new era began with the formation of Lundin Petroleum AB.