The Company

History

The Lundin family have been involved in oil exploration and production for over thirty years. Lundin Petroleum can trace its roots back to the early eighties in the form of International Petroleum, then International Petroleum Corporation (IPC), followed by Lundin Oil in the late nineties before emerging as Lundin Petroleum in 2001.

The following presentation outlines the major events in the history of Lundin Petroleum from the early 80s through to the present day.

Lundin History

Lundin History

1981

1981

International Petroleum is founded by Adolf H. Lundin with exploration assets in the Middle East, Texas and the Bay of Biscay.

1983

1983

International Petroleum commences production of the Saleh field, offshore U.A.E.

1986

1986

International Petroleum Corporation (IPC) discovers the Bukha field, offshore Oman. The discovery well flows in excess of 2,000 bopd and 22 MMscf gas. The discovery is appraised and declared commercial in 1989.

1988

1988

The Pandora gas field is discovered by IPC, offshore Papua New Guinea.

1991

1991

The Bunga Orkid field, offshore Malaysia is discovered by IPC, flowing 4,900 bopd and 47.5 MMscf gas. A further two discoveries are made on Bunga Pakma and Bunga Raya.

1993

1993

IPC acquires 100% ownership of the Welton field and satellite fields together with processing facilities, onshore United Kingdom. The Welton field is the second largest onshore field in the United Kingdom and the company successfully implements a well optimisation programme which results in a significant increase in production levels.

1994

1994

In July 1992, IPC, as field operator, receives approval to develop the Bukha field, the first offshore field in Oman. Facilities include the installation of an offshore platform and a 35 km pipeline to the RAKGAS processing plant. The project is successfully completed in April 1994.

1994

IPC makes a further discovery on Bunga Kekwa in Malaysia/Vietnam. The well flows 10,200 bopd and 179 MMscfpd.

1995

1995

Adolf H. Lundin becomes the largest shareholder in Sands Petroleum AB in April 1995. In October of the same year Sands acquires Neste Oy’s North Sea interests which include 8 producing fields (including Ninian, Claymore, Nelson and Brae), a field development and a number of exploration licences together with infrastructure ownership.

1997

1997

IPC commences oil production from Bunga Kekwa, offshore Malaysia/Vietnam. Phase 1 facilities consists of a light-weight platform with three production wells tied back to a FPSO. Initial production is in excess of 13,000 boepd.

1997

IPC and Sands Petroleum merge to form Lundin Oil AB. Following the merger Lundin Oil has reserves of 158 MMboe, producing assets in Malaysia/Vietnam and the UK and operations in a further six countries around the globe.

1998

1998

Lundin Oil discovers the En Naga North field in Block NC177 located in the Sirte Basin in Libya. Another oil accumulation to the west is discovered in 1999. The combined reserves of the En Naga North and West field is 100 MMboe.

1999

1999

Lundin Oil, as operator, makes a major new oil discovery on the Thar Jath prospect located in Block 5A, southern Sudan. The discovery well flows 4,260 bopd. Following an appraisal programme, proven and probable gross reserves are booked at 149 MMbo.

2000

2000

The Phase 2 development of Block PM-3, offshore Malaysia/Vietnam is initiated with the signing of a gas sales agreement. Phase 2 is designed to integrate the Bunga Kekwa, Bunga Seroja and Bunga Raya fields to produce 40,000 bopd and 250 MMscfpd. The planned development includes a number of platforms and interfield pipelines tied back to a central processing platform.

2001

2001

Lundin Oil sells Libya assets, En Naga North and West fields, to Petro Canada.

2001

Lundin Oil’s success story culminates in a takeover by Talisman Energy in a deal valued at USD 470 million.

2001

Lundin Petroleum AB is formed 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 is listed on the New Market in Sweden in September 2001.

2002

2002

Lundin Petroleum acquires 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. The acquisition transforms Lundin Petroleum from a pure exploration company into an important E&P player with production of approximately 16,000 boepd.

2003

2003

In early 2003, Lundin Petroleum takes 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.

2003

In the summer of 2003, Lundin Petroleum sells its working interest in Block 5A in Sudan to Petronas Carigali for USD 142.5 million.

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