Financial Results - Year End 2007

C. Ashley Heppenstall, President & CEOGeoffrey Turbott, Vice President Finance & CFOWF10140

1

Disclaimer

DISCLAIMER Certain statements made in this presentation involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating to Lundin Petroleum’s business and operations are based on management’s expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. Lundin Petroleum makes no commitment, and disclaims any duty, to update or revise any of these statements. This presentation is for informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The information contained in this presentation is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to Lundin Petroleum and should not be relied upon for the purpose of making investment decisions concerning any securities of Lundin Petroleum.

WF8278

2

Financial Results - Year End 2007

Mill

ion

SEK M

illion SEK

WF9686 02.08

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

500

1,000

1,500

2,000

2,500

3,000

3,500

953

794+20%

Net Profit Year End 2007

Net Profit Year End 2006

220196

220196

3,126

2,271

OperatingCash Flow

Year End 2007

OperatingCash Flow

Year End 2006

+38%901

618

EBITDAYear End 2007

EBITDAYear End 2006

3,049

2,732637

559

+12%

3

WF8508 02.07

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

Million SEK

2002 2003 2004 2005

Operating Cash Flow

EBITDA

Net Profit

Financial Performance

2006 2007

4

WF9608 02.08

Production 2007 34,000 BOEPD

Cost of operations 2007 USD 18.28/bbl

G&A Cost 2007 172 MSEK

Financial Performance - Year End 2007

5

2007 Taxation

WF10094e 02.08

2007 effective rate of tax

Current tax charge

Deferred tax charge

47%

1.07

8.97

USD/boe

USD/boe

Includes UK Corporation tax refund for prior periods 7.0 MUSD

6

UK including wells 9/10c, 14/28a, 41/10a, Banchory

Indonesia including Banyumas, Blora

Norway well PL335

Albania

Other

2007 exploration write-offs

25.5

12.0

8.8

4.6

3.9

54.8

2007 Exploration Write-Offs

2007ActualMUSD

WF10094d 01.08

172.4

80.7

59.3

31.2

26.0

369.6

2007ActualMSEK

Note: UK 12/17b-1 Ridgewood well to be written o� in Q1 2008 (approx. 50 MSEK)

7

Production (mmboe)

Revenue

Cost of operationsTariffsProduction taxesStock movements

DepletionWrite-offs

Margin Netback

12.66

64.25

-18.40-2.30-4.35-1.50

37.70

-11.85-4.40

21.45

12.66

64.15

-18.28-2.29-4.50-1.44

37.64

-11.67-4.33

21.64

2007 Margin Netback [USD/boe]

72.65 72.39

CMDJan 08

forecast 2007

13.30

48.35

-16.30-1.65-3.65-0.30

26.45

-10.950.00

15.50

55.00

CMDJan 07

excl. AlvheimActual2007

WF10094a 02.08

oil price

8

Capital Market Day 2007 excl. Alvheim

Capital Market Day 2008

Actual 2007

% Change to CMD 2007 excl. Alvheim

13.3

12.7

12.7

-5.1%

X

X

X

=

=

=

16.30

18.40

18.28

12.2%

217.3

232.9

231.5

6.6%*

2007 Cost of Operations

MMBOE USD/boe MUSD

WF10094c 02.08

*Foreign exchange = 4.6% => Actual cost increase = 2.0%

9

WF9610 02.08

Balance Sheet

Fixed Assets

Net Current Assets (excluding cash)

Net Bank Debt

Shareholder Equity

Net Debt/Equity Ratio

16,188

3

1,134

8,953

13%

19,026

-180

2,302

9,706

24%

31 Dec 2007MSEK

31 Dec 2006MSEK

10

WF9835 02.08

Liquidity

New Finance Facility of $1bn

$850 million secured revolving reducing credit facility $150 million unsecured credit facility

Facility was underwritten by BNP Paribas Royal Bank of Scotland Bank of Scotland

Facility Fully Syndicated

11

WF10093 02.08

Operational Highlights 2007

Norway - APA2006 Round very successfulRussia – Petrovskaya lead matured to prospect

Luno Discovery in NorwayScolty Discovery in United Kingdom

Sudan – 2D seismic programme increased prospective resources

2P Reserves up from 176 mmboe to 184 mmboe – reserves replacement ratio of 148%

Contingent Resources up from 133 mmboe to 188 mmboe

Prospective Resources (prospects only) up from 2.7 bn boe to 3.1 bn boe

Added 28 licences through licence awards and farm-ins

Production 34,000 boepd - in line with forecast

12

WF10138 02.08

An Excellent Start to 2008

Sail away from Haugesund on 15 February First oil by end �rst quarter 2008

Alvheim

Nemo - successful appraisal well in PL148 o�shore Norway

Exploration drilling commenced in Block 5B Sudan in February

Receipt of drilling permit for Lagansky block in Russian Caspian

Seven new licences awarded in Norwegian 2007 APA

13

WF9613 01.08

2006Actual

29,400 BOEPD

2007Actual

34,000 BOEPD

2003Actual

16,100 BOEPD

2004Actual

28,900 BOEPD

2005Actual

33,100 BOEPD

Production History

2002Actual

14,010 BOEPD2001

NIL

2008Forecast

36,500 BOEPD

Compounded annual growth rate 2002-2007 is 19%Compounded annual growth rate 2002-2007 is 19%

14

WF9974 01.08

2008 Proven & Probable Reserves

France (25.8)Netherlands (4.9)

Indonesia (16.1)

Tunisia (1.9)

UK (53.8)

Norway (57.0)

Russia (24.7)

Total 184.2 MMboe

01.01.2007 176.4mmboe

- Produced (forecast) -12.4+ New reserves 18.4+ Acquisitions 1.801.01.2008 184.2

Reserves Replacement Ratio 148%

Increase in Reserves 12%

Oil 85.3%

Gas 14.7%

15

WF10015 01.08

Contingent Resources - Existing Discoveries

to R

eser

ves

Norway, 45.1

UK, 54.7

France, 12.4

Others, 20.8

Others, 13.0

133.0 MMboe net Lundin Petroleum

Norway, 105.4

UK, 60.3

- Thistle Infill- Heather Infill- Heather Triassic- SW Heather- Broom Infill- Scolty

- Luno- Greater Alvheim Area- Nemo- Pi South- SE Tor

France, 9.6

188.3 MMboe net Lundin Petroleum

2007

DiscoveriesLuno, Scolty

+70 MMboe

20 MMboe

2008

16

WF9688 02.08

0

20

40

60

80

100

120

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Mb

oep

d

excludes any exploration success or acquisitionsNemo and Luno included in contingent resources

2P as at 1.1.2008

as at 1.1.2008Contingent Resources (CR)

Production Profile based upon 2008 Resource Position

Existing resources have the potential to triple existing production

17

WF9976 01.08

Norway

DEVELOPMENT

Alvheim Field onstream 2008Volund Field onstream 2009

UK Broom Field infill drillingThistle Field redevelopment including rig reactivation

Indonesia Singa Field onstream 2009

2008 Development Expenditure Budget USD 375 million

18

WF9066 02.08

Alvheim - First Oil Approaching

Alvheim - working interest 15%First production end first quarter 2008Development drilling - 6 production wells completedSubsea installation completedSail away from Haugesund 15 February. FPSO completePlateau production >90,000 gross in 2008Reserves 215 MMboe gross (increase of 14% in 2007)

Alvheim FPSO sail away from Haugesund

19

2008 Projects – Norway Alvheim

WF10029 02.08

BOA 12

Kameleon

East Kameleon

Kneler

BoaBOA 11

BOA 09

KAM 03

KAM 02

EKAM 01

EKAM 02

KN 02

KN 05

KN 03

KN 06

KN 07

KAM 01

Drilled Development WellsPhase 1 TargetsPhase 2 Targets

80 km of well boreCompleted

12.3 km of horizontal section }

20

UK

EXPLORATION

Paris Basin

P1107 - Torphins

Lagansky Block - Morskaya, Laganskaya

Marine XI

Block 06/94

* Excludes Congo and VietnamPL148 Nemo already drilled - Proved �eld extension

Norway PL 292 ; PL 304 ; PL338 Luno Appraisal PL 006 SE Tor Appraisal, PL148 Nemo Appraisal

Sudan Block 5B - Umm Dandalo ; Barada ; Kasafa ; Nyal

France

Russia

Congo

Vietnam

1

2 3

4

1

2

1

1

Indonesia 5

ExplorationFirm Wells

Appraisal

17 exploration wells and 3 appraisal wells targetting

1.2 billion* barrels of unrisked exploration potential

2008 Exploration Expenditure Budget USD 350 million

WF9977 02.08

21

WF9920 02.08

0007022

023

029 030 0001

PL292

PL335

OSELVAR

JADE

SCOTER

SHEARWATER

PI

ULAHERON

GYDA

MUNGO

KRABBE

PIERCE

BLANE

MIME

SKUA

BRECHIN

MONAN

MIRREN

TAMBAR

PHYLLIS

MACHAR

0007/12 (Area 5)EGRET

BANKS

MORTIMER

SEAGULL

022/14 (Area 3)

KESSOGPUFFIN

MARNOCK

EVEREST

ERSKINE

LOMOND

ARMADA FIELDS

COLUMBUS

FIDDICH

ELGIN;FRANKLIN

OCKLEY

GLENELG

FRANKLIN WEST

0 20KM

PL335

Southern North Sea - PL148

Lundin Petroleum interest: 50% (operator) Noreco 20 %, Talisman 30%

Recent appraisal well con�rmed �eld extension

Existing infrastructure nearby in UK and Norway

Likely FDP in 2008

Likely to move to 2P reserves in 2008

Gross Contingent Resources

Field MMBOE

Nemo (range) 20 - 30*

* Current contingent resources 20.6 MMboe

PL148

Lundin Petroleum OperatorLundin Petroleum Partner

UK

Norway

Nemo discovery

22

WF9434 02.08

027 028 029

020 021 022

013 014 015

007 008

002

006

003

009

001

030

00090008

001800170016

0026

0025

0027

00310030

0002

0007

016

0032

0003

A

5604

5504

0015

0001

023

0024

5603

5503

031

BergenSullom Voe

UNITED KINGDOM

NORWAY

0 100KM

OperatedNon Operated

PL148

PL338

PL203

PL340

PL292P1107

PL006c

Peik

9/10b

PL006c:South East Tor

75% interest (operator)gross resources: 22.5 mmboeappraisal drilling in 2008

PL148 7/7-2:Nemo

50% interest (operator)successfully appraised by well 7/4-2gross resources: 20-30 mmboe

PL292:Pi South

40% interestgross resources: 10.9 mmboePi North prospect drilling in Q1 2008

PL340 15% interestgross resources: 11.0 mmboedrilling Marihone prospect in 2009

PL338Luno

50% interest (operator)gross resources: 65-190 mmboeappraisal drilling in 2008

* Excludes in�ll drilling within existing �elds

P1107:Scolty

40% interest (operator)gross resources: ~10 mmboedrilling amplitude anomaly prospect (Torphins) in 2008

PL203Gekko/Kobra

15% interestgross resources: ~36.6 mmboe

P090 (9/10b)9/10b discovery

85% interestgross resources: ~11.9 mmboe

Net Contingent Resources: ~120 MMboe

UK / Norwegian Undeveloped Discoveries*

23

WF10018 02.08

Luno Discovery - PL338

Lundin Petroleum interest: 50% (Operator) Revus 30%, RWE 20%

Discovery 16/1-8 Light oil in Jurassic reservoirUpside in TriassicLargest discovery in Norwegian North Sea in the last decadeNew play concept provenSignificant working interest in adjoining acreage

Contingent Gross Resources

Discovered in 2007

Discovery MMBOE

13357?

Luno Jurassic (mean)Luno Jurassic upsideLuno Triassic upside

009

0016

0025

016

008

0015015

0024

0026

0017

PL304

PL359

PL338

PL410

PL409

PL412

PL103B

PL363PL413

PL203

PL340

PL150

PL036c

PL088P090

PL167PL167B

0 20KM

Luno discovery

Jotun field

Alvheim field

Peik field

Volund field

Lundin Petroleum OperatorLundin Petroleum Partner

UK

Norway

24

WF10018 02.08

Forward Plan

Luno Discovery Appraisal Drilling 2008

Jurassic reservoir

Triassic reservoir

Luno discoverywell 16/1-8

16/1-416/1-10Appraisal well

Appraisal programme to commence in 2008 to appraise lateral extent and quality of Jurassic reservoir appraise Triassic reservoir

A rig slot has been secured to begin appraisal programme in Q2 2008

25

021 022

015

FORTIES

NELSON

COOK

TWEEDSMUIR

KITTIWAKE

GLENN

PICT

MALLARD

ALBACALLANISH

GADWALL

WAGTAILGROUSE

GANNET COMPLEX

WHINCHAT

TEAL;TEAL SOUTH

CHRISTIAN

GOOSANDER

FINLAGGAN

BACCHUS

022/01 (Area 4)

021/19 (Area 2)

021/15 (Area 2)

SAXON021/24 (Area 4)

FORTIES

NELSON

COOK

TWEEDSMUIR

KITTIWAKE

GLENN

PICT

MALLARD

ALBACALLANISH

GADWALL

WAGTAILGROUSE

GANNET COMPLEX

WHINCHAT

TEAL;TEAL SOUTH

CHRISTIAN

GOOSANDER

FINLAGGAN

BACCHUS

022/01 (Area 4)

021/19 (Area 2)

021/15 (Area 2)

SAXON021/24 (Area 4)

BRODGAR

BRITANNIA

BLIGH

021/02 (Area 2)

BRODGAR

BRITANNIA

BLIGH

021/02 (Area 2)

P1109

P1107

P1176

P1421

8 9

19

1214

10

4b

7b

5b

22

16b

11b

17a

25

18b

1a

21

15a

13b

5a

6b

2b

23a

20c

6b

24a

3a1b

1c

13a

7

15b

17

6a 7a

1b

21

18a

11c

17b

16b

2aCR

3c

1aN

3b

6aN

30

3d

3e

6aS

16a

20d

11F1

28c

16a

23b

11d

4a

20f

6aF1

29b

22a

20e

2aJR

2b

1aS

27LW

2aS

12aS

20b

9F1

26b

11a

12aF1

20aF1

11a

29d

2a

7F1

29c

0 10KM

2007 UK Exploration Success - Scolty Discovery [P1107]

WF9833 02.08

Scolty Discovery

Torphins Prospect

Lundin Petroleum acreage OperatorPartner

Scolty Discovery

Lundin Petroleum interest: 40% (operator) Palace Exploration (Revus) 50 % Challanger Minerals 10%

Drill Torphins in Q2 2008

26

WF9831 11.07

2007 UK Exploration Success - Scolty Discovery [P1107]

Scolty discovery@ ~1700m1.6 km2

21/8-3

Middle Jurassic @ ~3000-4000m

Torphins prospectProspective resources~30 MMbbls recoverable

Torphins prospects @ ~1700m 4.5 km2

Scolty discoveryPotential ~10 MMbbls recoverable

Proposed Torphins wellplanned for 2008

27

026 027 028 029

020 021 022

013 014 015

007 008

019

002206

006

214 208 209 210

003

218217

009

001

5610560956085607

030

219

5606

001000090008

5611

5710

001800170016

5709

0026

0011

0025 0027

0031

005

0030

012

0034 0035

62036202 6204

6302630563046301 63036302 6306

0002

0007

640764026406640564046402 6403

211

016

6408

222

6201

6509650865076506650565046502 6503

5605

66106609660866076606660566046602 6603

6403

6300

6510

671067096708670767066705

207

0032

6711

0019

0022

6812

6301

6811

6611

70177016

5708

0012

71217120

71197118

71177116

6303

7122

0003

6307

67046703

6409

7018

6401

0036

6501

6601

6202

7123

216

6813

6810

6205

025

5604

6915

6914

7019

6203

6916

0015

0013

7124

5511

5707

6401

5711

5512

7020

7215

6809

55155510

0033

6913

7216

0004

7125

0001

018

213

0023

7021

0021

023

5509

7217

6917

221

7126

6712

5612

7218

034

6400

5508

6503

5603

0020

223

6814

7219

5507035

7022

6410

7127

6299

5810

6300

7029

6912

220

6808

5506

6206

7128

6308

5516

7220

5809

7030

0 240KM

OsloBergen

Tromso

Aberdeen

Trondheim

Stavanger

Copenhagen

Sullom Voe

Kristiansand

OsloBergen

Tromso

Aberdeen

Trondheim

Stavanger

Copenhagen

Sullom Voe

Kristiansand

Block 7120/4,5 & 6

Block 6507/11

Block 8/4,5,6,7,8,9,11 &12

Block 7120/1& 2

Block 6609/8,9,10 & 11

Block 2/5

Block 6609/8 & 9

Norway

UK

Sweden

Lundin Licences2007 APA Award Operator Partner

Block

Block

Lundin Petroleum Awarded Licences APA 2007

Lundin Petroleum awarded 7 new licencesin Norwegian licensing round

Licence

Block 2/5 75%*

Block 8/4, 5, 7, 8, 9, 11 & 12(blocks 8/8 & 8/11:200m below base jurassic and younger) 30%*

Block 6507/11 30%

Block 6609/8 & 9(all formations below base cretaceous) 20%

Block 6609/8, 9, 10 & 11 30%

Block 7120/1 & 2 40%*

Block 7120/ 4, 5 & 6 40%*

Total licences in Norway - 31 including 7 awarded in 2007 APA

Lundin Petroleum licence interest

*operator Lundin PetroleumWF10132 02.08

28

WF10050 01.07

Russia - Lagansky Block

Lundin Petroleum: 70% (operator) Mintley Kalmykia 30%

Work Commitment 4 well commitment - 2 wells to be drilled by end 2008 - 2 wells to be drilled by August 2009

Prospective Resources

Prospect COS %*MMBOE

Morskaya

Laganskaya

Petrovskaya

35

26

34

641

106

300

*Gross Unrisked Prospective Resources on block

0 MK 02

Lagansky Block

Kaspiskoye

Yuri Korchagin

Rakushechnoye Severo-Rakushechny

Northern Caspian

Viktor Filanovski

Laganskaya ProspectMorskaya Prospect

Rak-1

Rak-2

Rak-4

Petrovskaya Prospect LundinConcessionOil Field

Gas Field

Prospects

Gazprom option to acquire50% working interest

Lundin Petroleum option toacquire 30% interest.

29

Russia Lagansky Exploration - Drilling Status

WF9691 02.08

Permitting

Operationally ready to commence drilling

Licence amendments approved by RosnedraDrilling permit from Rosprirodnadzor secured

First well to be drilled in second quarter 2008

Mobilisation to well location beginning second quarter

30

WF9171a 02.08

Jong

lei C

anal

Km 200

Thar Jath

JarayanBlock 5B

Block 5A

Block B Central

Block B CentralThar Jath (Dev)

Lake Nuong

White Nile

Khawr Jurwel

Bahr El Zaraaf

Nuong DockSeismic Camp

Adok

Lundin PetroleumPetronas Carigali

ONGC Videsh LtdSudapet

24.5%39.1%

23.5%13.7%

Current Partners

Jointoperators(WNPOC)

5B interest

SUDAN

Port Sudan

Khartoum

Kosti

BLOCK 5BCENTRAL

AFRICAN REPUBLIC

CONGO

LIBYAEGYPT

CHAD

KENYA

ETHIOPIA

ERITREA

Red S

ea

Prolific Muglad Basin petroleum system

Over 1,280 km of seismic acquired since 2006

Four well exploration programme began in 1Q 2008

Net unrisked resourcefrom targeted prospects > 500 million boe

Sudan - Block 5B

Wan Machar*

Kasafa

Barada

Nyal

Nyal South

NV

B

* Prospect renamed (formerly Umm Dandalo)

NilePet likely to take 10% interest in block

Spudded in February

Imminent Spud

31

WF9171 ph2 10.07

Nyal - Drill Site

Nyal drilling site Nyal structure over satellite image

0 KM 2

Nyal-1

Gross prospective resources - 176 MMboe

32

WF9171 ph 10.07

Wan Machar - Well Site Preparation

Equipment at well site

DB

SB

SBTB

PT

CB

DB – Drilling BargeCB – Crane BargeSB – Storage BargeTB – Transport BargeWT – Well Testing BargeAB – Accommodation BargePT – Pusher Tugs

AB

WT

110m110m

110m110m

18m18m

~ 2500m~ 2500m

Vegetation primarily consists of Vegetation primarily consists of papyrus and elephant grasspapyrus and elephant grass

Drilling AreaDrilling Area

Bahr El Bahr El ZarafZaraf

AccessAccessChannelChannel

DBDB

SB

SB

SB

SBTB

PT

TBTB

PTPT

CBCB

DB – Drilling BargeCB – Crane BargeSB – Storage BargeTB – Transport BargeWT – Well Testing BargeAB – Accommodation BargePT – Pusher Tugs

ABAB

WTWT

110m110m

110m110m

18m18m

~ 2500m~ 2500m

Vegetation primarily consists of Vegetation primarily consists of papyrus and elephant grasspapyrus and elephant grass

Drilling AreaDrilling Area

Bahr El Bahr El ZarafZaraf

AccessAccessChannelChannel

110m110m

110m110m

18m18m

~ 2500m~ 2500m

110m110m

110m110m

18m18m

~ 2500m~ 2500m

Vegetation primarily consists of Vegetation primarily consists of papyrus and elephant grasspapyrus and elephant grass

Drilling AreaDrilling Area

Bahr El Bahr El ZarafZaraf

AccessAccessChannelChannel

Well site prepared

Accomodation barge at well site

Well site layout

Gross prospective resources - 1.5 Bn boe

33

WF9693 02.08

Sudan - Block 5B

National Petroleum Commission (NPC) has confirmed the legal validity of

the Block 5B partnership.

“Nile Pet” (Government of South Sudan oil company) to take a 10% equity

interest in Block 5B

34

WF10039 01.08

Prospective ResourcesAdditions

Discoveries(Contingent Resources)Dry Holes

- APA 2006 (Norway)- Sudan- Russia

- Luno- Scolty

123 MMboe70 MMboe

2007 Prospective Resources*: 2.7 bn boe net unrisked 2008 Prospective Resources*: 3.1 bn boe net unrisked

Prospective Resources - Net Unrisked Resources

}

* Includes prospects only (including leads, the 2007 PR is 5.4 bn boe and 2008 PR is 6.1 bn boe

Norway

UK

FranceIndonesia

IrelandNetherlands

Russia

Sudan

VietnamTunisiaUK

Norway

IndonesiaIreland

NetherlandsRussia

Sudan

Tunisia

Venezuela

Vietnam

France

35

Targeted Prospective Resources - Net Unrisked

WF 10058 01.08

Norway

Russia

Sudan

Congo

France

Vietnam

Indonesia

UK

MM

BO

E MM

BO

E

Congo

France

Indonesia

UK0

200

400

600

800

1000

1200

1400

0

200

400

600

800

1000

1200

1400

200818 wells (firm) 25 wells (estimated)

2009Norway

Norway

UK

Sudan

Sudan

Vietnam

Vietnam

Russia

Russia

36

Exploration Activity 2008

WF9978 02.08

Norway

Russia

Sudan

Congo

France

Vietnam

Indonesia

UK

Likely Drilling Schedule 2008

Country Licence Net

Interest OperatorProspect

GrossUnriskedMMBOE Q3 Q4Q1 Q2

Langaskaya

Morskaya

Wan Machar

Nyal

V1

Barada

Russia Lagansky

Sudan

FranceVietnamCongo

Block 5B

Paris Basin

Block 06/94

Marine XI

Ferrieres

“A”

-

14

127

-

Norway PL292 Pi North

Marihone A/BPL340

PL304

40%

15%

50%

40%

70%

70%

22.05%

22.05%

22.05%

22.05%

65%

33.3%

18.75%

BG

Marathon

Lundin

Lundin

Lundin

Lundin

WNPOC

WNPOC

WNPOC

WNPOC

Lundin

Pearl

Soco

Indonesia Salawati Island/Basin *34

TOTAL 3,420 MMBOE * Net Unrisked MMBOE

-- PetroChina

Aegis

UK P1107 Torphins

106

641

1542

176

59

541

9

39

104

28

17 wells in 2008Net unrisked 1.26 bn boe targeted in 2008Net risked 380 MMboe targeted in 2008

Moved to 2009

37

WF9979 01.07

0

100

200

300

400

500

MMboe

0

100

200

300

400

500

MMboe

2P RESERVES184.2 MMboe

CONTINGENTRESOURCES

188.3 MMboe

Luno

RUSSIASUDAN

NORWAYUK

VIETNAMCONGO

Reserves Upside Potential

38