Lundin Petroleum AB

Lundin Petroleum AB

May 07, 2013 02:17 ET

Lundin Petroleum AB: Report for the Three Months Ended 31 March 2013

STOCKHOLM, SWEDEN--(Marketwired - May 7, 2013) - Lundin Petroleum AB (TSX:LUP)(OMX:LUPE) -

Three months ended 31 March 2013 (31 March 2012)

  • Production of 35.6 Mboepd (34.7 Mboepd)
  • Revenue of MUSD 327.6 (MUSD 364.6)
  • EBITDA of MUSD 276.2 (MUSD 309.2)
  • Operating cash flow of MUSD 260.0 (MUSD 166.6)
  • Net result of MUSD 47.0 (MUSD 47.2)
  • Oil discovery in Luno II, offshore Norway
  • Extensive appraisal drilling on the Johan Sverdrup field
  • Seven licences awarded in the Norwegian 2012 APA licensing round

Comments from C. Ashley Heppenstall, President and CEO

Our production for the first quarter of 2013 was 35,600 boepd. About 75 percent of our current production comes from Norway where the Alvheim and Volund fields have outperformed expectations over recent years and still continue to generate the majority of our production.

Our three development projects namely Brynhild, Bøyla and Edvard Grieg are all progressing satisfactorily. These projects will commence production in 2013, 2014 and 2015 respectively and when the Edvard Grieg project is onstream in the fourth quarter of 2015 we will exit that year at a production rate of 70,000 boepd or double our current production. This will result in a significant increase to our cash flow and profitability.

Lundin Petroleum discovered Johan Sverdrup in the Norwegian North Sea. It was the largest oil discovery in 2010 and one of the largest discoveries ever made in the North Sea. It is a world class asset in respect of size and quality and represents the number one priority for ourselves and our partners in respect of development.

Despite Lundin Petroleum's increased development and production activities over recent years our key focus remains exploration. We firmly believe that in the upstream oil and gas business the major value creation is through access to resources and the best way to do this is through successful exploration.

In Norway our major focus for 2013 is continued exploration in the Utsira High area of the North Sea where we have already made the Edvard Grieg, Johan Sverdrup and Apollo discoveries. The recent Luno II discovery is a further validation of our view that there will be more discoveries in this area.

Listen to President and CEO Ashley Heppenstall and CFO Geoffrey Turbott comment on the report at the live webcast presentation on Wednesday 7 May at 8.00 CET.

The presentation and slides will be available on following the presentation. Please dial in to listen to the presentation on the following telephone numbers:

UK: + 44 (0) 203 043 24 36, International Toll Free Number: +1 866 458 40 87

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