Lundin Petroleum announce its 2016 budget and updated reserves and contingent resources

Lundin Petroleum AB (Lundin Petroleum) announced its 2016 development,appraisal and exploration budget which totals USD 1.08 billion and represents a 26 percent decrease on 2015 capital expenditure.
Lundin Petroleum also announced that as at 31 December 2015 its proven and probable working interest reserves (“reserves”) are 685million barrels of oil equivalents (MMboe) and its best estimate contingent resources (“contingent resources”) are 386 MMboe. The production guidance for 2016 is between 60,000 to 70,000 barrels of oil equivalents per day (boepd).
Reserves, contingent resources and 2016 production guidance Lundin Petroleum’s reserves as at 31 December 2015 are 685 MMboe12 and represent an increase of 292 percent compared to the reserves position a year earlier.
More : Development Budget
Source: Lundin Petroleum
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