Lundin Petroleum announce report for the nine months ended 30 September 2013

Lundin Petroleum announce report for the nine months ended 30 September 2013

HIGHLIGHTS
Third quarter ended 30 September 2013 (30 September 2012)
Production of 29.4 Mboepd (36.6 Mboepd) – Reduced production due to the planned Alvheim FPSO shutdown in August and integrity issues on certain Alvheim wells.

Revenue of MUSD 279.8 (MUSD 343.3)
EBITDA of MUSD 222.1 (MUSD 273.6)
Operating cash flow of MUSD 267.9 (MUSD 218.4)
Net result of MUSD 1.7 (MUSD 44.9)
Non-cash impairment costs in Malaysia amounted to MUSD 39.3 after tax
Gohta oil discovery in the Barents Sea, Norway
Heads of Agreement signed with Rosneft for the sale of a 51 percent interest in the Lagansky Block,Russia

Nine months ended 30 September 2013 (30 September 2012)
Production of 33.3 Mboepd (35.6 Mboepd)
Revenue of MUSD 907.6 (MUSD 1,028.9)
EBITDA of MUSD 742.3 (MUSD 854.3)
Operating cash flow of MUSD 770.8 (MUSD 594.0)
Net result of MUSD 49.9 (MUSD 156.6)
Net debt of MUSD 808 (31 Dec 2012 MUSD 335)
Oil discovery in Luno II, offshore Norway

OPERATIONAL REVIEW
Lundin Petroleum has exploration and production assets focused upon two core areas, Norway and South East Asia, as well as in France, The Netherlands and Russia. Norway continues to represent the majority of Lundin Petroleum’s operational activities with production during the first nine months 2013 accounting for 74 percent of total production and with 75 percent of Lundin Petroleum’s total reserves as at the end of 2012.

RESERVES AND RESOURCES
Lundin Petroleum has 201.5 million barrels of oil equivalent (MMboe) of reserves as certified at the end of 2012. Lundin Petroleum also has a number of discovered oil and gas resources which classify as contingent resources and are not yet classified as reserves. The Johan Sverdrup field in Norway constitutes more than two thirds of the 923 MMboe1 of Lundin Petroleum’s best estimate contingent resources and will be moved to reserves following the finalisation of a unitisation agreement and the submission of a development plan expected at the end of 2014.

FINANCIAL REVIEW
Result
The net result for the nine month period ended 30 September 2013 amounted to MUSD 49.9 (MUSD 156.6). The net result attributable to shareholders of the Parent Company for the reporting period amounted to MUSD 53.9 (MUSD 159.7) representing earnings per share of USD 0.17 (USD 0.51).

Earnings before interest, tax, depletion and amortisation (EBITDA) for the reporting period amounted to MUSD 742.3 (MUSD 854.3) representing EBITDA per share of USD 2.39 (USD 2.75). Operating cash flow for the reporting period amounted to MUSD 770.8 (MUSD 594.0) representing operating cash flow per share of USD 2.49 (USD 1.91).

Changes in the Group
There are no significant changes to the Group for the reporting period.

Revenue
Revenue for the reporting period amounted to MUSD 907.6 (MUSD 1,028.9) and comprised of net sales of oil and gas, change in under/over lift position and other revenue as detailed in Note 1. From 1 January 2013, the change in under/over lift position is reported in revenue as stated in the Accounting Policies section below. The comparatives have also been restated for this change.

Net sales of oil and gas for the reporting period amounted to MUSD 932.9 (MUSD 982.2). The average price achieved by Lundin Petroleum for a barrel of oil equivalent amounted to USD 98.32 (USD 101.21) and is detailed in the following table. The average Dated Brent price for the reporting period amounted to USD 108.46 (USD 112.21) per barrel. The Alvheim and Volund field crude cargoes sold during the reporting period represented 79 percent (76 percent) of the total crude volumes sold and averaged over USD 3.00 per barrel over Dated Brent for the pricing period for each lifting.

Source: lundin petroleum report

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