Lundin Petroleum issues report for the three months ended 31 March 2014

Lundin Petroleum issues report for the three months ended 31 March 2014

HIGHLIGHTS
Three months ended 31 March 2014 (31 March 2013)
 Production of 28.8 Mboepd (35.6 Mboepd)1
 Revenue of MUSD 235.4 (MUSD 310.3)
 EBITDA of MUSD 177.8 (MUSD 274.5)
 Operating cash flow of MUSD 256.0 (MUSD 257.8)
 Net result of MUSD 3.2 (MUSD 47.0)
 Net debt of MUSD 1,475 (31 December 2013: MUSD 1,192)
 Increased credit facility from USD 2.5 billion to USD 4.0 billion
 Johan Sverdrup Phase 1 conceptual development plan was approved by the licence partners
 Nine exploration licences awarded in the Norwegian 2013 APA licensing round, four as operator
C. Ashley Heppenstall,President and CEO commented:
‘I am pleased to announce that Lundin Petroleum continues to make excellent progress with our stated objectives of increasing our resources and production. If we are successful then the end result will be further increases to shareholder value which is the ultimate objective for all the management team of Lundin Petroleum. I strongly believe that the foundations which we have built over recent years in our core areas of operation of Norway, South East Asia and Continental Europe will allow us to successfully build our business. These foundations are predominantly driven from a team of experienced and motivated people, excellent relationships with local governments and other stakeholders and a corporate philosophy to invest and take calculated risk. It is very exciting to be at the centre of this Company and I am convinced that over the next few years we will deliver increased resources and production which will drive profitability and cash flow generation and ultimately increased shareholder value’.
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