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Lundin Petroleum AB (LUPE.ST)

LUPE.ST on Stockholm Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Lundin Petroleum found more oil at Norway's Rolvsnes prospect
Monday, 27 Aug 2018 

Aug 27 (Reuters) - Lundin Petroleum Ab ::SUCCESSFUL APPRAISAL WELL AND PRODUCTION TEST ON ROLVSNES.HAS SUCCESSFULLY COMPLETED APPRAISAL WELL 16/1-28S AND PRODUCTION TEST ON ROLVSNES DISCOVERY IN PL338C ON UTSIRA HIGH IN NORWEGIAN NORTH SEA.SUCCESSFULLY CONFIRMED GOOD PRODUCTIVITY FROM FRACTURED AND WEATHERED BASEMENT RESERVOIR.CONSTRAINED PRODUCTION RATE OF 7,000 BARRELS OF OIL PER DAY (BOPD).CONFIRMED CONNECTIVITY TO SIGNIFICANT OIL VOLUME.SUBSTANTIAL INCREASE IN RESOURCES FOR ROLVSNES.GROSS RESOURCE RANGE INCREASED TO BETWEEN 14 AND 78 MILLION BARRELS OF OIL EQUIVALENT (MMBOE) FROM PREVIOUSLY 3 TO 16 MMBOE.EXTENDED WELL TEST REQUIRED TO BETTER UNDERSTAND RESERVOIR LONG TERM PRODUCTIVITY.COMBINED ROLVSNES AND GODDO PROSPECTIVE AREA ESTIMATED TO CONTAIN GROSS POTENTIAL RESOURCES OF MORE THAN 250 MMBOE.APPRAISAL WELL IS LOCATED APPROXIMATELY 3 KM FROM LUNDIN NORWAY OPERATED EDVARD GRIEG PLATFORM AND IS THIRD WELL ON ROLVSNES OIL DISCOVERY.LUNDIN NORWAY IS OPERATOR OF PL338C WITH A 50 PERCENT WORKING INTEREST. PARTNERS ARE LIME PETROLEUM WITH 30 PERCENT AND OMV WITH 20 PERCENT.  Full Article

BRIEF-Equinor raises Sverdrup field resource estimate, cuts cost forecast
Monday, 27 Aug 2018 

Repeats to additional readers:INCREASED VALUE CREATION, MORE RESOURCES AND GREATER RIPPLE EFFECTS FROM JOHAN SVERDRUP.SUBMITTING DEVELOPMENT PLAN FOR SECOND PHASE OF PROJECT TO NORWEGIAN MINISTRY OF PETROLEUM AND ENERGY.ANNOUNCING AN INCREASED RESOURCE ESTIMATE AND WE ARE REDUCING TOTAL ESTIMATED INVESTMENT FOR BOTH PHASE 1 AND PHASE 2 OF DEVELOPMENT BY AN ADDITIONAL NOK 6 BILLION SINCE FEBRUARY.SINCE PDO FOR FIRST PHASE IN 2015, WE HAVE REDUCED TOTAL ESTIMATED INVESTMENT FOR JOHAN SVERDRUP FULL FIELD DEVELOPMENT BY MORE THAN NOK 80 BILLION.PROJECT WILL YIELD EVEN GREATER VALUE CREATION AND LARGER SPIN-OFF EFFECTS THAN PREVIOUSLY ESTIMATED.AT PLATEAU, FIELD WILL PRODUCE UP TO 660,000 BARRELS PER DAY, WITH A BREAK-EVEN PRICE OF LESS THAN USD 20 PER BARREL.FULL FIELD DEVELOPMENT OF JOHAN SVERDRUP IS PROJECTED TO CONTRIBUTE MORE THAN NOK 900 BILLION IN INCOME TO NORWEGIAN STATE OVER LIFETIME OF FIELD.UPDATED INVESTMENT ESTIMATE FOR PHASE 1 IS NOW NOK 86 BILLION (NOMINAL NOK, PROJECT EXCHANGE RATE), A REDUCTION OF 30 PER CENT, AMOUNTING TO NOK 37 BILLION SINCE SUBMISSION OF PHASE 1 PDO.IN PHASE 2 PDO, WE HAVE REDUCED INVESTMENT ESTIMATE TO NOK 41 BILLION (NOMINAL NOK, PROJECT EXCHANGE RATE), AND BREAK-EVEN PRICE FOR PHASE 2 IS NOW LESS THAN USD 25 PER BARREL.PRODUCTION START-UP FOR PHASE 2 DEVELOPMENT IS PLANNED FOR Q4 2022.  Full Article

Lundin Petroleum CEO: Organic growth remains main priority
Tuesday, 31 Jul 2018 

July 31 (Reuters) - Lundin Petroleum AB CEO Alex Schneiter told a call with analysts on Tuesday: :LUNDIN PETROLEUM KEEPS LOOKING FOR M&A OPPORTUNITIES ON THE NORWEGIAN CONTINENTAL SHELF, PRIORITISING DEVELOPED OR RELATIVELY YOUNG FIELDS.SAYS ORGANIC GROWTH REMAINS THE COMPANY'S MAIN PRIORITY, M&A IS "OPPORTUNISTIC STRATEGY"."I'M CONFIDENT THAT WE WILL EVENTUALLY DELIVER ON M&A... BUT WE WILL TAKE OUR TIME"."I DON'T THINK WE WILL BE MUCH AFFECTED BY THE (COST) INFLATION, WHAT COULD AFFECT US IS THE EXCHANGE RATE BETWEEN NOK AND USD".  Full Article

Lundin Petroleum to recognise forex loss, says no impact on Q2 earnings
Tuesday, 17 Jul 2018 

July 17 (Reuters) - Lundin Petroleum AB ::LUNDIN PETROLEUM SAYS IN Q2 TO EXPENSE PRE-TAX EXPLORATION COSTS OF APPROXIMATELY $6 MILLION, RECOGNISE A NET FOREIGN EXCHANGE LOSS OF APPROXIMATELY $153 MILLION.WILL REALISE A GROSS PROFIT FROM MARKETING THIRD-PARTY CRUDE OIL $0.5 MILLION.LUNDIN PETROLEUM SAYS THESE ITEMS ARE LARGELY NON-CASH AND WILL HAVE NO IMPACT ON OPERATING CASH FLOW OR EBITDA.  Full Article

Lundin Petroleum sees upside recovery at Norway Edvard Grieg field
Thursday, 5 Jul 2018 

July 5 (Reuters) - Lundin Petroleum AB ::REG-SUCCESSFUL COMPLETION OF EDVARD GRIEG DEVELOPMENT DRILLING PROGRAMME.CONVINCED THAT WE WILL EVENTUALLY SEE GROSS ULTIMATE RECOVERY GROW TO OVER 300 MMBOE.OVERALL RESERVOIR RESULTS FROM DEVELOPMENT DRILLING HAVE EXCEEDED PRE-DRILL EXPECTATIONS.POSITIVE RESULTS HAVE LED TO A 47 PERCENT INCREASE OF BEST ESTIMATE GROSS ULTIMATE RECOVERY FOR EDVARD GRIEG FIELD SINCE PDO.RESERVES UPGRADE HAS LED TO FIELD PRODUCTION PLATEAU BEING EXTENDED FROM PDO BY TWO YEARS TO END 2019.CURRENT GROSS PRODUCTION FROM EDVARD GRIEG IS APPROXIMATELY 95 MBOEPD.TOTAL GROSS PRODUCTION FROM EDVARD GRIEG FROM FIRST OIL TO END OF Q1 2018 AMOUNTED TO 74 MMBOE.MAINTAINING CURRENT OPERATING COST FOR FIELD OF BELOW USD 4 PER BARREL.PARTNERS ARE WINTERSHALL.  Full Article

Sweden's Lundin Petroleum initiates share repurchase programme
Thursday, 3 May 2018 

May 3 (Reuters) - Lundin Petroleum AB ::REG-LUNDIN PETROLEUM'S BOARD OF DIRECTORS HAS RESOLVED ON A SHARE REPURCHASE PROGRAMME.MAXIMUM NUMBER OF SHARES REPURCHASED SHALL BE SUCH THAT SHARES HELD IN TREASURY FROM TIME TO TIME SHALL NOT EXCEED TEN PERCENT OF ALL OUTSTANDING SHARES OF COMPANY.SHARES MAY BE REPURCHASED AT ONE OR MORE OCCASIONS UP UNTIL AGM IN 2019.  Full Article

Lundin Petroleum Q1 EBITDA above forecast, keeps 2018 production guidance
Wednesday, 2 May 2018 

May 2 (Reuters) - Lundin Petroleum AB ::LUNDIN PETROLEUM Q1 REVENUE $692.9 MILLION (REUTERS POLL $541 MILLION).LUNDIN PETROLEUM Q1 EBITDA $456.5 MILLION (REUTERS POLL $433 MILLION).PRODUCTION GUIDANCE FOR 2018 REMAINS UNCHANGED AT BETWEEN 74 TO 82 MBOEPD.LUNDIN PETROLEUM Q1 NET RESULT $228.8 MILLION (REUTERS POLL NET $243 MILLION).WORK ON JOHAN SVERDRUP PHASE 2 IS ALSO WELL UNDERWAY AND WE WILL SUBMIT PHASE 2 PDO BEFORE SEPTEMBER 2018.LUNDIN PETROLEUM Q1 PRODUCTION AT 83,100 BOEPD (REUTERS POLL 82,600 BOEPD).AIMS TO SUBMIT A PDO FOR LUNO II DISCOVERY AROUND END OF 2018.EXPLORATION PROGRAMME FOR 2018 HAS BEEN UPDATED TO TEN WELLS, TARGETING A REVISED TOTAL OF APPROXIMATELY 600 MMBOE OF NET UNRISKED RESOURCES IN OUR SIX CORE EXPLORATION AREAS.  Full Article

Lundin Petroleum to book Q1 forex gain of $162 million
Wednesday, 18 Apr 2018 

April 18 (Reuters) - Lundin Petroleum AB ::WILL RECOGNISE A NET FOREIGN EXCHANGE GAIN OF APPROXIMATELY MUSD 162 FOR Q1 OF 2018.ITEM IS LARGELY NON-CASH AND WILL HAVE NO IMPACT ON OPERATING CASH FLOW OR EBITDA.NORWEGIAN KRONE AND EURO STRENGTHENED AGAINST US DOLLAR BY APPROXIMATELY 5 AND 3 PERCENT RESPECTIVELY DURING Q1 OF 2018.FOREIGN EXCHANGE GAIN MAINLY RELATES TO REVALUATION OF LOAN BALANCES AT PREVAILING EXCHANGE RATES AT BALANCE SHEET DATE.  Full Article

Lundin Petroleum will consider paying dividend before Johan Sverdrup startup-CEO
Wednesday, 1 Nov 2017 

Nov 1 (Reuters) - Lundin Petroleum Ab :Lundin ceo says will seriously consider paying dividend before johan sverdrup field startup as oil prices rise to $60 a barrel.Lundin CEO: "This is definetely on the table... I'm also more optimistic about the oil price.".Lundin Petroleum said previously it would consider paying dividend before Johan Sverdrup field startup expected in end-2019 if oil prices rise to a sustainable levels of $60 a barrel.Brent crude LCOc1 has been trading at over $60 a barrel since Oct. 27.  Full Article

Lundin Q3 EBITDA beats forecast, raises output guidance
Wednesday, 1 Nov 2017 

Nov 1 (Reuters) - Lundin Petroleum Ab :Lundin petroleum q3 revenue $‍517.2​ million (Reuters poll $441 million).Lundin petroleum q3 ebitda $‍382.4​ million (Reuters poll $363 million).Lundin petroleum q3 net result $‍227.0​ million (Reuters poll $251 million).Lundin petroleum q3 operating cashflow at $‍389.6​ million.Says its total cash operating cost is forecast to be below full year guidance of usd 4.60 per barrel​‍‍‍.Lundin petroleum end-q3 net debt at $‍4,024​ million versus $4,081 million at end-q2.2017 full year development expenditure guidance reduced from musd 1,085 to musd 980​.Says expects to see further savings at johan sverdrup development as project progresses.‍Says full year production expected at or above higher end of 80-85 mboepd guidance range​.Says will soon announce our 2018 drilling program, targeting more prospects in southern barents sea, utsira high and mandal high​.‍Says remains optimistic about significant exploration potential in southern barents sea, despite recent disappointing results​.Says ‍expects to see further upward pressure on oil price as supply market tightens.Says ‍will continue to pursue organic growth strategy​.  Full Article

UPDATE 1-Lundin Petroleum says Arctic oil test points to bigger reservoir

* Find to lift confidence in Barents Sea prospects - analyst (Adds analysts, details)