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Lundin Petroleum AB (LUPE.ST)

LUPE.ST on Stockholm Stock Exchange

234.70SEK
14 Dec 2018
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Latest Key Developments (Source: Significant Developments)

Lundin Petroleum CEO eyes first oil from Luno II in 2021
Wednesday, 7 Nov 2018 

Nov 7 (Reuters) - Lundin Petroleum AB ::CEO SAYS ARCTIC ALTA/GOHTA DEVELOPMENT IS "DEFINITELY MOVING TO COMMERCIALITY" AFTER POSITIVE PRODUCTION TEST AT ALTA.CEO SAYS JOHAN SVERDRUP PHASE 1 TO RAMP UP TO FULL CAPACITY "A FEW MONTHS" AFTER STARTUP IN NOV 2019, "WE FORESEE A VERY FAST RAMP-UP".CEO SAYS OUTPUT FROM EDVARD GRIEG FIELD IN 2019 TO BE AROUND THE SAME LEVEL AS IN 2018.CEO SAYS FIRST OIL EXPECTED FROM A PLANNED LUNO II DEVELOPMENT IN 2021.CEO SAYS EXPLORATION SPENDING IN 2019 WILL NOT FUNDAMENTALLY CHANGE FROM 2018, SEEN IN A RANGE OF $250 MILLION-$300 MILLION.  Full Article

Swedish prosecutors notify Lundin Petroleum about potential fine over Sudan probe
Thursday, 1 Nov 2018 

Nov 1 (Reuters) - Lundin Petroleum AB ::REG-LUNDIN PETROLEUM RECEIVES INFORMATION REGARDING A POTENTIAL CORPORATE FINE AND FORFEITURE OF ECONOMIC BENEFITS IN RELATION TO PAST OPERATIONS IN SUDAN.RECEIVED NOTIFICATION FROM SWEDISH PROSECUTION AUTHORITY THAT COMPANY MAY BE LIABLE TO A CORPORATE FINE.SWEDISH PROSECUTION AUTHORITY HAS ISSUED A NOTIFICATION OF A CORPORATE FINE AND FORFEITURE OF ECONOMIC BENEFITS AGAINST LUNDIN PETROLEUM IN RELATION TO PAST OPERATIONS IN SUDAN FROM 1997 TO 2003.NOTIFICATION INDICATES THAT PROSECUTOR MAY SEEK A CORPORATE FINE OF SEK 3 MILLION.PROSECUTOR MAY ALSO SEEK FORFEITURE OF ECONOMIC BENEFITS FROM ALLEGED OFFENSE IN AMOUNT OF SEK 3,282 MILLION, BASED ON PROFIT OF SALE OF BLOCK 5A ASSET IN 2003 OF SEK 729 MILLION.ANY POTENTIAL CORPORATE FINE OR FORFEITURE WOULD ONLY BE IMPOSED AFTER CONCLUSION OF A TRIAL, SHOULD ONE OCCUR.INVESTIGATION IS IN ITS NINTH YEAR AND LUNDIN PETROLEUM REMAINS CONVINCED THAT THERE ARE ABSOLUTELY NO GROUNDS FOR ANY ALLEGATIONS OF WRONGDOING BY ANY COMPANY REPRESENTATIVES.COMPANY WILL FIRMLY CONTEST ANY CORPORATE FINE OR FORFEITURE OF ECONOMIC BENEFITS.TIMEFRAME FOR A DECISION AS TO WHETHER AND WHEN ANY CORPORATE FINE OR FORFEITURE MAY BE IMPOSED REMAINS UNCERTAIN BUT WOULD ONLY BE INCURRED AT CONCLUSION OF A TRIAL, IF ANY, OF MATTERS CURRENTLY UNDER INVESTIGATION.  Full Article

Lundin buys Equinor's 15 pct stake in Luno II oil discovery offshore Norway
Wednesday, 3 Oct 2018 

Oct 3 (Reuters) - Equinor ASA ::LUNDIN NORWAY AS (LUNDIN NORWAY) HAS ENTERED INTO AN AGREEMENT WITH EQUINOR ENERGY AS (EQUINOR), UNDER WHICH LUNDIN NORWAY WILL ACQUIRE EQUINOR'S ENTIRE 15 PERCENT WORKING INTEREST IN LUNDIN NORWAY OPERATED LICENCE PL359, CONTAINING LUNO II OIL DISCOVERY IN THE NORTH SEA.ACQUISITION TAKES LUNDIN NORWAY'S WORKING INTEREST IN PL359 TO 65 PERCENT AND CREATES COMMERCIAL AND OPERATIONAL ALIGNMENT BETWEEN EDVARD GRIEG AND LUNO II PARTNERSHIPS.TRANSACTION INVOLVES A CASH CONSIDERATION PAYABLE BY LUNDIN NORWAY TO EQUINOR, AS WELL AS LUNDIN NORWAY TRANSFERRING ITS 20 PERCENT WORKING INTEREST IN PL825, CONTAINING RUNGNE EXPLORATION PROSPECT, TO EQUINOR.LUNO II IS SITUATED APPROXIMATELY 15 KM SOUTH OF LUNDIN NORWAY OPERATED EDVARD GRIEG PLATFORM ON UTSIRA HIGH AND HAS A GROSS RESOURCE RANGE OF BETWEEN 40 AND 100 MILLION BARRELS OF OIL EQUIVALENT (MMBOE).  Full Article

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

Energy firm DEA signs technology deal with Cognite for German Mittelplate oilfield

OSLO, Dec 10 Oil and gas firm DEA will partner with Norway's Cognite to put new technology into its Mittelplate oilfield in Germany to improve maintenance and boost efficiency, the company said on Monday.