Lundin Petroleum Announces Change in Lundin Norway Management

Stockholm, 2014-12-05 09:22 CET (GLOBE NEWSWIRE) --  

Lundin Petroleum AB (Lundin Petroleum) announces that the Managing Director of Lundin Norway AS (Lundin Norway) Torstein Sanness will retire from his executive position in April 2015 and assume the role of Chairman of Lundin Norway. We are pleased to announce that Kristin Færøvik will assume the role of Managing Director of Lundin Norway in April 2015.

Kristin Færøvik was previously the Managing Director of Rosenberg WorleyParsons AS, the Norwegian arm of the large multinational energy and resource engineering firm, where she was responsible for over 600 employees. Kristin has long and varied technical, operational and management experience in the Norwegian oil and gas industry, including previously as Managing Director of Marathon Petroleum Company (Norway), responsible for the development of the Alvheim Field, as well as holding several positions within BP in Norway and internationally. Kristin was a Board Member of Lundin Petroleum from 2011 until 2013.

Ashley Heppenstall, President and CEO, Lundin Petroleum comments; “Torstein has been the Managing Director of Lundin Norway since the start in 2004 and has been the guiding force behind the growth and success of Lundin Norway. He has been responsible for the creation of considerable shareholder value during this period. He has established an organisation with the highest level of competence at all levels:  exploration, development and production. With discoveries such as Johan Sverdrup, Edvard Grieg and Alta, Lundin Norway has achieved huge success and, through Torstein’s leadership, is now one of the most successful fully integrated operators on the Norwegian Continental Shelf. We are really pleased that Torstein will remain with us as Chairman of Lundin Norway.
 
We know Kristin very well from her days as Managing Director of Marathon Norway and as a former director of Lundin Petroleum. The strategy of Lundin Norway in respect of organic growth from a proactive exploration focus coupled with strong development and operational capacity will not change. Lundin Norway has an excellent team of people and a strong asset base. Under Kristin’s leadership we will continue to grow our business in Norway for many years to come.”

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed on NASDAQ Stockholm (ticker "LUPE"). Lundin Petroleum has proven and probable reserves of 194 million barrels of oil equivalent (MMboe).

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This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).

Forward-Looking Statements
Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities.  Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.  No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon.  These statements speak only as on the date of the information and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading "Risks and Risk Management" and elsewhere in the Company's annual report.  Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement.

Reserves and Resources
Unless otherwise stated, Lundin Petroleum's reserve and resource estimates are as at 31 December 2013, and have been prepared and audited in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook")."). Unless otherwise stated, all reserves estimates contained herein are the aggregate of "Proved Reserves" and "Probable Reserves", together also known as "2P Reserves". For further information on reserve and resource classifications, see "Reserves, Resources and Production" in the Company's annual report.

Contingent Resources
Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. There is no certainty that it will be commercially viable for the Company to produce any portion of the Contingent Resources. Unless otherwise stated, all contingent resource estimates contained herein are the best estimate (“2C”) contingent resources.

Prospective Resources
Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both a chance of discovery and a chance of development.  There is no certainty that any portion of the Prospective Resources will be discovered.  If discovered, there is no certainty that it will be commercially viable to produce any portion of the Prospective Resources. Unless otherwise stated, all Prospective Resource estimates contained herein are reflecting a P50 Prospective Resource estimate. Risked Prospective Resources reported herein are partially risked. They have been risked for chance of discovery, but have not been risked for chance of development.
 
BOEs
BOEs may be misleading, particularly if used in isolation.  A BOE conversion ratio of 6 Mcf : 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.