Stockholm, 2015-11-04 07:00 CET (GLOBE NEWSWIRE) --
Nine months ended 30 September 2015 (30 September 2014)
| · | Production of 30.3 Mboepd (24.4 Mboepd)1 |
| · | Revenue of MUSD 433.3 (MUSD 650.0) |
| · | EBITDA of MUSD 291.1 (MUSD 506.9) |
| · | Operating cash flow of MUSD 524.3 (MUSD 804.0) |
| · | Net result of MUSD -372.6 (MUSD 5.1) including a net foreign exchange loss of MUSD -378.1 |
| · | Net debt of MUSD 3,844 (31 December 2014: MUSD 2,609) |
| · | The Bøyla field, Norway and the Bertam field, Malaysia commenced production in January and April 2015. |
| · | Edvard Grieg facilities successfully installed offshore Norway and first oil on track for the fourth quarter 2015. |
| · | The Norwegian Ministry of Petroleum and Energy approved the Plan for Development and Operations (PDO) for Johan Sverdrup Phase 1 in August 2015. |
| · | Alta appraisal wells 7220/11-2 and sidetrack 7220/11-2 A in PL609 in the southern Barents Sea, Norway completed successfully. |
| · | Eight exploration licences awarded in the Norwegian 2014 APA licensing round, six as operator. |
| · | Production licence obtained for the Morskaya field in the Caspian Sea, Russia. |
| · | NOK 4.5 billion financing facility for Norwegian exploration was signed in April 2015. |
Third quarter ended 30 September 2015 (30 September 2014)
| · | Production of 36.0 Mboepd (21.4 Mboepd)1 |
| · | Revenue of MUSD 154.2 (MUSD 189.2) |
| · | EBITDA of MUSD 98.7 (MUSD 157.6) |
| · | Operating cash flow of MUSD 177.0 (MUSD 307.0) |
| · | Net result of MUSD -201.6 (MUSD 4.3) including a net foreign exchange loss of MUSD -201.4 |
1 Excluding production from Russian onshore assets following the sale of the assets in July 2014.
Web cast presentation
Listen to President and CEO Alex Schneiter and CFO Mike Nicholson comment on the report at a live webcast on Wednesday 4 November at 09.00 CET.
The presentation slides will be available on www.lundin-petroleum.com prior to the commencement of the web cast. Please dial in to listen to the presentation on the following telephone numbers: Sweden: +46 8 519 993 55, International: +44 203 194 0550, International Toll Free Number: +1 855 269 26 05.
Comments from Alex Schneiter, President and CEO
It is a great privilege and I am very proud to assume the position of President and CEO of Lundin Petroleum. As I have mentioned several times to investors, Lundin Petroleum's strategy will remain unchanged. The organic growth story will continue and remains our core strategy.
Despite a challenging oil price environment we continue to work hard to maintain a robust balance sheet and strong access to liquidity. We will continue our efforts to improve our operational and capital efficiency and reduce costs.
Our production performance during the third quarter was good with an average of 36,000 barrels of oil equivalents per day (boepd) achieved. We remain on target to meet our revised production forecast of 32,000 boepd for the full year. We have made good progress with our development projects and I am very encouraged with the performance achieved in the hook up and commissioning phase of the Edvard Grieg field development, which is now 80 percent completed. We are firmly on track to achieve first oil by the end of the fourth quarter and to meet our key objective of achieving an exit rate of 75,000 boepd.
We continue to be very active with our exploration and appraisal activity. Two appraisal wells were completed successfully during the third quarter, the first on the Edvard Grieg field in the Utsira High and the second on the Alta discovery in the Loppa High in the southern Barents Sea.
We are facing challenging times but our Company is indeed very well positioned as we are now entering a new phase of significant growth led by a great team of people. In my view Lundin Petroleum will come out of this cycle stronger than ever.
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 187.5 million barrels of oil equivalents (MMboe) as at 31 December 2014 and 515 MMboe in respect of the Johan Sverdrup field as at 11 August 2015.
For further information, please contact:
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Maria Hamilton Head of Corporate Communications E-mail: maria.hamilton@lundin.ch Tel: +41 22 595 10 00 Tel: +46 8 440 54 50 |
Teitur Poulsen VP Corporate Planning & Investor Relations Tel: + 41 22 595 10 00 |
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.
