Lundin Petroleum secures further bank financing

Stockholm, 2016-03-21 08:30 CET (GLOBE NEWSWIRE) --  

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that it has entered into a committed short term revolving credit facility (RCF) of USD 300 million and received additional commitments of USD 135 million under the reserve-based lending (RBL) facility accordion.

With this additional commitment under the RBL of USD 5 billion Lundin Petroleum now has a total firm commitment of USD 4,438 billion.

These credit facilities provide further financial flexibility to fund Lundin Petroleum's growth projects in Norway. The RCF facility has a six month term, with an option to extend for a further three months.  

Mike Nicholson, Chief Financial Officer of Lundin Petroleum comments: "We are very pleased to complete the RCF with a group of Nordic financial institutions and secure additional commitments under the RBL accordion. Given our recently announced RBL refinancing and these new commitments we do not expect to draw under the RCF. However, we consider it prudent to secure additional liquidity following continued oil price volatility. Lundin Petroleum remains in a very robust financial position with production levels set to double in 2016 and strong cash flow generation down to very low oil prices.”

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 685 million barrels of oil equivalents (MMboe) as at 31 December 2015.

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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).

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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.

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