Welcome!

News Feed Item

Lundin Petroleum AB: Year End Report 2012

STOCKHOLM, SWEDEN -- (Marketwire) -- 02/06/13 -- Lundin Petroleum AB (TSX:LUP)(OMX:LUPE) -

Twelve months ended 31 December 2012 (31 December 2011)

--  Production of 35.7 Mboepd (33.3 Mboepd) 
--  Operating income of MUSD 1,345.1 (MUSD 1,269.5) 
--  EBITDA of MUSD 1,144.1 (MUSD 1,012.1) 
--  Operating cash flow of MUSD 831.4 (MUSD 676.2) 
--  Net result of MUSD 103.9 (MUSD 155.2) 
--  New USD 2.5 billion seven year secured revolving borrowing base facility
    signed on 25 June 2012 
--  PDOs approved for the Edvard Grieg and Boyla fields, Norway 
--  Pre-Unit agreement signed for the Johan Sverdrup field 
--  Extensive appraisal drilling on the Johan Sverdrup field 
--  Geitungen oil discovery of between an estimated 140 and 270 MMboe gross
    recoverable resources(1) located north of the Johan Sverdrup field
    within PL265 

Fourth quarter ended 31 December 2012 (31 December 2011)

--  Production of 35.9 Mboepd (34.7 Mboepd) 
--  EBITDA of MUSD 289.8 (MUSD 244.8) 
--  Operating cash flow of MUSD 237.4 (MUSD 89.4) 
--  Net result of MUSD -52.7 (MUSD -14.0) 
--  Tembakau-1 gas discovery of 306 bcf on Block PM307, offshore Peninsular
    Malaysia 
--  New Block PM319 awarded offshore Peninsular Malaysia 
--  Acquisition of an additional 20 percent interest in the Brynhild field,
    offshore Norway  

Comments from C. Ashley Heppenstall, President and CEO

2012 was yet another successful year for our Company. We have exceeded our production forecasts once again and this, coupled with our low operating costs and cash taxes, has resulted in a record operating cash flow of more than MUSD 830 for the year.

Lundin Petroleum's success has been due to our ability to increase our resource base. Our 2P recoverable reserves at the end of 2012 were 201.5 million barrels of oil equivalent. Whilst last year's reserve replacement ratio was lower than in previous years, I think everyone would agree that this will change when the contingent resources from the Johan Sverdrup field in Norway are booked as reserves. There is little doubt that the Johan Sverdrup field is commercial but reserves will not be booked until the signing of a unitisation agreement and the submission of the field development plan both scheduled for the end of 2014.

In 2013 we expect our net production to average between 33,000 boepd and 38,000 boepd for the year and to exit the year at in excess of 40,000 boepd when the Brynhild field reaches plateau production.

We are very excited about our 2013 exploration programme which involves the drilling of 18 exploration wells in Norway, South East Asia, France and the Netherlands. The budget of over USD 460 million will be the largest in the Company's history and will be predominantly focused on Norway which will account for about 75 percent of the expenditure.

(1)Estimated by PL265 operator, Statoil

Listen to President and CEO Ashley Heppenstall and CFO Geoffrey Turbott     
comment on the report at the live webcast presentation on Wednesday 6       
February at 8.00 CET.                                                       
                                                                            
The presentation and slides will be available on www.lundin-petroleum.com   
following the presentation. Please dial in to listen to the presentation on 
the following telephone numbers:                                            
UK: + 44 (0) 203 043 24 36, International Toll Free Number: +1 866 458 40 87

To view the whole report, please visit the following link: http://media3.marketwire.com/docs/Lundin_Petroleum_Full_Annual_2012.pdf.

Visit our website: www.lundin-petroleum.com

Contacts:
Lundin Petroleum AB
Teitur Poulsen
VP Corporate Planning & Investor Relations
+ 41 22 595 10 00

Lundin Petroleum AB
Maria Hamilton
Head of Corporate Communications
+46 8 440 54 50
+41 79 63 53 641
www.lundin-petroleum.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.