March 24, 2020 / 12:37 AM / 12 days ago

BRIEF-Lundin Petroleum Says Co Remains Resilient Against Low Oil Prices

March 23 (Reuters) - Lundin Petroleum AB:

* COMPANY REMAINS RESILIENT AGAINST LOW OIL PRICES

* ACTION TAKEN TO MITIGATE ANY POTENTIAL IMPACT FROM COVID-19 PANDEMIC TO PRODUCTION OPERATIONS

* DOWN-MANNING OFFSHORE PERSONNEL IN ORDER TO MAINTAIN A MINIMUM LEVEL OF ACTIVITY

* COST REDUCTIONS OF APPROXIMATELY MUSD 170 (INCLUDING G&A) ARE ALREADY BEING IMPLEMENTED FOR 2020

* EDVARD GRIEG PERSONNEL WILL BE KEPT AT MINIMUM LEVEL REQUIRED

* BOARD OF DIRECTORS ANNOUNCED ON 23 MARCH 2020 DECISION TO AMEND ITS DIVIDEND PROPOSAL FROM USD 1.80 TO USD 1.0 PER SHARE

* SHOULD WE SEE SLIPPAGE IN EDVARD GRIEG AREA PROJECTS IT WILL NOT IMPACT 2021 PRODUCTION GUIDANCE

* EXISTING BUSD 5.0 RESERVES BASED LENDING FACILITY (RBL) IS CURRENTLY DRAWN AT APPROXIMATELY BUSD 3.8

* CURRENT ENVIRONMENT WILL CLEARLY IMPACT OUR OPERATING CASH FLOW, EBITDA AND RESULTING FREE CASH FLOW Source text for Eikon: Further company coverage:

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