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Lundin Petroleum AB (LUPE.ST)

LUPE.ST on Stockholm Stock Exchange

205.50SEK
23 Jan 2018
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-1.10kr (-0.53%)
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Latest Key Developments (Source: Significant Developments)

Lundin Petroleum will consider paying dividend before Johan Sverdrup startup-CEO
Wednesday, 1 Nov 2017 

Nov 1 (Reuters) - Lundin Petroleum Ab :Lundin ceo says will seriously consider paying dividend before johan sverdrup field startup as oil prices rise to $60 a barrel.Lundin CEO: "This is definetely on the table... I'm also more optimistic about the oil price.".Lundin Petroleum said previously it would consider paying dividend before Johan Sverdrup field startup expected in end-2019 if oil prices rise to a sustainable levels of $60 a barrel.Brent crude LCOc1 has been trading at over $60 a barrel since Oct. 27.  Full Article

Lundin Q3 EBITDA beats forecast, raises output guidance
Wednesday, 1 Nov 2017 

Nov 1 (Reuters) - Lundin Petroleum Ab :Lundin petroleum q3 revenue $‍517.2​ million (Reuters poll $441 million).Lundin petroleum q3 ebitda $‍382.4​ million (Reuters poll $363 million).Lundin petroleum q3 net result $‍227.0​ million (Reuters poll $251 million).Lundin petroleum q3 operating cashflow at $‍389.6​ million.Says its total cash operating cost is forecast to be below full year guidance of usd 4.60 per barrel​‍‍‍.Lundin petroleum end-q3 net debt at $‍4,024​ million versus $4,081 million at end-q2.2017 full year development expenditure guidance reduced from musd 1,085 to musd 980​.Says expects to see further savings at johan sverdrup development as project progresses.‍Says full year production expected at or above higher end of 80-85 mboepd guidance range​.Says will soon announce our 2018 drilling program, targeting more prospects in southern barents sea, utsira high and mandal high​.‍Says remains optimistic about significant exploration potential in southern barents sea, despite recent disappointing results​.Says ‍expects to see further upward pressure on oil price as supply market tightens.Says ‍will continue to pursue organic growth strategy​.  Full Article

Lundin Petroleum outlines Q3 gains, impairments
Wednesday, 18 Oct 2017 

Oct 18 (Reuters) - Lundin Petroleum Ab :profitability for the third quarter of 2017 will be impacted by certain expensed exploration costs and impairment charges, as well as a net foreign currency exchange gain mainly related to the revaluation of loan balances.These items are largely non-cash and will have no impact on operating cash flow or EBITDA‍.will expense pre-tax exploration costs and impairment charges of approximately musd 33 and recognise a net foreign exchange gain of approximately musd 185 for q3 of 2017​.‍will incur pre-tax exploration costs of approximately musd 16 which will be charged to income statement and offset by a tax credit of approximately musd 13​.‍will incur a non-cash impairment charge in relation to brynhild field in q3 of 2017 of approximately musd 17 with a corresponding tax credit of musd 14.will recognise a net foreign exchange gain of approximately MUSD 185 for the third quarter of 2017. The Norwegian Krone and the Euro strengthened against the US Dollar by approximately 5 and 3 percent respectively during the third quarter of 2017 and the foreign exchange gain mainly relates to the revaluation of loan balances at the prevailing exchange rates at the balance sheet date​.  Full Article

Lundin Petroleum aims to raise output by 17 pct/year 2016-2022
Monday, 13 Feb 2017 

Lundin Petroleum Ab told a news conference in Oslo on Monday: spin-off IPC to have have operating cost of below $19/ barrel of oil equivalent in 2017 . says expected production growth is 17 percent per year during 2016-2022 . targets more than 500 million barrels of organic growth in reserves in 2017 . now expects to drill 10 wells in 2017 versus previously announced 8 wells Further company coverage: [LUPE.ST] (Reporting by Nerijus Adomaitis, editing by Terje Solsvik) ((terje.solsvik@thomsonreuters.com;)).  Full Article

Lundin Petroleum says cost per barrel will fall in 2017
Monday, 13 Feb 2017 

Lundin Petroleum Ab told a news conference in Oslo on Monday: sees cash operating costs falling to $6.9/barrel in 2017 from $7.8 in 2016 . says operating cost guidance for 2017 is a record low of $5.3/barrel vs cost of $6.25 per barrel in 2016 . repeats will pay dividend when Johan Sverdrup oilfield comes online or when oil price rises to sustainable levels of above $60 a barrel Further company coverage: [LUPE.ST] (Reporting by Nerijus Adomaitis, editing by Terje Solsvik) ((terje.solsvik@thomsonreuters.com;)).  Full Article

Lundin Petroleum Q3 EBITDA above forecast, sees output in upper end of range
Wednesday, 2 Nov 2016 

Lundin Petroleum Ab : Lundin petroleum says q3 ebitda of musd 253.8 (Reuters poll $230 mln) vs musd 98.7 in Q3 2015 . Lundin petroleum ab says q3 net result of musd 173.8 (Reuters poll $182 mln) including a net foreign exchange gain vs musd -201.6 in q3 2015 . Q3 revenue of MUSD 317.4 (Reuters poll $316 mln) vs MUSD 154.2 in Q3 2015 . Lundin petroleum ab says q3 production of 80.4 mboepd (36.0 mboepd) . Lundin petroleum ab says given strong performance we are revising our 2016 production guidance to 70,000 to 75,000 boepd from 65,000 to 75,000 boepd (Reuters poll 71,473 boepd) . Lundin Petroleum says cost of operations per boe guidance lowered to USD 6.50 from USD 7.10 . Lundin petroleum ab says has around usd 1 billion of liquidity . Lundin petroleum ab says is able to sustain long term oil prices as low as usd 40 per barrel and still fully fund johan sverdrup phase 1 development while continuing to invest in an exciting and aggressive organic growth strategy .Lundin petroleum ab says 2017 exploration and appraisal campaign encompassing four exploration wells and four appraisal wells with drilling in southern and eastern Barents Sea, Utsira high area and Alvheim area.  Full Article

Lundin Petroleum says looking for M&A opportunities in Norway -CEO
Wednesday, 3 Aug 2016 

Lundin Petroleum Ab : CEO Alex Schneiter tells investor call the firm is keeping an eye out for merger and acquisition opportunities on the Norwegian continental shelf . "In terms of new M&A I would say we take a more opportunistic view. If there is any M&A for us it would be in Norway and nowhere else," Schneiter says . "I think both production and development assets (could be interesting), provided they have strategic importance. Our focus is very much driven by the Utsira High and the Southern Barents Sea, in those two areas if there are any opportunities that can grow our business it would be something we would be looking at Further company coverage: [LUPE.ST] (Reporting By Stine Jacobsen, editing by Terje Solsvik) ((stine.jacobsen@thomsonreuters.com;)).  Full Article

Lundin Petroleum CEO says has signed deepwater rig Leiv Eiriksson at "well below $200,000 per day"
Wednesday, 11 May 2016 

: Lundin Petroleum CEO Alex Schneiter says has taken advantage of the current market situation and has signed Ocean Rig's deepwater rig Leiv Eiriksson at "well below $200,000 per day" Further company coverage: [LUPE.ST] [ORIG.O] (Reporting By Stine Jacobsen) ((olepetter.skonnord@thomsonreuters.com;)).  Full Article

Statoil in deal with Lundin Petroleum
Tuesday, 3 May 2016 

Statoil ASA:Is selling its stake in a North Sea field to Lundin Petroleum in return for a larger stake in the Swedish oil firm.Statoil will divest its 15 pct stake in the Edvard Grieg field, a nine percent stake in the Edvard Grieg oil pipeline and a six percent stake in the Utsira High Gas pipeline.In addition Statoil will pay $68 million in cash to Lundin Petroleum.In return Statoil will up its stake in Lundin to 20.1 percent from 11.9 percent, the Norwegian company said.  Full Article

Lundin Petroleum AB secures further bank financing
Monday, 21 Mar 2016 

Lundin Petroleum AB:Has entered into a committed short term revolving credit facility (RCF) of $300 mln and received additional ommitments of $135 mln under the reserve-based lending (RBL) facility accordion.With this additional commitment under the RBL of $5 bln Lundin Petroleum has a total firm commitment of $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.  Full Article

UPDATE 2-Lacklustre drilling campaign cuts interest in Norwegian oil licensing round

* Firms not applying: Chevron, Conoco, Lukoil, Tullow (Recasts, adds quotes, Castberg field development)