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Lundin Petroleum AB (LUPE.ST)

LUPE.ST on Stockholm Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Equinor sees Sverdrup Phase 1 ramping up to plateau within 12 months from startup
Friday, 3 May 2019 

May 3 (Reuters) - Equinor ASA ::EQUINOR CFO SAYS NORWAY'S MARTIN LINGE FIELD IS ON TRACK TO START PRODUCTION IN Q1 2020.EQUINOR CFO SAYS HE EXPECTS JOHAN SVERDRUP FIELD PHASE 1 TO RAMP UP TO PLATEAU PRODUCTION WITHIN 12 MONTHS FROM STARTUP.EQUINOR CFO SAYS COMPANY AIMS TO SELECT FPSO CONCEPT FOR ITS CARCARA PROJECT IN BRASIL IN Q2.  Full Article

Johan Sverdrup development costs could fall further -Lundin Petroleum
Thursday, 2 May 2019 

May 2 (Reuters) - Lundin Petroleum AB ::LUNDIN PETROLEUM CEO SAYS THERE IS STILL ROOM TO REDUCE THE COSTS OF JOHAN SVERDRUP PHASE 1 DEVELOPMENT.LUNDIN PETROLEUM CEO SAYS NO FUNDAMENTAL CHANGE ON THE COMPANY'S PLANS REGARDING ALTA DISCOVERY DEVELOPMENT AFTER COMPANY POSTPONES APPRAISAL WELL TO 2020 FROM 2019.LUNDIN PETROLEUM CFO SAYS THE COMPANY PLANS TO MARKET ITS BARRELS FROM JOHAN SVERDRUP FIELD ITSELF.  Full Article

Lundin Petroleum says dividend installment to be SEK 3.43/shr
Wednesday, 27 Mar 2019 

March 27 (Reuters) - Lundin Petroleum AB ::FIRST QUARTERLY INSTALMENT OF PROPOSED DIVIDEND FOR 2018 OF USD 0.37 PER SHARE WILL AMOUNT TO SEK 3.43 PER SHARE.PROPOSED DIVIDEND, INCLUDING FIRST QUARTERLY INSTALMENT, REMAINS SUBJECT TO APPROVAL BY 2019 ANNUAL GENERAL MEETING (AGM) THAT WILL BE HELD ON 29 MARCH 2019.IN ACCORDANCE WITH UPDATED DIVIDEND POLICY ANNOUNCED BY LUNDIN PETROLEUM ON 30 JANUARY 2019, BOARD OF DIRECTORS HAS PROPOSED TO 2019 AGM A DIVIDEND FOR 2018 OF USD 1.48 PER SHARE.  Full Article

Lundin Petroleum to develop Solveig as tie-back to Grieg field
Wednesday, 27 Mar 2019 

March 27 (Reuters) - Lundin Petroleum AB ::CAPITAL COST OF SOLVEIG DEVELOPMENT IS ESTIMATED AT USD 810 MILLION GROSS1 (USD 527 MILLION NET TO LUNDIN) AND WITH A BREAKEVEN BELOW USD 30 PER BOE.SAYS USD 810 MILLION ESTIMATE CALCULATED AT NOK 8/USD.SOLVEIG PHASE 1 CONTAINS 57 MMBOE OF GROSS PROVED PLUS PROBABLE RESERVES (37 MMBOE NET TO LUNDIN).WILL BE DEVELOPED VIA A SUBSEA TIE-BACK TO EDVARD GRIEG PLATFORM, INVOLVING FIVE DEVELOPMENT WELLS WITH GROSS PEAK PRODUCTION OF 30 MBOEPD AND IS ANTICIPATED TO START UP IN Q1 OF 2021..  Full Article

Aker BP says North Sea oil, gas discovery 60-130 mln boe
Tuesday, 19 Mar 2019 

March 19 (Reuters) - Aker BP Asa ::HAS SUCCESSFULLY COMPLETED FROSKELÅR MAIN EXPLORATION WELL IN LICENCE 869 IN ALVHEIM AREA. WELL HAS PROVED OIL AND GAS. GROSS RESOURCE ESTIMATE IS 60-130 MMBOE.A PART OF DISCOVERY MAY STRADDLE UK -NORWEGIAN BORDER IN NORTH SEA.IS OPERATOR AND HOLDS 60 PERCENT INTEREST IN LICENCE 869. PARTNERS ARE LUNDIN NORWAY (20 PERCENT) AND VÅR ENERGI (20 PERCENT).  Full Article

Lundin Petroleum will remain opportunistic on M&A deals - CEO
Wednesday, 30 Jan 2019 

Jan 30 (Reuters) - Lundin Petroleum AB ::LUNDIN PETROLEUM CEO SAYS COMPANY TO REMAIN OPPORTUNISTIC IN DOING M&A DEALS WHILE PURSUING ITS MAIN ORGANIC GROWTH STRATEGY.LUNDIN PETROLEUM CEO SAYS M&A COULD BE A POSSIBILITY TO SUSTAIN PRODUCTION AFTER JOHAN SVERDRUP FIELD COMES OFF PLATEAU.  Full Article

Lundin Petroleum raises its estimated reserves
Monday, 14 Jan 2019 

Jan 14 (Reuters) - Lundin Petroleum AB ::REG-LUNDIN PETROLEUM ANNOUNCES INCREASED RESERVES AND CONTINGENT RESOURCES.AS AT 31 DECEMBER 2018, ITS PROVED PLUS PROBABLE NET RESERVES (2P RESERVES) ARE 745 MILLION BARRELS OF OIL EQUIVALENT (MMBOE).PROVED PLUS PROBABLE PLUS POSSIBLE NET RESERVES (3P RESERVES) ARE 901 MMBOE AND ITS BEST ESTIMATE NET CONTINGENT RESOURCES (CONTINGENT RESOURCES) ARE 225 MMBOE.2P RESERVES REPLACEMENT RATIO IS 163 PERCENT FOR 2018 AND THIS IS FIFTH CONSECUTIVE YEAR THAT LUNDIN PETROLEUM HAS MORE THAN REPLACED PRODUCTION.LUNDIN PETROLEUM'S 2P RESERVES AS AT 31 DECEMBER 2018 ARE 745.4 MMBOE AND REFLECT A POSITIVE REVISION OF 49.2 MMBOE, EXCLUDING SALES.3P RESERVES AS AT 31 DECEMBER 2018 ARE 900.9 MMBOE AND REFLECT A POSITIVE REVISION OF 35.4 MMBOE, EXCLUDING SALES.INCREASE IN RESERVES RELATES MAINLY TO LUNDIN PETROLEUM'S LARGEST ASSET, JOHAN SVERDRUP FIELD.MINOR RESERVES ADDITIONS ON EDVARD GRIEG AND ALVHEIM AREA ALSO CONTRIBUTING TO RESULT.OIL ACCOUNTS FOR 94 PERCENT OF LUNDIN PETROLEUM'S 2P RESERVES AND WHEN JOHAN SVERDRUP FIELD COMMENCES PRODUCTION, WITH EXPECTED START-UP IN NOVEMBER 2019, MAJORITY OF LUNDIN PETROLEUM'S 2P RESERVES WILL BE IN PRODUCTION.RESERVES UPGRADE ON JOHAN SVERDRUP IS DRIVEN BY POSITIVE DRILLING RESULTS AND PROMOTION OF WATER ALTERNATE GAS (WAG) INJECTION PROJECT FROM CONTINGENT RESOURCES TO RESERVES, WHICH WAS SANCTIONED BY PARTNERSHIP DURING 2018.  Full Article

Faroe Petroleum drills uncommercial well in the North Sea
Wednesday, 14 Nov 2018 

Nov 14 (Reuters) - Faroe Petroleum PLC ::ANNOUNCES RESULTS OF FAROE-OPERATED RUNGNE EXPLORATION WELL 30/6-30 IN NORWEGIAN NORTH SEA (FAROE 40% WORKING INTEREST).RECOVERABLE VOLUME IN NESS FORMATION IS LIKELY TO BE IN RANGE OF 2.7-17.0 MMBOE AND THEREFORE UNLIKELY TO BE COMMERCIAL IN ISOLATION.FAROE PETROLEUM CEO: "IN A SIX WELL EXPLORATION PROGRAMME SOME DISAPPOINTING OUTCOMES ARE INEVITABLE. ALTHOUGH NO HYDROCARBONS WERE PRESENT IN THE MAIN OSEBERG TARGET WE ARE PLEASED TO HAVE ENCOUNTERED HYDROCARBONS IN THE SECONDARY NESS TARGET WHICH PROVIDES NEW DATA.".IN ADDITION TO THE ONGOING AGAR/PLANTAIN WELL, RESULTS FROM WHICH ARE EXPECTED SHORTLY, FAROE'S EXPLORATION PROGRAMME WILL CONTINUE OVER THE REMAINDER OF THE YEAR WITH TWO FURTHER COMMITTED EXPLORATION WELLS IN NORWAY: THE BRASSE EAST (FAROE-OPERATED) AND CASSIDY WELLS.".THE CURRENT JOINT VENTURE PARTNERS IN THE PL 825 LICENCE ARE FAROE PETROLEUM (40% AND OPERATOR), LUNDIN NORWAY AS (30%*) AND SPIRIT ENERGY NORGE AS (30%*). SUBJECT TO COMPLETION OF TWO RECENT TRANSACTIONS, THE PL 825 PARTNERSHIP WILL CONSIST OF FAROE (40% AND OPERATOR), EQUINOR ENERGY AS (30%*), SPIRIT ENERGY NORGE AS (20%*) AND DNO NORGE AS (10%*).  Full Article

Lundin Petroleum Q3 EBITDA in line, sets lower 2018 cost target
Wednesday, 7 Nov 2018 

Nov 7 (Reuters) - Lundin Petroleum AB ::LUNDIN PETROLEUM Q3 PRODUCTION AT 78,200 BOEPD (REUTERS POLL 79,800 BOEPD).LUNDIN PETROLEUM SEES 2018 PRODUCTION AT 78,000-82,000 BOEPD VERSUS PREVIOUS GUIDANCE OF 78,000-82,000 BOEPD.LUNDIN PETROLEUM Q3 REVENUE $636.4 MILLION (REUTERS POLL $625 MILLION).LUNDIN PETROLEUM Q3 EBITDA $503.5 MILLION (REUTERS POLL $497 MILLION).OUR KEY PRODUCING ASSET EDVARD GRIEG HAS CONTINUED TO PERFORM ABOVE EXPECTATIONS WITH CAPACITY FROM TEN PRODUCING WELLS CURRENTLY AROUND DOUBLE FACILITY'S CAPACITY CONTRACTUALLY AVAILABLE.LUNDIN PETROLEUM Q3 NET RESULT $62.6 MILLION (REUTERS POLL $93.7 MILLION).LUNDIN PETROLEUM Q3 OPERATING PROFIT AT $461.1 MILLION (REUTERS POLL $365 MILLION).Q4 WILL AGAIN BE A BUSY PERIOD FOR US, AS WE PROGRESS OUR KEY PROJECTS TOWARDS COMMERCIALISATION, INCLUDING LUNO II FIELD DEVELOPMENT WHERE PDO WILL BE SUBMITTED IN EARLY 2019 AND ROLVSNES EXTENDED WELL TEST.PHASE 1 OF JOHAN SVERDRUP PROJECT OVER 80 PERCENT COMPLETED, FIRST OIL EXPECTED IN NOVEMBER 2019.SIX POTENTIAL NEW PROJECTS BEING PROGRESSED THROUGH APPRAISAL PHASE WITH CONTINGENT RESOURCES ANTICIPATED TO INCREASE - ALTA/GOHTA, ROLVSNES, LUNO II, LILLE PRINSEN, FROSK AND GEKKO.LUNDIN PETROLEUM SEES 2018 OPERATING COSTS AT BELOW USD 3.80/BOE VERSUS PREVIOUS GUIDANCE OF BELLOW $4/BOE.PHASE 1 OF JOHAN SVERDRUP PROJECT OVER 80 PERCENT COMPLETED, FIRST OIL EXPECTED IN NOVEMBER 2019.APPRAISAL AND EXPLORATION EXPENDITURE GUIDANCE FOR 2018 IS BEING MAINTAINED AT USD 300 MILLION.  Full Article

Aker BP CEO sees output rising to over 200,000 boed by end-2019
Thursday, 13 Sep 2018 

Sept 13 (Reuters) - Aker BP ASA ::AKER BP CEO SAYS COMPANY WILL START TESTING PRODUCTION AT NORWAY'S FROSK DISCOVERY IN 2019.AKER BP CEO EXPECTS JOHAN SVERDRUP FIELD PRODUCTION TO REACH FULL CAPACITY IN 2023.AKER BP CEO SAYS STILL INTERESTED IN M&A ON THE NORWEGIAN SHELF, BUT GOOD DEALS ARE HARDER TO FIND AS RISING OIL PRICES INCREASED COMPETITION FOR QUALITY ASSETS.AKER BP CEO EXPECTS TO RAMP UP PRODUCTION TO OVER 200,000 BARRELS OF OIL EQUIVALENTS BY END-2019 FROM 155,000-160,000 BOE EXPECTED THIS YEAR.  Full Article

UPDATE 1-Equinor's Norwegian Arctic exploration well proves to be dry

OSLO, June 17 Equinor's exploration well drilled near its Korpfjell gas find in the Norwegian Arctic has proved to be dry, Norway's Petroleum Directorate said on Monday, in an area near the Russian offshore border the company had hoped would be oil rich.