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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)

BRIEF-Farstad Shipping signs charter agreements
Monday, 27 Feb 2017 06:08am EST 

Farstad Shipping ASA : Has been awarded charter contracts . The AHTS Far Sigma (2014, UT 731 CD, 24,371 BHP) has been awarded a 1 well contract by Lundin Norway AS . Fairfield Betula Limited has awarded the PSV Far Symphony (2003, P 105, 4,929 DWT) a 12 months contract . The PSV Far Server (2010, Havyard 832 CD, 4,000 DWT) and the PSV Far Serenade(2009, UT 751 CD, 5,944 DWT) have both been awarded a 3,5 months contract . The PSV Far Spica (2013, PSV 08 CD, 4,000 DWT) has received an extension of 4 months by the charterer where she has been employed since August 2015 . Petro Services, with end client Total, has awarded the PSV Far Starling (2013,PSV 08 CD, 4,000 DWT) a 1 month contract to support a "ready for operation" campaign in Congo .Commercial terms of agreements will be kept private and confidential between parties.  Full Article

Lundin Petroleum sees 2017 output at 79,000 to 91,000 boepd
Monday, 13 Feb 2017 02:13am EST 

Lundin Petroleum AB : Says sees 2017 total production at 79,000 to 91,000 boepd (Reuters poll 93,446 boepd) versus 72,600 boepd in 2016 . Pro-forma production guidance for Lundin Petroleum, comprising only assets in Norway, is between 70,000 to 80,000 boepd . Production guidance for Lundin's international operations is between 9,000 to 11,000 boepd [nFWN1FY05X] Further company coverage: [LUPE.ST] (Reporting By Nerijus Adomaitis) ((nerijus.adomaitis@thomsonreuters.com;)).  Full Article

Lundin Petroleum seeks to spin off non-Norwegian assets
Monday, 13 Feb 2017 02:10am EST 

Lundin Petroleum Ab : Lundin petroleum proposes spin-off of its non-norwegian producing assets into an independent oil and gas company . Has proposed to spin-off its assets in malaysia, france and netherlands ( "ipc assets") into a newly formed company called international petroleum corporation ("ipc") and to distribute ipc shares, on a pro-rata basis, to lundin petroleum shareholders . Ipc has applied to toronto stock exchange ("tsx") to list its shares following distribution on such exchange under ticker ipco, and also intends to list its shares on nasdaq stockholm stock exchange . Given ongoing developments and successes with company's assets in norway, ipc assets, held within a separate and independent entity, would benefit from enhanced strategic flexibility and management focus . Proposed spin-off of ipc assets will allow lundin petroleum's management to solely focus on maximising shareholder value from its norwegian portfolio . Lundin family remains committed to success of ipc, and entities related to lundin family will continue to be largest shareholders of ipc following completion of distribution . Teitur poulsen, current vice president corporate planning and investor relations at lundin petroleum will replace mike nicholson as chief financial officer of lundin petroleum.  Full Article

Lundin Petroleum's Q4 EBITDA beats forecast, net result lags
Wednesday, 1 Feb 2017 01:36am EST 

Lundin Petroleum Ab : q4 ebitda $317.9 million (Reuters poll $301 million) . q4 cashflow from operations $343.0 million . q4 net result $-739.1 million (Reuters poll $-671 million) . end-q4 net debt at $4,075 million versus $4,307 million at enq-q3 . We have seen reserves in edvard grieg increasing from original development plan estimate of 186 mmboe to 223 mmboe and we all know that big fields tend to get bigger . We will be drilling some world class exploration targets in southern barents sea while continuing to work on an appraisal programme in our alta and gohta discoveries . Lundin petroleum ab says will continue to see its production increasing in 2017 .Lundin petroleum ab says full year 2016 operating cost was usd 7.80 per barrel.  Full Article

Lundin Petro says to take $632 mln impairment charge in Q4
Thursday, 19 Jan 2017 02:13am EST 

Lundin Petroleum Ab : Says average production rate for full year 2016 of 72,600 boepd . Says achieved a quarterly record average production rate of 83,400 barrels of oil equivalent per day (boepd) . Says profitability for Q4 of 2016 will be negatively impacted by certain expensed exploration costs and impairment charges, as well as a foreign currency exchange loss mainly related to revaluation of loan balances . Lundin Petroleum has decided to remove from its contingent resources the gas discoveries in the Sabah region offshore East Malaysia and the Tembakau gas discovery in PM307 offshore Peninsular Malaysia as well as the Morskaya oil discovery in the Russian Caspian Sea . As a consequence of writing down the contingent resources associated with these discoveries, Lundin Petroleum will incur a non-cash impairment charge in Q4 of $632 million with a corresponding tax credit of $83 million resulting in a negative impact on the fourth quarter net results of $549 million Further company coverage: [LUPE.ST] (Reporting By Simon Johnson) ((simon.c.johnson@thomsonreuters.com;)).  Full Article

Lundin Petroleum says looking for M&A opportunities in Norway -CEO
Wednesday, 3 Aug 2016 04:39am EDT 

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 03:33am EDT 

: 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 02:25am EDT 

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 03:30am EDT 

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

Lundin Petroleum AB drills dry well off Norway
Monday, 7 Mar 2016 02:28am EST 

Lundin Petroleum AB:Lundin Norway AS, operator of production licence 544, is in the process of concluding the drilling of wildcat well 16/4-10.The well is dry.Partners in the licence include Bayerngas and Wellesley Petroleum.  Full Article

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