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Lundin Petroleum AB (LUPE.ST)

LUPE.ST on Stockholm Stock Exchange

251.40SEK
15 Nov 2018
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Latest Key Developments (Source: Significant Developments)

Faroe Petroleum drills uncommercial well in the North Sea
Wednesday, 14 Nov 2018 02:27am EST 

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 01:30am EST 

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 03:44am EDT 

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

Lundin Petroleum Receives Three Exploration Licences In Norway
Monday, 18 Jun 2018 06:00am EDT 

June 18 (Reuters) - Lundin Petroleum AB ::REG-THREE LICENCES AWARDED IN THE 24TH LICENSING ROUND IN NORWAY.LUNDIN PETROLEUM AB - ALL OF LICENCES ARE LOCATED IN SOUTHERN BARENTS SEA WITH ONE OF LICENCES OPERATED BY LUNDIN NORWAY.LUNDIN PETROLEUM AB - AWARDED LICENCES ARE ALL LOCATED IN SOUTHERN BARENTS SEA AND CLOSE TO LICENCES ALREADY HELD BY LUNDIN NORWAY.  Full Article

Lundin Petroleum wins better borrowing terms
Monday, 4 Jun 2018 02:30am EDT 

June 4 (Reuters) - Lundin Petroleum AB ::LUNDIN PETROLEUM HAS SUCCESSFULLY RE-NEGOTIATED IMPROVED BORROWING TERMS.SUCCESSFULLY RE-NEGOTIATED IMPROVED BORROWING TERMS IN RELATION TO ITS USD 5 BILLION RESERVE-BASED LENDING FACILITY.INTEREST RATE MARGIN HAS BEEN REDUCED FROM 315 BASIS POINTS TO 225 BASIS POINTS BASED ON CURRENT BORROWINGS.IMPROVED TERMS INCLUDE A REVISED INTEREST RATE MARGIN RANGE OF BETWEEN 200 AND 250 BASIS POINTS DEPENDENT UPON LEVEL OF BORROWINGS AS WELL AS A LOWER COMMITMENT FEE.TOTAL COMMITMENT WITHIN RBL FACILITY OF USD 5 BILLION AND MATURITY DATE AT END OF 2022 REMAIN UNCHANGED.FOLLOWING THIS AMENDED LOAN AGREEMENT, BANKING SYNDICATE HAS BEEN REDUCED FROM 28 TO 27 BANKS.  Full Article

Norway's Oil Directorate confirms Aker BP discovery
Friday, 2 Mar 2018 02:39am EST 

March 2 (Reuters) - :NORWAY PETROLEUM DIRECTORATE: OIL DISCOVERY NORTH OF THE BØYLA FIELD IN THE NORTH SEA - 24/9-12 S AND 24/9-12 A.NPD: PRELIMINARY ESTIMATES INDICATE THAT THE SIZE OF THE DISCOVERY IS BETWEEN 5 AND 10 MILLION STANDARD CUBIC METRES (SM3) OF RECOVERABLE OIL.NPD STATEMENT CONFIRMS EARLIER NEWS FROM OPERATOR AKER BP nASM000JEZ.AKER BP HOLDS 65 PCT STAKE, POINT RESOURCES 20 PCT, LUNDIN 15 PCT.  Full Article

Aker BP made bigger-than-expected oil discovery near Alvheim
Monday, 19 Feb 2018 01:50am EST 

Feb 19 (Reuters) - Aker Bp Asa ::EXPLORATION SUCCESS IN PL340 NEAR ALVHEIM.‍WELL HAS PROVED OIL. PRELIMINARY ANALYSIS INDICATE A DISCOVERY SIZE OF 30-60 MILLION BARRELS OF OIL EQUIVALENTS​.DISCOVERY IS ‍SIGNIFICANTLY MORE THAN COMPANY'S PRE-DRILL ESTIMATES OF 3-21 MMBOE​.‍DISCOVERY ALSO HAS A POSITIVE IMPACT ON ASSESSMENT OF FURTHER EXPLORATION POTENTIAL IN AREA​.‍FROSK IS LOCATED IN PL340, WHICH ALSO CONTAINS BØYLA FIELD. BØYLA HAS BEEN PRODUCING OIL SINCE 2015 THROUGH A SUBSEA INSTALLATION TIED BACK TO ALVHEIM FPSO​.‍FROSK DISCOVERY ADDS SIGNIFICANT VOLUME AND VALUE TO OUR RESOURCE BASE, AND PROVIDES AN IDEAL BASIS FOR ANOTHER PROFITABLE EXPANSION PROJECT​.‍IS OPERATOR OF PL340 WITH A 65 PERCENT WORKING INTEREST. PARTNERS ARE POINT RESOURCES WITH 20 PERCENT AND LUNDIN PETROLEUM WITH 15 PERCENT​.  Full Article

Lundin Petroleum CEO sees upside to Sverdrup field recovery rate
Monday, 12 Feb 2018 08:00am EST 

Feb 12 (Reuters) - Lundin Petroleum AB said on Monday::LUNDIN PETROLEUM CEO: EXPECTS JOHAN SVERDRUP FIELD RECOVERY RATE TO INCREASE, CURRENT RECOVERY MIDPOINT IS LOW.LUNDIN PETROLEUM CEO: EXPECTS JOHAN SVERDRUP DEVELOPMENT COSTS TO FALL FURTHER, "WE STILL HAVE A FAIR AMOUNT OF CONTINGENCY".LUNDIN PETROLEUM CEO: COULD SUBMIT DEVELOPMENT PLAN FOR LUNO II DISCOVERY BY END-2018, SEES FIRST OIL IN 2021.LUNDIN PETROLEUM CEO: BREAK-EVEN COST FOR ALTA/GOHTA DEVELOPMENT IS AROUND $30 A BARREL.LUNDIN PETROLEUM HOPES TO BEAT ITS 78,000 BOEPD MIDPOINT 2018 PRODUCTION GUIDANCE AFTER STRONG JANUARY OUTPUT -CEO.  Full Article

BRIEF-Lundin Petroleum raises post-Sverdrup output forecasts
Monday, 12 Feb 2018 06:36am EST 

Corrects to make clear 2019 and 2022 output numbers are valid for the periods following startup of Sverdrup field phase I and phase II respectively:SEES 2018 CASH OPERATING COST PER BARREL OF $4.15.REVISES PRODUCTION GUIDANCE FOR 2019 AFTER SVERDRUP PHASE I STARTUP TO MORE THAN 130,000 BOEPD FROM PREVIOUS MORE THAN 120,000 BOEPD.SEES ITS 2022 PRODUCTION AFTER SVERDRUP PHASE II STARTUP AT MORE THAN 160,000 BOEPD VERSUS PREVIOUS GUIDANCE OF MORE THAN 150,000 BOEPD.CEO SAYS COMPANY'S ORGANIC GROWTH STRATEGY REMAINS UNCHANGED, "WE ARE STILL VERY MUCH DRIVEN BY ORGANIC GROWTH".AIMS TO INCREASE NET RESOURCES BY MORE THAN 700 MILLION BARRELS FROM APPRAISAL AND EXPLORATION IN 2018.CEO SAYS RESERVES AT NORWAY'S EDVARD GRIEG FIELD HAVE A POTENTIAL TO RISE TO OVER 300 MILLION BOE FROM 274 MILLION BOE AT END-2017.TARGETS MORE THAN 200 MILLION BOE IN NET RESOURCES DURING APPRAISAL OF LUNO II, ROLVSNES AND ALTA/GOHTA DISCOVERIES IN 2018.CEO SAYS COMPANY "IS VERY CLOSE" TO DECIDING ON DEVELOPMENT OF LUNO II DISCOVERY.  Full Article

Lundin Petroleum sees opex $3.9-4.4/barrel after Sverdrup startup
Monday, 12 Feb 2018 05:43am EST 

Feb 12 (Reuters) - Lundin Petroleum AB said on Monday::SEES ITS OPEX AT $3.90-4.40 PER BARREL AFTER JOHAN SVERDRUP PHASE I STARTUP.SAYS TO DRILL 9 EXPLORATION AND 4 APPRAISAL WELLS IN 2018.  Full Article

UPDATE 1-Lundin Petroleum says Arctic oil test points to bigger reservoir

* Find to lift confidence in Barents Sea prospects - analyst (Adds analysts, details)