STOCKHOLM, SWEDEN — (Marketwire) — 10/31/12 — Lundin Petroleum AB (TSX: LUP)(OMX: LUPE) –
HIGHLIGHTS
Nine months ended 30 September 2012 (30 September 2011)
Third quarter ended 30 September 2012 (30 September 2011)
Comments from C. Ashley Heppenstall, President and CEO
I am pleased that our Company has once again delivered excellent financial results and outperformed market expectations. This performance has been driven by a combination of record quarterly production and low operating costs.
Our financial performance will further improve in forthcoming years driven by our exciting pipeline of development projects which will deliver increased production. The Edvard Grieg, Brynhild and Boyla Norwegian developments, all of which are now in the execution or construction phase, are expected to result in our production doubling to over 70,000 barrels of oil equivalent per day (boepd) following first oil from Edvard Grieg in late 2015.
Production for the first nine months of 2012 was 35,600 boepd and again exceeded our forecasts. As a result of the strong production we have revised our 2012 production forecast from the previous range of 33,000 boepd to 37,000 boepd to a range between 34,000 boepd to 37,000 boepd. We will provide our 2013 production guidance in January 2013.
I am extremely pleased that, despite the manpower and cost pressures being experienced within our industry, our three ongoing development projects in Norway are all progressing well. The Brynhild and Edvard Grieg operated projects are well into the execution phase.
Both ourselves and Statoil continue to be busy with the appraisal of the Johan Sverdrup discovery. The results of the 2012 appraisal drilling programme will be used to update recoverable resources for Johan Sverdrup which we expect will be announced in the first quarter of 2013.
Listen to President and CEO Ashley Heppenstall and CFO Geoffrey Turbott comment on the report at the live webcast presentation on Wednesday 31 October at 8.30 CET.
The presentation and slides will be available on following the presentation. Please dial in to listen to the presentation on the following telephone numbers:
UK: + 44 (0) 203 043 24 36, International Toll Free Number: +1 866 458 40 87
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Contacts:
Lundin Petroleum AB
C. Ashley Heppenstall
President and CEO
+41 22 595 10 00
Lundin Petroleum AB
Maria Hamilton
Head of Corporate Communications
+46 8 440 54 50 / +41 79 63 53 641