STOCKHOLM, SWEDEN — (Marketwire) — 08/01/12 — Lundin Petroleum AB (TSX: LUP)(OMX: LUPE) –
HIGHLIGHTS
Six months ended 30 June 2012 (30 June 2011)
Second quarter ended 30 June 2012 (30 June 2011)
In June we completed a new USD 2.5 billion bank loan facility with a syndicate of 25 international banks. This funding was successfully completed in a difficult bank market environment and clearly highlights Lundin Petroleum–s ability to access capital from the international banking markets.
Production for the first six months of 2012 of 35,100 boepd was above our capital markets day forecast. Production was positively impacted by strong performance from the Alvheim and Volund fields, offshore Norway. The uptime on the Alvheim FPSO was above forecast and the Volund reservoir continues to perform above expectation.
Our three ongoing development projects in Norway, Edvard Grieg, Brynhild and Boyla are all progressing satisfactorily.
The appraisal of the Johan Sverdrup field continues with an aggressive ongoing drilling programme. Lundin Petroleum as operator of PL501 has already completed two appraisal wells this year, a third appraisal well is ongoing and two further appraisal wells will be completed this year. In addition, Statoil, as operator of PL265 will drill three further wells this year, one of which will be an exploration well in the southern part of Aldous Major North.
Listen to President and CEO Ashley Heppenstall and CFO Geoffrey Turbott comment on the report at the live audiocast presentation on Wednesday 1 August at 15.00 CET.
The presentation and slides will be available on following the presentation.
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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