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Friday, 09 January, 2009, 12:50 GMT | more >>

Lundin does its sums



By Upstream staff 

Swedish explorer Lundin Petroleum said it expects to book a net profit of Skr1.3 billion ($170 million) this year.

The company estimated that its earnings before interest tax and depreciation would come in at Skr3.5 billion this year, with operating cashflow reaching Skr2.3 billion.

Lundin said its 2006 estimates were based on an average spot Brent price assumption of $55 per barrel and average production of 36,000 barrels of oil equivalent per day.

Lundin president Ashley Heppenstall said: "The improvements in financial performance will continue into 2007 with production forecast to increase to over 50,000 boepd from our development projects in Norway and Tunisia."

The company also said that it has decided to write off all of the costs related to Nigerian OML 113 exploration/appraisal in its 2005 financial statements.

Lundin and its partners in Nigeria will decide later in the year whether to drill another delineation well to further appraise the Aje field, off Nigeria.


Monday, 23 January, 2006, 13:53 GMT  | last updated: Monday, 23 January, 2006, 15:04 GMT

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