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Friday, 21 November, 2008, 18:40 GMT | more >>

Lundin takes profits slug



By Upstream staff 

Sweden's Lundin Petroleum has seen its net profit slump in the second quarter of the year, but has boosted its production forecast for the year.

Net profit came in at Skr82.6 million ($11.4 million) from Skr216 million in the same period last year. Lundin blamed the fall on lower production and a deferred tax charge of Skr106.7 million.

Operating cash flow fell to Skr519.1 million from Skr613.6 million.

Earnings before interest, tax and depletion and amortisation (ebitda) rose to Skr646.8 million from Skr627.8 million in the year-earlier period.

First production from the Oudna field, off Tunisia, coupled with new Russian assets Lundin has bought should boost output to more than 40,000 barrels of oil equivalent per day by the end of the year, the company said.

Lundin said this will further increase to more than 50,000 boed by the end of 2007, once the Alvheim field, off Norway, comes on stream.

Wednesday, 16 August, 2006, 08:23 GMT  | last updated: Wednesday, 16 August, 2006, 08:23 GMT

Whack: for Lundin
 

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