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Thursday, 08 January, 2009, 22:40 GMT | more >>

Lundin profits take a dip



By Upstream staff 

Swedish explorer Lundin Petroleum saw its full-year operating profit fall 1.5% year-on-year to Skr1.83 billion ($260 million) on the back of production shortfalls and delays to its exploration drilling programme.

Sales increased 6% from the previous year to Skr4.23 billion, helped by higher prices, although production costs also jumped 20%.

However, the company's reserves for 2006 rose 29% to 176.4 million barrels, buoyed by both acquisitions and the replacement of stocks from its existing asset base.


Wednesday, 21 February, 2007, 10:04 GMT  | last updated: Wednesday, 21 February, 2007, 10:04 GMT

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