Poor field performance drags down Lundin results

Poor performance: Lundin Petroleum's fourth quarter results are affected by exploration costs and considerable impairment charges

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Danica Newnham

 21 January 2013 09:42 GMT

Swedish independent Lundin Petroleum said high exploration costs and impairment charges have resulted in a negative impact on profits for the fourth quarter of 2012.

The company ended the year with a net debt position of $335 million after expensing $135 million in exploration costs during the three months ended 31 December.

These exploration costs included $37 million spent on drilling the Albert prospect on PL 519 and $50 million for the drilling of the Juksa prospect and associated licence costs on PL 490 in Norway, as well as a $19 million after-tax charge.

In addition, $36 million was expensed for the drilling of the Merwan Batu prospect and associated licence costs on PM 308B in Malaysia.

Lundin also…

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