Last kr105.10 SEK
Change Today -1.00 / -0.94%
Volume 2.0M
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lundin petroleum ab (LUPE) Snapshot

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05/2/14 - kr139.40
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lundin petroleum ab (LUPE) Details

Lundin Petroleum AB (publ), an oil and gas company, engages in the exploration, development, and production of oil and gas properties. The company’s principal exploration and production assets are located in Norway and South East Asia. It also has assets in France, the Netherlands, Russia, Malaysia, and Indonesia. As of December 31, 2013, the company’s proven and probable reserves were 194 million barrels of oil equivalent. Lundin Petroleum AB (publ) is headquartered in Stockholm, Sweden.

453 Employees
Last Reported Date: 04/16/14

lundin petroleum ab (LUPE) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: $1.8M
Compensation as of Fiscal Year 2013.

lundin petroleum ab (LUPE) Key Developments

Lundin Petroleum AB (Publ) Announces Operating and Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Impairment Guidance for the Fourth Quarter Ended December 31, 2014

Lundin Petroleum AB (publ) announced operating results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported an average production rate of 22,000 barrels of oil equivalent per day. For the full year, the company reported an average production rate of 24,950 boepd. The profitability for the fourth quarter of 2014 will be negatively impacted by certain expensed exploration costs and an impairment charge, as well as a foreign currency exchange loss, mainly related to the revaluation of loan balances. These items are largely non-cash charges and will have no impact on operating cash flow or EBITDA. The net debt position of company at 31 December 2014 amounted to USD 2.6 billion resulting in available liquidity of USD 1.4 billion within its USD 4.0 billion credit facility. For the quarter, the company expects to incur a non-cash impairment charge in the fourth quarter of 2014 relating to the Brynhild field, Norway, amounting to USD 91 million after tax.

Lundin Petroleum AB Announces Drilling of Exploration Well on the Zulu Prospect in the North Sea

Lundin Petroleum AB through its wholly owned subsidiary Lundin Norway AS announced that drilling of exploration well 26/10-1 in PL674BS has commenced. The well will investigate the hydrocarbon potential of the Zulu prospect in PL674BS, located 100 km west of Stavanger on the Norwegian west coast and approximately 30 km northeast of the Johan Sverdrup discovery. The main objective of well 26/10-1 is to test the reservoir properties and hydrocarbon potential of Miocene aged sandstones of the Utsira Formation in the Patch Bank Ridge. Lundin Petroleum estimates the Zulu prospect to have the potential to contain unrisked, gross prospective resources of 153 million barrels of oil (MMboe). The planned total depth is 1,020 metres below mean sea level and the well will be drilled using the semisubmersible drilling unit Island Innovator. Drilling is expected to take approximately 25 days.

Chris Bruijnzeels to Step Down as Senior Vice President Development of Lundin Petroleum AB at the End of January 2015

Lundin Petroleum AB announced that Mr. Chris Bruijnzeels, Senior Vice President Development, will step down at the end of January 2015 following 12 years with the company.


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