Lundin Petroleum AB-Year End Report 2011
(firmenpresse) - STOCKHOLM, SWEDEN -- (Marketwire) -- 02/08/12 -- Lundin Petroleum AB (Lundin Petroleum) (TSX: LUP)(OMX: LUPE) -
Twelve months ended 31 December 2011
Fourth Quarter ended 31 December 2011
Comments from C. Ashley Heppenstall, President and CEO
2011 was transformational for the Company when it became clear that Avaldsnes/Aldous (now renamed Johan Sverdrup) is one of the largest discoveries ever made in the North Sea. Our strategy, which is predicated on organic exploration growth, has delivered excellent success which resulted in a 100 percent increase in the share price of Lundin Petroleum during 2011 equating to increased shareholder value of SEK 27 billion.
Lundin Petroleum produced excellent financial results in 2011 with a net result for the year of MUSD 155.2. The strong production performance has continued and resulted in operating cash flow of MUSD 676.2 and EBITDA of MUSD 1,012.1 for the year.
During 2011, production averaged 33,300 barrels of oil equivalent per day (boepd) which was at the high end of our guidance range. The fourth quarter production of 34,700 boepd was particularly strong as a result of the continued out-performance of the Volund field, offshore Norway. Our forecast for 2012 is for production of between 32,000 and 38,000 boepd which represents an increase of 5 percent from 2011 if we assume the mid point of our guidance range.
We have created significant shareholder value over the last 10 years since Lundin Petroleum was formed. We are today one of the largest independent exploration and production companies in Europe. We are confident that there is more success to come. We have the people, the licences, access to technology and the financial capacity to further increase our resources which will deliver more increases to shareholder value.
Listen to President & CEO Ashley Heppenstall and CFO Geoffrey Turbott comment on the report at the webcast presentation 8 February at 8.00 CET.
The presentation and slides will be available on following the presentation. Please dial in to listen to the presentation on the following telephone number: + 44 (0) 203 043 24 36.
To view the whole report see the document at: .
Visit our website: .
Contacts:
Lundin Petroleum AB
C. Ashley Heppenstall
President and CEO
+41 22 595 10 00
Lundin Petroleum AB
Maria Hamilton
Head of Corporate Communications
+41 22 595 10 00 or +46 8 440 54 50
Mobile: +41 79 63 53 641
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 08.02.2012 - 06:49 Uhr
Sprache: Deutsch
News-ID 112168
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contact information:
Town:
STOCKHOLM, SWEDEN
Kategorie:
Oil & Gas
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