Posts

Update on Q4 2019 financial results and webcast details for 31 January 2020

Q4 financial update

Update on fourth quarter 2019 financial results and
webcast details for 31 January 2020

15 January 2020

Lundin Petroleum AB (Lundin Petroleum) will publish its financial report for the fourth quarter 2019, on Friday 31 January 2020. For the fourth quarter 2019, Lundin Petroleum will expense pre-tax exploration costs of approximately MUSD 41, expense pre-tax decommissioning costs of approximately MUSD 19 and recognise a largely non-cash net foreign exchange gain of approximately MUSD 106.

Exploration costs
For the fourth quarter of 2019, Lundin Petroleum will incur pre-tax exploration costs of approximately MUSD 41 which will be charged to the income statement and offset by a tax credit of approximately MUSD 32. The exploration costs are mainly related to the dry or non-commercial wells on the Toutatis prospect (PL896), the Gladsheim prospect (PL921) and the Enniberg prospect (PL917).

Decommissioning costs
For the fourth quarter of 2019, Lundin Petroleum will incur pre-tax decommissioning costs of approximately MUSD 19, which will be charged to the income statement and offset by a tax credit of approximately MUSD 15. The decommissioning costs are related to expected increases in site restoration costs for the Brynhild and Gaupe fields.

Net debt and foreign exchange gain
The net debt position of Lundin Petroleum at 31 December 2019 amounted to USD 4.0 billion resulting in available liquidity of USD 1.0 billion within its USD 5.0 billion reserve-based lending facility.

Lundin Petroleum will recognise a net foreign exchange gain of approximately MUSD 106 for the fourth quarter of 2019. Both the Norwegian Krone and Euro strengthened against the US Dollar by approximately 3 percent during the fourth quarter of 2019. The foreign exchange gain is largely non-cash and mainly relates to the revaluation of loan balances at the prevailing exchange rates at the balance sheet date.

Change in under/overlift balances
Lundin Petroleum recognises income based on its sold volume (sales method). Consequently, changes in inventory and under/overlift balances are reported as an adjustment to cost valued at production cost, including depletion. During the fourth quarter of 2019, Lundin Petroleum was overlifted by 0.1 Mboepd offset by an increase in inventory balances, related to the filling of the Johan Sverdrup pipeline, of 2.7 Mboepd.

Fourth Quarter 2019 results and Capital Markets Day 2020
Lundin Petroleum’s financial report for the fourth quarter 2019, will be published on Friday 31 January at 07:30 CET.

Lundin Petroleum management team will present its financial results for the fourth quarter 2019 and capital markets day presentation by webcast at 11:00 CET (10:00 GMT) on the 31 January. Please follow the event live at www.lundin-petroleum.com or dial in using the following telephone numbers with the pin code shown below:

Sweden +46 8 56642651
UK +44 3333000804
United States +1 6319131422
Norway +47 23500243

Access Pin : 58812582

Link : https://lundinpetroleum.videosync.fi/2020-01-31-q4_cmd

 

Lundin Petroleum concession summary

Update on Q4 2019 financial results and webcast details for 31 January 2020

Q4 financial update

Update on fourth quarter 2019 financial results and
webcast details for 31 January 2020

15 January 2020

Lundin Petroleum AB (Lundin Petroleum) will publish its financial report for the fourth quarter 2019, on Friday 31 January 2020. For the fourth quarter 2019, Lundin Petroleum will expense pre-tax exploration costs of approximately MUSD 41, expense pre-tax decommissioning costs of approximately MUSD 19 and recognise a largely non-cash net foreign exchange gain of approximately MUSD 106.

Exploration costs
For the fourth quarter of 2019, Lundin Petroleum will incur pre-tax exploration costs of approximately MUSD 41 which will be charged to the income statement and offset by a tax credit of approximately MUSD 32. The exploration costs are mainly related to the dry or non-commercial wells on the Toutatis prospect (PL896), the Gladsheim prospect (PL921) and the Enniberg prospect (PL917).

Decommissioning costs
For the fourth quarter of 2019, Lundin Petroleum will incur pre-tax decommissioning costs of approximately MUSD 19, which will be charged to the income statement and offset by a tax credit of approximately MUSD 15. The decommissioning costs are related to expected increases in site restoration costs for the Brynhild and Gaupe fields.

Net debt and foreign exchange gain
The net debt position of Lundin Petroleum at 31 December 2019 amounted to USD 4.0 billion resulting in available liquidity of USD 1.0 billion within its USD 5.0 billion reserve-based lending facility.

Lundin Petroleum will recognise a net foreign exchange gain of approximately MUSD 106 for the fourth quarter of 2019. Both the Norwegian Krone and Euro strengthened against the US Dollar by approximately 3 percent during the fourth quarter of 2019. The foreign exchange gain is largely non-cash and mainly relates to the revaluation of loan balances at the prevailing exchange rates at the balance sheet date.

Change in under/overlift balances
Lundin Petroleum recognises income based on its sold volume (sales method). Consequently, changes in inventory and under/overlift balances are reported as an adjustment to cost valued at production cost, including depletion. During the fourth quarter of 2019, Lundin Petroleum was overlifted by 0.1 Mboepd offset by an increase in inventory balances, related to the filling of the Johan Sverdrup pipeline, of 2.7 Mboepd.

Fourth Quarter 2019 results and Capital Markets Day 2020
Lundin Petroleum’s financial report for the fourth quarter 2019, will be published on Friday 31 January at 07:30 CET.

Lundin Petroleum management team will present its financial results for the fourth quarter 2019 and capital markets day presentation by webcast at 11:00 CET (10:00 GMT) on the 31 January. Please follow the event live at www.lundin-petroleum.com or dial in using the following telephone numbers with the pin code shown below:

Sweden +46 8 56642651
UK +44 3333000804
United States +1 6319131422
Norway +47 23500243

Access Pin : 58812582

Link : https://lundinpetroleum.videosync.fi/2020-01-31-q4_cmd

 

12 licences awarded in the Norwegian licensing round

12 licences awarded in the Norwegian licensing round

APA 2019 licence awards

12 licences awarded in the Norwegian licensing round

14 January 2020

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has been awarded a total of 12 exploration licence interests in the 2019 Awards in Predefined Areas (APA) licensing round, in Norway.

The award includes 7 licences in the North Sea, 2 licences in the Norwegian Sea and 3 licences in the Southern Barents Sea, 7 of the awarded licences will be operated by Lundin Norway.

The awards from this licensing round continue to build on the Company’s seven core exploration areas and increases by 15 percent the number of licences held by the Company.

 The licence interests are detailed below and maps of their location are provided in the link below.

 

LicencesBlockWorking InterestLicence Area
PL1041Block 24/1230%North Sea
PL1051*Block 31/3, 32/1, 35/12, 36/1040%North Sea
PL1032*Block  2/7, 1040%North Sea
PL1045Block 25/415%North Sea
PL987B1Block 30/820%North Sea
PL917B1Block 25/1020%North Sea
PL1048*Block 30/1, 2, 34/1150%North Sea
PL1069*Block 6505/6,9, 6506/1,4,750%Norwegian Sea
PL1057Block 6302/2,3, 6303/1, 2,3, 6402/11,12, 6403/10,11,1230%Norwegian Sea
PL1082*Block 7225/6,8,9, 7226/4,5,6,7,8,9,11,12, 7227/4,5,7,850%Southern Barents Sea
PL1083*Block 7228/2,3,5,6, 7229/1,2,3,4,5,6, 7230/1,2,3,4,5,6, 7231/4, 7329/10,11,12, 7330/10,11,1240%Southern Barents Sea
PL609D1*Block 7120/240%Southern Barents Sea

*Operator Lundin Norway

1 Geographical extension of the licence area.

 

The fourth quarterly instalment of the dividend for 2018

The fourth quarterly instalment of the dividend for 2018

The fourth quarterly instalment of the dividend for 2018

The fourth quarterly instalment of the dividend for 2018 of USD 0.37 per share will amount to SEK 3.47 per share

27 December 2019

Lundin Petroleum AB (Lundin Petroleum) announces that the fourth quarterly instalment of the dividend for 2018 of USD 0.37 per share will amount to SEK 3.47 per share, with a total amount of SEK 986 million, corresponding to approximately USD 105 million. The expected payment date for the fourth quarterly instalment is 9 January 2020.

Information about the fourth quarterly instalment of the dividend:

Amount per share
(SEK)
Total dividend amount
(SEK)
Ex-dividend dateRecord dateExpected payment date
3.47986 million2 January 20203 January 20209 January 2020

In accordance with the updated dividend policy announced by Lundin Petroleum on 30 January 2019, the Annual General Meeting held on 29 March 2019 resolved on a dividend for 2018 of USD 1.48 per share, to be paid in quarterly instalments of USD 0.37 per share.

According to the dividend resolution, before payment, each quarterly dividend of USD 0.37 per share shall be converted into a SEK amount based on the USD to SEK exchange rate published by Sweden’s central bank (Riksbanken) four business days prior to each record date (rounded off to the nearest whole SEK 0.01 per share) and the exchange rate used for the conversion is 9.3808.

Information about the approved dividend is available on www.lundin-petroleum.com.

1 The estimated total amount of the dividend as previously communicated has been reduced as a result of Lundin Petroleum completing the redemption of 16 percent of its shares in issue in August 2019.

 

Latest corporate presentation

Downloads

Lundin Petroleum concession summary

12 licences awarded in the Norwegian licensing round

The fourth quarterly instalment of the dividend for 2018

Latest corporate presentation

Operations and financial update – Q3 2019

9 month report 2019