Lundin Petroleum (STO: LUPE) released interim accounts this morning. Second quarter daily production of 35.5 Mboe was above own earlier estimates helped by strong performance of Alvheim and Volund oil fields offshore Norway. The result would have been even better if not for a major disappointment in Tunisia, where Oudna field will now be abandoned following flowline damage. Operating income came in at around 318 million USD, EBITDA at 271.5 million and net result around 64.5 million. Compared to previous quarter, the numbers were largely flat and overall slightly better than analysts’ expectations.
Norwegian parliament has approved Edvard Grieg (formerly Luno) field development plan. Brynhild field has also received development approval. Overall the Swedish company promises to continue”aggressive” exploration programme. This is helped by a recently approved syndicate loan facility. Five exploration wells will be drilled in Norway this year and additional rig capacity has been secured to continue drilling activity in the following two years as well.
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