Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Lundin Petroleum AB    LUPE   SE0000825820

Delayed Quote. Delayed  - 10/27 05:29:35 pm
165.3 SEK   +1.60%
10/26 LUNDIN PETROLEU : 's Nomination Committee
10/25 LUNDIN PETROLEU : Webcast Q3 report 2016 - 2 Nov, 09.00 CET
10/25 LUNDIN PETROLEU : to release third quarter report 2016 on Wednesday ..
News SummaryMost relevantAll newsSector news 

Lundin Petroleum AB : No resource update on Johan Sverdrup

share with twitter share with LinkedIn share with facebook
share via e-mail
02/11/2013 | 09:07am CEST

11 February 2013


Johan Sverdrup was discovered by Lundin Petroleum in 2010 and is the largest oil discovery in the North Sea since the mid 1980's. The discovery is located in both PL501, operated by Lundin Petroleum and in PL265 operated by Statoil. 14 wells have now been drilled to date on the discovery and the objective is to complete a conceptual development plan by the end of 2013. The appraisal drilling programme is continuing in 2013 and will provide further information to finalise the subsurface models and assist with development planning for this giant field.

Lundin Petroleum has decided it will not, at this time, provide updated contingent resources for the Johan Sverdrup discovery located in licence PL501 (Lundin Petroleum operator and working interest (WI) 40%) and licence PL265 (WI 10%). Statoil is working operator for Johan Sverdrup during the development planning phase and has indicated that they will provide updated resources for the discovery later this year when the conceptual development studies will be substantially complete.

Ashley Heppenstall President & CEO of Lundin Petroleum comments; "We feel it is appropriate that the working operator of Johan Sverdrup provide updated resource numbers. As the operator of PL501 we continue with our appraisal drilling program which provides new information for both development planning and recoverable resources. The results of the appraisal drilling to date taken as a whole lead us to the view that the current most likely mid case Johan Sverdrup resources located in PL501 will be within the lower half of the previously guided 800 to 1800 MMboe range. We also believe that the resource calculation range remains wide."

Excluding Johan Sverdrup and the Geitungen discovery, Lundin Petroleum has further assets classified as Contingent Resources with "Best Case" values of 262 MMboe in aggregate of which oil accounts for 55 percent. The Contingent Resources include contributions from the Salina discovery in Norway and the Berangan and Tembaukau discoveries in Malaysia. These Contingent Resources have been audited by ERC Equipoise Limited (ERCE), except for the Salina discovery which is based on a Norwegian Petroleum Directorate (NPD) estimate.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX) (Ticker "LUP"). Lundin Petroleum has proven and probable reserves of 202 million barrels of oil equivalent (MMboe).

For further information, please contact:

Maria Hamilton
Head of Corporate Communications
E-mail: maria.hamilton@lundin.ch
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50
Teitur Poulsen
VP Corporate Planning & Investor Relations
Tel: +41 22 595 10 00

This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).

Forward-Looking Statements
Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities.  Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.  No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon.  These statements speak only as on the date of the information and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading "Risks and Risk Management" and elsewhere in the Company's annual report.  Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements.   Forward-looking statements are expressly qualified by this cautionary statement.

Reserves and Resources
Unless otherwise stated, Lundin Petroleum's reserve and resource estimates are as at 31 December 2011, and have been prepared and audited in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook"). Unless otherwise stated, all reserves estimates contained herein are the aggregate of "Proved Reserves" and "Probable Reserves", together also known as "2P Reserves". For further information on reserve and resource classifications, see "Reserves and Resources" in the Company's annual report.

Contingent Resources
Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets.  There is no certainty that it will be commercially viable for the Company to produce any portion of the Contingent Resources.

Prospective Resources
Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both a chance of discovery and a chance of development.  There is no certainty that any portion of the Prospective Resources will be discovered.  If discovered, there is no certainty that it will be commercially viable to produce any portion of the Prospective Resources.

BOEs may be misleading, particularly if used in isolation.  A BOE conversion ratio of 6 Mcf : 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
10/26 LUNDIN PETROLEUM AB : 's Nomination Committee
10/25 LUNDIN PETROLEUM : Webcast Q3 report 2016 - 2 Nov, 09.00 CET
10/25 LUNDIN PETROLEUM : to release third quarter report 2016 on Wednesday 2 November ..
10/20 LUNDIN PETROLEUM AB : - Update on third quarter 2016 financial results
10/19 LUNDIN PETROLEUM : Update on third quarter 2016 financial results
10/13 Gulf Keystone beefs up board under new shareholder structure
10/04 LUNDIN PETROLEUM AB : - Alta appraisal well in PL609 in the southern Barents Sea..
10/01 LUNDIN PETROLEUM : Alta appraisal well in PL609 in the southern Barents Sea comp..
09/30 LUNDIN PETROLEUM : Alta appraisal well completed successfully
09/30 LUNDIN PETROLEUM : Alta appraisal well in PL609 in the southern Barents Sea comp..
More news
Sector news : Oil & Gas Exploration and Production - NEC
02:23pDJCONOCOPHILLIPS : Revenue Slides
02:23pDJHUSKY ENERGY : Swings to Profit on Gains
01:35p HUSKY ENERGY : posts bigger-than-expected loss amid oil slump
10/26DJCNOOC : China's Cnooc Trims Its Exposure in Canadian North
10/26DJDow Industrials Rise Despite Drag From Apple
More sector news : Oil & Gas Exploration and Production - NEC
News from SeekingAlpha
09/07 Upside Momentum To Sustain For Lundin Petroleum
08/06 Lundin Petroleum's (LNDNF) CEO Alex Schneiter on Q2 2016 Results - Earnings C..
08/03 Lundin Petroleum AB misses by $0.22, beats on revenue
06/16 Norway oil unions threaten drilling rig strike
05/25 Norway wants Statoil, Lundin to stay rivals
Financials ($)
Sales 2016 1 160 M
EBIT 2016 309 M
Net income 2016 230 M
Debt 2016 3 898 M
Yield 2016 -
P/E ratio 2016 24,92
P/E ratio 2017 16,06
EV / Sales 2016 8,71x
EV / Sales 2017 5,11x
Capitalization 6 205 M
More Financials
Duration : Period :
Lundin Petroleum AB Technical Analysis Chart | LUPE | SE0000825820 | 4-Traders
Full-screen chart
Technical analysis trends LUNDIN PETROLEUM AB
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus HOLD
Number of Analysts 23
Average target price 18,5 $
Spread / Average Target 1,1%
Consensus details
EPS Revisions
More Estimates Revisions
Alexandre Schneiter President, Chief Executive Officer & Director
Ian Henrik Lundin Chairman
Nicholas J. R. Walker COO, Senior VP-Development & Operations
Mike Nicholson Chief Financial Officer
Magnus Unger Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
CNOOC LTD28.12%60 345
OIL & NATURAL GAS CORP..20.13%37 108
More Results