Welcome!

Microsoft Cloud Authors: Elizabeth White, Mihai Corbuleac, Pat Romanski, David Bermingham, Steven Mandel

News Feed Item

Lundin Petroleum AB: Year End Report 2012

STOCKHOLM, SWEDEN -- (Marketwire) -- 02/06/13 -- Lundin Petroleum AB (TSX:LUP)(OMX:LUPE) -

Twelve months ended 31 December 2012 (31 December 2011)


--  Production of 35.7 Mboepd (33.3 Mboepd) 
--  Operating income of MUSD 1,345.1 (MUSD 1,269.5) 
--  EBITDA of MUSD 1,144.1 (MUSD 1,012.1) 
--  Operating cash flow of MUSD 831.4 (MUSD 676.2) 
--  Net result of MUSD 103.9 (MUSD 155.2) 
--  New USD 2.5 billion seven year secured revolving borrowing base facility
    signed on 25 June 2012 
--  PDOs approved for the Edvard Grieg and Boyla fields, Norway 
--  Pre-Unit agreement signed for the Johan Sverdrup field 
--  Extensive appraisal drilling on the Johan Sverdrup field 
--  Geitungen oil discovery of between an estimated 140 and 270 MMboe gross
    recoverable resources(1) located north of the Johan Sverdrup field
    within PL265 

Fourth quarter ended 31 December 2012 (31 December 2011)


--  Production of 35.9 Mboepd (34.7 Mboepd) 
--  EBITDA of MUSD 289.8 (MUSD 244.8) 
--  Operating cash flow of MUSD 237.4 (MUSD 89.4) 
--  Net result of MUSD -52.7 (MUSD -14.0) 
--  Tembakau-1 gas discovery of 306 bcf on Block PM307, offshore Peninsular
    Malaysia 
--  New Block PM319 awarded offshore Peninsular Malaysia 
--  Acquisition of an additional 20 percent interest in the Brynhild field,
    offshore Norway  

Comments from C. Ashley Heppenstall, President and CEO

2012 was yet another successful year for our Company. We have exceeded our production forecasts once again and this, coupled with our low operating costs and cash taxes, has resulted in a record operating cash flow of more than MUSD 830 for the year.

Lundin Petroleum's success has been due to our ability to increase our resource base. Our 2P recoverable reserves at the end of 2012 were 201.5 million barrels of oil equivalent. Whilst last year's reserve replacement ratio was lower than in previous years, I think everyone would agree that this will change when the contingent resources from the Johan Sverdrup field in Norway are booked as reserves. There is little doubt that the Johan Sverdrup field is commercial but reserves will not be booked until the signing of a unitisation agreement and the submission of the field development plan both scheduled for the end of 2014.

In 2013 we expect our net production to average between 33,000 boepd and 38,000 boepd for the year and to exit the year at in excess of 40,000 boepd when the Brynhild field reaches plateau production.

We are very excited about our 2013 exploration programme which involves the drilling of 18 exploration wells in Norway, South East Asia, France and the Netherlands. The budget of over USD 460 million will be the largest in the Company's history and will be predominantly focused on Norway which will account for about 75 percent of the expenditure.

(1)Estimated by PL265 operator, Statoil


Listen to President and CEO Ashley Heppenstall and CFO Geoffrey Turbott     
comment on the report at the live webcast presentation on Wednesday 6       
February at 8.00 CET.                                                       
                                                                            
The presentation and slides will be available on www.lundin-petroleum.com   
following the presentation. Please dial in to listen to the presentation on 
the following telephone numbers:                                            
UK: + 44 (0) 203 043 24 36, International Toll Free Number: +1 866 458 40 87

To view the whole report, please visit the following link: http://media3.marketwire.com/docs/Lundin_Petroleum_Full_Annual_2012.pdf.

Visit our website: www.lundin-petroleum.com

Contacts:
Lundin Petroleum AB
Teitur Poulsen
VP Corporate Planning & Investor Relations
+ 41 22 595 10 00

Lundin Petroleum AB
Maria Hamilton
Head of Corporate Communications
+46 8 440 54 50
+41 79 63 53 641
www.lundin-petroleum.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
The paradigm has shifted. A Gartner survey shows that 43% of organizations are using or plan to implement the Internet of Things in 2016. However, not just a handful of companies are still using the old-style ad-hoc trial-and-error ways, unaware of the critical barriers, paint points, traps, and hidden roadblocks. How can you become a winner? In his session at @ThingsExpo, Tony Shan will present a methodical approach to guide the holistic adoption and enablement of IoT implementations. This ov...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...