Lundin to Continue to Reduce Costs and Improve Efficiency

Lundin Petroleum will continue to improve its operational and capital efficiency and work to reduce its costs for the foreseeable future, according to Lundin’s president and CEO, Alex Schneiter.

Commenting on the company’s reaction to the current low oil price environment in Lundin’s third quarter results, Schneiter stated:

“Capital and operational efficiency remains in the forefront of our minds and we are embracing the low oil price environment as a time of opportunity when it comes to our operations. We will continue our efforts to improve our operational and capital efficiency and reduce costs. Cost levels are reducing and we see clear evidence of that on all fronts; exploration, appraisal, development and production costs.”

Lundin’s production during 3Q was 36,000 barrels of oil equivalent per day, which marked a significant increase from the company’s total production figure of 21,400 barrels of oil equivalent per day, which was posted during the same period last year. The company remains “on target” to meet its production forecast of 32,000 barrels of oil equivalent per day for the full year, according to Schneiter, and expects to achieve first oil from the Edvard Grieg field by the end of the fourth quarter. Lundin’s revenue in 3Q was $154.2 million (2014: $189.2 million) and its operating cash flow in the quarter almost halved to $177 million ($307 million) year on year.

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