Lundin Forecasts Increased 2006 Net Profit
Lundin Petroleum has also made the decision to write off 100 percent of the costs of the Nigerian OML 113 exploration/appraisal in the 2005 financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by Lundin Petroleum on 1 January 2005. Lundin Petroleum, along with its partners in Nigeria, continue to evaluate the findings of the AJE 3 well along with the two existing discoveries (Aje 1 & 2) and will make a decision in the second half of 2006 on whether to drill another delineation well to further appraise the Aje field. Lundin Petroleum has incurred costs in Nigeria in 2005 of approximately MUSD 21.5 (MSEK 166.6).
Ashley Heppenstall, President and CEO of Lundin Petroleum comments: "We are very pleased to forecast increased net profit and EBITDA into 2006 even prior to taking into account the Nigerian write off. The improvements in financial performance will continue into 2007 with production forecast to increase to over 50 000 boepd from our development projects in Norway and Tunisia. I believe it is prudent to write off the Nigerian expenditure but it does not reflect our continued commitment to further investment in Nigeria to commercialize the Aje field."
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Albania, France, Indonesia, Iran, Ireland, Netherlands, Nigeria, Norway, Sudan, Tunisia, United Kingdom and Venezuela. The Company is listed on the O-list, Attract 40 at Stockholm Stock Exchange, Sweden (ticker "LUPE").
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Ithaca Energy Studies Deal for Eni's UK Upstream Assets
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call