(MENAFN- GlobeNewsWire - Nasdaq) itemprop="articleBody">Lundin Petroleum AB (Lundin Petroleum) will publish its financial report for the fourth quarter 2018 on Wednesday 30 January 2019. For the fourth quarter 2018, Lundin Petroleum will expense pre-tax exploration costs of approximately MUSD 47 and recognise a net foreign exchange loss of approximately MUSD 164.
These items are largely non-cash and will have no impact on operating cash flow or EBITDA.
Exploration costs
For the fourth quarter of 2018, Lundin Petroleum will incur pre-tax exploration costs of approximately MUSD 47 which will be charged to the income statement and offset by a tax credit of approximately MUSD 37. The exploration costs are mainly related to the dry well on the Silfari prospect located in PL830 and the dry well on the Oppdal and Driva prospects located in PL860.
Net debt and foreign exchange loss
The net debt position of Lundin Petroleum at 31 December 2018 amounted to USD 3.4 billion resulting in available liquidity of USD 1.6 billion within its USD 5.0 billion reserve-based lending facility.
Lundin Petroleum will recognise a net foreign exchange loss of approximately MUSD 164 for the fourth quarter of 2018. Both the Norwegian Krone and the Euro weakened against the US Dollar by approximately 6 percent and 1 percent respectively during the fourth quarter of 2018. The foreign exchange loss is largely non-cash and mainly relates to the revaluation of loan balances at the prevailing exchange rates at the balance sheet date.
Revenue from the crude oil sales from third parties
Lundin Petroleum markets its own crude oil production and at times markets crude oil from third parties. For the fourth quarter 2018, revenue from the sale of crude oil from third parties amounted to MUSD 117.0 offset by the purchase of crude oil from third parties of MUSD 116.6. This will result in a gross profit on third party activities of MUSD 0.4 for the fourth quarter 2018.
Release of report and webcast on 30 January 2019
Lundin Petroleum's financial report for the fourth quarter 2018 will be published on Wednesday 30 January at 07:30 CET, followed by a live webcast at 09:00 CET where Alex Schneiter, President and CEO, and Teitur Poulsen, CFO, will be commenting on the report and the latest developments in Lundin Petroleum.
Follow the presentation live on www.lundin-petroleum.com or dial in using the following telephone numbers:
Sweden: +46 8 519 993 55
Norway: +47 23 500 211
UK: +44 203 194 05 50
International Toll Free: +1 855 269 26 05
Link : https://lundinpetroleum.videosync.fi/2019-01-30-q4
Lundin Petroleum is one of Europe's leading independent oil and gas exploration and production companies with operations focused on Norway and listed on NASDAQ Stockholm (ticker "LUPE"). Read more about Lundin Petroleum's business and operations at www.lundin-petroleum.com
For further information, please contact:
Edward Westropp
VP Investor Relations
Tel: +41 22 595 10 14
Sofia Antunes
Investor Relations Officer
Tel: +41 795 23 60 75
Robert Eriksson
Manager, Media Communications
Tel: +46 701 11 26 15
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.
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Lundin Petroleum - Q4 2018 Financial update - V5-20190116en MENAFN1601201900703653ID1097981423
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