Press

London Petroleum Update on Third Quarter 2018 Financial Results and Webcast Details for 7 November 2018

Posted by OilVoice Press - OilVoice

25-Oct-2018


Lundin Petroleum AB (Lundin Petroleum) will publish its financial report for the third quarter 2018 on Wednesday 7 November. For the third quarter 2018, Lundin Petroleum will recognise a net foreign exchange loss of approximately MUSD 11 and the income associated with the Alta extended production test will be offset against the capitalised appraisal expenditure.

The profitability for the third quarter 2018 will be impacted by a net foreign currency exchange loss, mainly related to the loan balances revaluation. These items are largely non-cash and will have no impact on operating cash flow or EBITDA.

Foreign exchange loss
Lundin Petroleum will recognise a net foreign exchange loss of approximately MUSD 11 for the third quarter of 2018. The Norwegian Krone and the Euro weakened slightly against the US Dollar by less than 1 percent. The foreign exchange loss mainly relates to the revaluation of loan balances at the prevailing exchange rates at the balance sheet date.

Accounting treatment of the produced oil from the Alta EWT
During the third quarter, the extended production test of the Alta appraisal well in PL609 was successfully completed, which resulted in a sale of 264,000 net barrels of oil. The income associated with the oil produced during the test will be offset against the capitalised appraisal expenditure and will therefore not be reported as production or revenue, whilst the cash proceeds from the sale is anticipated to be received in the fourth quarter 2018.

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 third quarter 2018, revenue from the sale of crude oil from third parties amounted to MUSD 92.6 offset by the purchase of crude oil from third parties of MUSD 92.4. This will result in a gross profit on third party activities of MUSD 0.2 for the third quarter 2018.

Release of report and webcast on 7 November 2018
Lundin Petroleum's financial report for the third quarter 2018 will be published on Wednesday 7 November 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.



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