02/05/2019 06:30:00

Report for the three months ended 31 March 2019

  • Strong production performance of 78.8 Mboepd, at the upper end of the guidance range for the quarter
  • Robust EBITDA and free cash flow generation
  • Operating cost below forecast at USD 4.51 per barrel for the quarter and full year guidance remains at USD 4.25 per barrel
  • Offshore installation of Johan Sverdrup Phase 1 completed, project firmly on schedule for expected first oil in November 2019
  • New projects - Solveig Phase 1, Rolvsnes Extended Well Test and Frosk test production sanctioned and Edvard Grieg infill drilling committed
  • 2019 exploration programme expanded to 17 wells from 15
  • Dividend of USD 500 million for the financial year 2018 approved by the 2019 AGM

Financial summary


 1 Jan 2019-

 31 Mar 2019

3 months

1 Jan 2018-

31 Mar 2018

3 months

1 Jan 2018-

31 Dec 2018

12 months

Production in Mboepd



Revenue and other income in MUSD



Operating cash flow in MUSD






Free cash flow in MUSD



Net result in MUSD



Earnings/share in USD



Net debt



Comment from Alex Schneiter, President and CEO of Lundin Petroleum:

“I am pleased to announce another strong quarterly performance across the business. Our Edvard Grieg and Alvheim fields have yet again delivered excellent production efficiency, along with a strong HSE track record, which has driven our production for the quarter to the upper end of expectations, whilst also maintaining our industry leading low operating costs. Also, the trend of industry leading low carbon operations continued at the Edvard Grieg field, coming in at a quarter of the world average.

“At Johan Sverdrup, a significant milestone has been reached with the offshore installation of all the topsides and bridges completed at the end of March, meaning commissioning and hook up has begun in earnest, alongside the tie-back of the eight pre-drilled production wells. With the majority of commissioning for these facilities having taken place onshore and the ability to perform single lift installation using the Pioneering Spirit vessel, I am confident in the expected November 2019 start-up of this world class asset.


“At our Capital Markets Day in January, I outlined the seven potential projects which we have in the pipeline and I am pleased to say that four of these are now underway. With the sanction of the Solveig Phase 1 development and Rolvsnes well test, as well as the commitment to the infill well programme on Edvard Grieg; the production plateau profile at the Greater Edvard Grieg Area will be extended further and this is a clear example of how an organic growth strategy can sustainably deliver significant value creation.


“During the quarter we also added a further two wells to the 2019 exploration programme, bringing the total to 17 wells, our busiest ever. The year has started well in this respect with success at the Froskelår Main well near Alvheim and the remaining programme is targeting net unrisked resources of over 400 MMboe, which ensures a significant, continuous exploration programme throughout the year.


”We have had a strong start to the year and with the completion of the installation of the Johan Sverdrup topsides, the continuing, high impact exploration programme, strong production with industry leading low operating costs and excellent HSE track record; I remain confident in Lundin Petroleum’s ability to continue to realise financial and organic growth.”

Audiocast presentation

Listen to Alex Schneiter, President and CEO, and Teitur Poulsen, CFO, commenting on the report at a live audiocast held on Thursday 2 May 2019 at 09.00 CET.

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/2019-05-02_q1

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

Head of Media Communications

Tel: +46 701 11 26 15


This information is information that Lundin Petroleum AB is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07.30 CET on 2 May 2019.

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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