Lundin Announces Increase of Production

Lundin Petroleum AB  announces that its net working interest production forecast for 2012 is between 32,000 and 38,000 barrels of oil equivalent per day (boepd).

Lundin Petroleum’s production for 2011 is forecast at approximately 33,200 boepd which is at the upper end of the previous guidance of between 31,000 and 34,000 boepd. The mid-point of the 2012 production guidance represents a 5 percent increase compared to 2011 production. The production from Norway represents 70 percent of forecast production in 2012. Oil represents approximately 80 percent of forecast production in 2012.

 Ashley Heppenstall, President and CEO of Lundin Petroleum, comments as follow; “In 2011 we again achieved the upper end of our forecast production guidance. I am pleased that despite the weather related delay to the Gaupe Field first oil date, we will again increase our production in 2012“.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets primarily located in Europe and South East Asia. The Company is listed at the NASDAQ OMX, Stockholm (ticker “LUPE”) and at the Toronto Stock Exchange (TSX) (Ticker “LUP”). Lundin Petroleum has proven and probable reserves of 211 million barrels of oil equivalent (MMboe).

[mappress]
Offshore Nieuws Staff , January 23, 2012