Update on first quarter 2019 financial results and audiocast details for 2 May 2019
17 April 2019
Lundin Petroleum AB (Lundin Petroleum) will publish its financial report for the first quarter 2019 on Thursday 2 May 2019. For the first quarter 2019, Lundin Petroleum will expense pre-tax exploration costs of approximately MUSD 37 and recognise a net foreign exchange gain of approximately MUSD 1.
These items are largely non-cash and will have no impact on operating cash flow or EBITDA.
For the first quarter of 2019, Lundin Petroleum will incur pre-tax exploration costs of approximately MUSD 37 which will be charged to the income statement and offset by a tax credit of approximately MUSD 29. The exploration costs are mainly related to the dry wells on the Gjøkåsen Shallow and Gjøkåsen Deep prospects located in PL857 and the dry well on the Pointer and Setter prospects located in PL767.
Lundin Petroleum will recognise a net foreign exchange gain of approximately MUSD 1 for the first quarter of 2019. The Norwegian Krone strengthened against the US Dollar by approximately 1 percent and the Euro weakened against the US Dollar by approximately 2 percent during the first quarter of 2019. The foreign exchange gain 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 first quarter 2019, revenue from the sale of crude oil from third parties amounted to MUSD 40.1 offset by the purchase of crude oil from third parties of also MUSD 40.1, resulting in no gross profit on third party activities for the first quarter 2019.
Release of report and audiocast on 2 May 2019
Lundin Petroleum’s financial report for the first quarter 2019 will be published on Thursday 2 May at 07:30 CET, followed by a live audiocast 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