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Lundin reports high earnings after oil find

Published: 31 Oct 2012 17:40 GMT+01:00
Updated: 31 Oct 2012 17:40 GMT+01:00

Share trades in Africa Oil were halted on Wednesday morning, and by early afternoon the company announced that it had found oil – a move which prompted their share value to skyrocket.

Meanwhile, Lundin Petroleum announced that production over the nine months in 2012 had exceeded expectations, according to CEO Ashley Heppenstall, who is also revaluing the expected production volume.

“We are counting on doubling our production up to 2015,” said Heppenstall.

The company also released better results than expected for the year with a pre-tax profit of almost $208 million, a figure $42 million higher than in the same period last year.

“I am pleased that we have delivered excellent results and exceeded the market’s expectations,” he continued, explaining that the positive results are due to a combination of record-high production and low extraction costs.

Africa Oil reported that drilling would continue in the east African country and that results would be published in November.

The 30 metre column was discovered in Twiga South in Kenya, at a well joint-owned by Africa Oil and British petroleum company Tullow.

TT/The Local/og

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Your comments about this article

01:22 November 1, 2012 by rebelart.se
thought - if the people of kenya and all these african countries were actually given the wealth their land produces then europeans would not have some many so called sponging refugees......
11:27 November 1, 2012 by Enjoyourlife
Well_said rebelart. Europe is contributing to Africa`s corruption. Especially french African countries. A very rich continent yet, the people are living in misery.
12:46 November 1, 2012 by Migga
@ rebelart.se

Why stop at Europe? Why not put blame on the Arab countries and the Middle East? Or have they not taken wealth from Africa?
00:26 November 2, 2012 by grymagnusson
Lundin Petroleum doesn't own any shares or have any outstanding interest in Africa Oil. It is definitely not a "subsidiary".

Members of the Lundin family do, but none owns a greater share holding than a few percent.

@rebelart - the Kenyan government is responsible for the theft of oil revenues (typically a 70/80 % slice), not the European oil companies. Without their investment in exploration and production, the oil would never leave the ground.
12:26 November 4, 2012 by viennacalling
I just checked Lundin Petroleums financial results and yes they had a good quarter and a better year! I hope the Kenyan Citizens get the Lions Share of the Profits from Their Resources !

But something in the back of my head is telling me that it could be another Polution disaster Like Nigeria !
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