Lundin Petroleum reports bumper profits
TT/The Local · 2 Nov 2011, 08:08
Published: 02 Nov 2011 08:08 GMT+01:00
Turnover amounted to $327.5 million, in comparison with $202.3 million last year.
Operating results (Ebitda - Earnings before interest, taxes, depreciation and amortization) amounted to $262 million ($167 million). According to an SME Direkt poll, analysts had forecast $235 million.
The firm also exceeded analyst expectations with regards to turnover, which were forecast at $302 million.
The big news of the quarter was the announcement of an increased in reserves in the firm's Avaldsnes field in the Norwegian North Sea.
"There is no question in my mind that this discovery will contribute a significant percentage of total North Sea production in years to come and due to its size, location and quality of reservoir, will be one of the most valuable discoveries ever made in the North Sea," Heppenstall wrote.
The firm maintained a previous production forecast for 2011 of 31,000 - 34,000 barrels per day, with this increasing to 60,000 barrels per day within the coming five years.