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Lundin Petroleum reports bumper profits

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Lundin Petroleum reports bumper profits
08:08 CET+01:00
Swedish oil and gas firm Lundin Petroleum has reported a profit before tax of $166.6 million for the third quarter, up from $105.4 million in the corresponding period of 2010 and over analyst expectations.

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.

In a comment on the report, CEO Ashley Heppenstall described the upgrade as "transformational" for the company, which has over 80 percent of its reserves in Norway.

"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.

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