Record Profit and Cashflow in First Half of 2000..
Lundin Oil reports all time high profit after taxes of MSEK 128 (MUSD 14.5) for first
half 2000 compared to a loss of MSEK 17.5 for the first half 1999 (MUSD 2.1).
The Group’s operating cash flow increased by 102% to MSEK 293.4 (MUSD 33.3)
from MSEK 145.1 (MUSD 17.6).
The average production for the first half of 2000 increased to 14,600 boepd from 13,500
boepd for the same period in 1999. The average realised oil price was USD 23.60 per
barrel after accounting for the effects of hedging versus USD 13.54 in the first half of
1999.
"We expect cash flow to remain steady throughout the remainder of this year,
assuming oil prices are maintained at current levels. With business running smoothly,
we will be able to focus on bringing more of our reserves into production during the
next two or three years," says Ian Lundin, President Lundin Oil.
In the past few months Lundin Oil have been actively gearing up for the two major
development projects in Libya and Malaysia/Vietnam. Key advancements include the
approval of the Field Development Plan for the En Naga field on Area NC177, onshore
Libya and the signature of the Gas Sales Agreement for the sale of 250 million cubic
feet of gas per day from Block PM3 CAA, offshore Malaysia/Vietnam.
"The developments during the first half of 2000 mark Lundin Oils departure from a
mainly exploration oriented company to a true exploration and production company. In
the short term Lundin Oil will continue to focus our efforts on core growth areas, North
and East Africa and South East Asia, keeping an open mind on new opportunities as
they arise."
"In March, OPEC decided on a USD 22.00 – 28.00 band for the oil price. A strong
global demand has since driven the oil price above USD 30.00, and it may very well
stay there for a while, with global economic growth remaining at a high level" says Ian
Lundin, President Lundin Oil.
Lundin Oil is a Swedish independent oil company exclusively engaged in oil and gas
exploration and production. The Company is producing oil and gas in the UK sector of
the North Sea and oil offshore Malaysia/Vietnam. The Lundin Oil Group has a
development project in Libya and ongoing exploration projects in Libya, Albania and
the Sudan. The Company's shares are publicly listed on the Stockholm Stock
Exchange (symbol "LOILB") and on NASDAQ (symbol "LOILY").
lundinoil.com
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For further information, please contact Ian H Lundin, telephone +41 22 319 66 06 |
