the Oil company Lundin jacks up oil reserves with 55,3 million barrels of oil equivalent, according to an announcement Thursday.
despite the fact that the company produced 26,6 million barrels in the last year, increased nettoreserven from 685,3 to 743,5 million barrels. The company also made acquisitions, net increased reserves with 29,5 million barrels.
the Production ended on an average of 72.876 barrels per day in the year. When the results for the third quarter was laid out in the beginning of november oppjusterte Lundin produksjonsanslaget for 2016 from 65.000-75.000 barrels per day to 70.000-75.000 barrels per day. Thus fulfilled their own predictions.
the Company writes that the upward revision in reserves on 55,3 million barrels mainly come from changes related to their own Edvard Grieg field on the utsira high in the north Sea and the Johan Sverdrup field, which is located in the same area.
– I am very pleased with Lundin Petroleum’s results in 2016, which was a transformative year, with a record high production and record low operating costs per barrel, says chief executive officer Alex Schneiter in the message, and adds that the company had a erstatningsrate in the portfolio of over 200 per cent (measured against production).
Lundin shares fell around three per cent to 191 Swedish krona after the opening of the Stockholm stock exchange after the messages from the company was known Thursday.
Lundin secured this week a number of important licenses in the Barents sea and the Norwegian sea in the ordinary licensing round for 2016 on the Norwegian continental shelf. Read more about it here.
at the same time jacks up estimates here at home and on the Bertam field, type Lundin down all reserveestimatene for Sabah region and the Tembakau-gas discovery in Malaysia, as well as the discovery Morskaya, on the Russian side of The caspian sea.
It leads to a net impairment loss of 549 million usd, the equivalent of 4,7 billion. Before skattekreditten is the write-up of 632 million dollars of gross.
– This resultatvarselet lowers expectations for fourth quarter results, which come out 1. February. The annual reserverapportene increases reservebasen on the Johan Sverdrup and Edvard Grieg, and the budgets shows a step-up in activity, primarily drilling activity in Norway, writes Danske Bank Analyst Anders Holte in an update.
– We would still consider using this weakness in the share price as a kjøpsmulighet, he adds about the stock he even has a Hold recommendation and a price target of 169 Swedish krona.
drilling results in gave multiple answers
– Reserveoppgraderingen on Edvard Grieg is powered by the drilling results in that until now indicates more oil in the western flank of the field than originally estimated, write the company and adds that they are planning to drill an appraisal well in this part of the field in the first half of this year to clarify more.
the Upgrade of the Sverdrup comes as a result of that they have found out more about the reservoir. In addition, Lundin also made upgrades in the reserveestimatet for Alvheim (operated by Aker BP) and the Bertam field in Malaysia.
the oil that is now added to the reason is audited by a third party, ERCE, according to the message.
Increases the exploration and investment budget
Lundin announces also the investment budget its for the 2017 of the message Thursday.
It will increase from 1,08 billion dollars in 2016 to 1.3 billion dollars in 2017. For comparison, nedjusterte one in the 2016 budget by 26 per cent from 2015.
this constitutes the development budget throughout 1,09 billion dollars. It is particularly the development of the Johan Sverdrup field, Statoil leader, which requires significant investments. According to Lundin will 2017 be the year with the highest investment level in the field before production started towards the end of 2019.
On letefronten is the budgets also turned markedly up to 2017. In 2016 the cut Lundin exploration and avgrensningsbudsjettene with over 64 per cent to 145 million dollars (before skatteeffekter). In 2017 to up to 210 million dollars.
In the new exploration plan Lundin to use the 85 million dollars in 2017, up from 105 million. They are, however, spend far more money on the appraisal wells, which are wells drilling around discoveries have been made in order to find out how big they are.
In 2017 to increase the budget for the appraisal wells from 40 to 125 million dollars. While all the money was spent on the Norwegian shelf in the last year, most also used it in years.
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