23 January 2012
LUNDIN PETROLEUM TO INCREASE PRODUCTION IN 2012
Lundin Petroleum AB ("Lundin Petroleum") is
pleased to announce that its net working interest
production forecast for 2012 is between 32,000 and 38,000
barrels of oil equivalent per day (boepd).
Lundin Petroleum's production for 2011 is forecast at
approximately 33,200 boepd which is at the upper end of the
previous guidance of between 31,000 and 34,000 boepd. The
mid-point of the 2012 production guidance represents a 5
percent increase compared to 2011 production. The
production from Norway represents 70 percent of forecast
production in 2012. Oil represents approximately 80 percent
of forecast production in 2012.
Ashley Heppenstall, President and CEO of Lundin Petroleum,
comments as follow; "In 2011 we again achieved the
upper end of our forecast production guidance. I am pleased
that despite the weather related delay to the Gaupe Field
first oil date, we will again increase our production in
2012".
Lundin Petroleum is a Swedish independent oil and gas
exploration and production company with a well balanced
portfolio of world-class assets primarily located in Europe
and South East Asia. The Company is listed at the NASDAQ
OMX, Stockholm (ticker "LUPE") and at the Toronto
Stock Exchange (TSX) (Ticker "LUP"). Lundin
Petroleum has proven and probable reserves of 211 million
barrels of oil equivalent (MMboe).
For further information, please contact:
C. Ashley Heppenstall,
President and CEO
Tel: +41 22 595 10 00
or
Maria Hamilton
Head of Corporate Communications
E-mail: maria.hamilton@lundin.ch
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act.
FORWARD-LOOKING STATEMENTS
Certain statements made and information contained herein
constitute "forward-looking information" (within
the meaning of applicable Canadian securities legislation).
Such statements and information (together,
"forward-looking statements") relate to future
events, including the Company's future performance,
business prospects or opportunities. Forward-looking
statements include, but are not limited to, statements with
respect to estimates of reserves and or resources, future
production levels, future capital expenditures and their
allocation to exploration and development activities,
future drilling and other exploration and development
activities, ultimate recovery of reserves or resources are
based on forecasts of future results, estimates of amounts
not yet determinable and assumptions of management.
All statements other than statements of historical fact
may be forward-looking statements. Statements concerning
proven and probable reserves and resource estimates may
also be deemed to constitute forward-looking statements and
reflect conclusions that are based on certain assumptions
that the reserves and resources can be economically
exploited. Any statements that express or involve
discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or
future events or performance (often, but not always, using
words or phrases such as "seek",
"anticipate", "plan",
"continue", "estimate",
"expect", "may", "will",
"project", "predict",
"potential", "targeting",
"intend", "could", "might",
"should", "believe" and similar
expressions) are not statements of historical fact and may
be "forward-looking statements". Forward-looking
statements involve known and unknown risks, uncertainties
and other factors that may cause actual results or events
to differ materially from those anticipated in such
forward-looking statements. No assurance can be given
that these expectations and assumptions will prove to be
correct and such forward-looking statements should not be
unduly relied upon. These statements speak only as on
the date of this news release and the Company does not
intend, and does not assume any obligation, to update these
forward-looking statements, except as required by
applicable laws. These forward-looking statements involve
risks and uncertainties relating to, among other things,
operational risks (including exploration and development
risks), productions costs, availability of drilling
equipment and access, reliance on key personnel, reserve
estimates, health, safety and environmental issues, legal
risks and regulatory changes, competition, geopolitical
risk, financial risks. These risks and uncertainties are
described in more detail under the heading "Risk Factors"
and elsewhere in the Company's 2010 annual report.
Readers are cautioned that the foregoing list of risk
factors should not be construed as exhaustive. Actual
results may differ materially from those expressed or
implied by such forward-looking statements.
Forward-looking statements included in this new release are
expressly qualified by this cautionary statement.
RESOURCES
The recovery and production estimates of the
Company's resources provided herein are only estimates and
there is no guarantee that the estimated resources will be
recovered or produced. Actual resources may be greater than
or less than the estimates provided here. There is no
certainty that it will be commercially viable for the
Company to produce any portion of these
resources.
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