• Strong EBITDA, operating cash flow and net result.
  • Free cash flow of approximately MUSD 170.
  • Production above guidance.
  • Operating cost of USD 3.82 per barrel.
  • Positive appraisal result on Luno II with PDO submission planned around the end of 2018.
 Financial summary1 Jan 2018-
31 Mar 2018
3 months
1 Jan 2017-
31 Mar 2017
3 months
1 Jan 2017-
31 Dec 2017
12 months

  Production in Mboepd



Revenue and other income in MUSD692.9421.51,997.0
EBITDA in MUSD456.5355.81,501.5
Operating cash flow in MUSD461.8365.91,530.0
Net result in MUSD228.859.2380.9
Earnings/share in USD10.680.181.13
Earnings/share fully diluted in USD10.670.181.13
Net debt3,724.44,028.73,883.6

The numbers included in the table above for 2017 are based on continuing operations.
1 Based on net result attributable to shareholders of the Parent Company.

Comments from Alex Schneiter, President and CEO of Lundin Petroleum:
"With production above guidance and a further reduced operating cost, I am pleased to report that Lundin Petroleum has delivered a strong financial performance for the first quarter 2018. With free cash flow generation of approximately MUSD 170 before debt repayments, we are already close to matching the free cash flow generated for the full year 2017. Significant increases in EBITDA and operating cash flow means that we can report a net result that is close to four times the net result for the same period in 2017. These results truly set the tone for what we believe will be another profitable and successful year for Lundin Petroleum. Our production guidance for 2018 remains unchanged at between 74 to 82 Mboepd.       

The very active offshore installation programme for Phase 1 of Johan Sverdrup has recently begun. The steel jacket for the drilling platform and the topsides for the riser platform were successfully installed on the field in April. I was impressed to see, during my visit to the Haugesund yard in Norway last month, the large topside for the drilling platform being prepared for installation in June this year. Work on Phase 2 is also well underway and we will submit the Phase 2 PDO before September 2018.

Our organic growth strategy continues to deliver with the recent successful appraisal of the Luno II discovery, located just south of the Edvard Grieg field, where development studies will be progressed with the aim of submitting a PDO around the end of 2018. We are also looking forward to the results from the appraisal of the nearby Rolvsnes discovery, which if successful, could be another likely tie-back development to the Edvard Grieg platform. In addition, drilling is ongoing for an extended well test at the Alta discovery in the southern Barents Sea, which will give us important information for further appraisal and development activities and improve our understanding of this frontier area.

The exploration programme for 2018 has been updated to ten wells, targeting a revised total of approximately 600 MMboe of net unrisked resources in our six core exploration areas. I firmly believe in our ability to continue to find new resources and with a clear and active organic growth strategy, the future looks as promising as ever for our Company.”

Webcast presentation
Listen to Alex Schneiter, President and CEO, and Teitur Poulsen, CFO, commenting on the report at a webcast held on Wednesday 2 May 2018 at 09.00 CEST.

Follow the presentation live at www.lundin-petroleum.com or by dialling in on the following telephone numbers:

Sweden: +46 8 519 993 55
Norway: +47 23 500 211
UK:  +44 203 194 05 50
International Toll Free: +1 855 269 26 05


Lundin Petroleum is one of Europe’s leading independent oil and gas exploration and production companies with operations focused on Norway and listed on NASDAQ Stockholm (ticker "LUPE"). Read more about Lundin Petroleum’s business and operations at www.lundin-petroleum.com

For further information, please contact:

Alex Budden
VP Communications & Investor Relations
Tel: +41 22 595 10 19
 Sofia Antunes
Investor Relations Officer
Tel: +41 795 23 60 75
 Robert Eriksson
Manager, Media Communications
Tel: +46 701 11 26 15

This information is information that Lundin Petroleum AB is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07.30 CEST on 2 May 2018.

Forward-Looking Statements

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable 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 relied upon.  These statements speak only as on the date of the information 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, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading “Risks and Risk Management” and elsewhere in the Company’s 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 are expressly qualified by this cautionary statement.