Exploration & Production | Quarterly / Earnings Reports | Production | Fourth Quarter (4Q) Update | Production Rates
Lundin Hits 22,000 BOE/d in 4Q Production
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Lundin Petroleum has reported that during the fourth quarter of 2014, the company achieved an average production rate of 22,000 barrels of oil equivalent per day (boepd) resulting in an average production rate for the full year of 24,950 boepd. The average Brent oil price for the fourth quarter of 2014 was USD 76.58 per barrel.
The profitability for the fourth quarter of 2014 will be negatively impacted by certain expensed exploration costs and an impairment charge, as well as a foreign currency exchange loss, mainly related to the revaluation of loan balances. These items are largely non-cash charges and will have no impact on operating cash flow or EBITDA.
Exploration CostsDuring the fourth quarter of 2014 pre-tax exploration costs of MUSD 257 will be charged to the income statement…
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