Lundin Energy Announces Update on First Quarter 2021 Financial Results

Source: 4/14/2021, Location: Europe

Lundin Energy AB will publish its financial report for the first quarter 2021 on Thursday, 29 April 2021. For the first quarter 2021, Lundin Energy will expense pre-tax exploration costs of approximately MUSD 81 and recognise a net foreign exchange loss of approximately MUSD 81.

Exploration costs

It is the Company’s policy to capitalize costs associated with its exploration activities and if it is determined that a commercial discovery has not been achieved, the associated exploration costs are charged to the income statement. For the first quarter of 2021, Lundin Energy will incur a pre-tax charge to the income statement of MUSD 81 relating to exploration costs. These exploration costs will be offset by a tax credit of approximately MUSD 63. The exploration costs are mainly related to the Bask exploration well in PL533B and relinquished licences.

Foreign exchange

Lundin Energy will recognise a net foreign exchange loss of approximately MUSD 81 for the first quarter of 2021. The Norwegian Krone was stable against the US Dollar and the Euro weakened against the US Dollar by approximately 4 percent during the first quarter of 2021. The foreign exchange loss is largely non-cash and mainly relates to the revaluation of loan balances at the prevailing exchange rates at the balance sheet date.

Change in under/overlift balances

Lundin Energy recognises income based on its sold volume (sales method). Consequently, changes in inventory and under/overlift balances are reported as an adjustment to cost, valued at production cost, including depletion. During the first quarter of 2021, Lundin Energy benefitted from a combination of having an overlift position and a release of inventory amounting to 22.2 Mboepd combined.

Release of report and audiocast on 29 April 2021

Lundin Energy’s financial report for the first quarter 2021 will be published on Thursday 29 April at 07:30 CEST, followed by a live audiocast at 13:00 CEST where Nick Walker, President and CEO, and Teitur Poulsen, CFO, will be commenting on the report and the latest developments in Lundin Energy.

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