Lundin Petroleum AB (LNDNF) - OTCPK - Current
  • Thu, Jun. 16, 10:02 AM
    • Nearly 300 employees on oil and gas drilling rigs off Norway could go on strike unless a labor deal is agreed by June 22, the country's state-appointed mediator says.
    • Rowan's (RDC -2.9%) Viking and Gorilla rigs would be affected, according to one of the unions involved in the wage talks; it is not clear if other rigs would be affected.
    • The Gorilla rig works for ConocoPhillips (COP -2.8%), which says the rig is engaged in the plugging of abandoned wells on its Ekofisk field in the North Sea and that oil output would be unaffected by a strike; the Viking does work for Swedish oil firm Lundin (OTCPK:LNDNF).
    | Thu, Jun. 16, 10:02 AM | 3 Comments
  • Wed, May 25, 10:51 AM
    • Norway’s government, seeking enhanced competition in the country’s oil industry, says it wants Statoil (STO +2.1%) and Lundin Petroleum (OTCPK:LNDNF) to remain rivals after the two companies deepened ties earlier this month.
    • Norway's state-controlled STO increased its interest in Sweden’s Lundin to 20.1% from 11.9% on May 3, after saying previously it had no plans to do so.
    • STO's move has prompted some analysts to suggest the company could be considering a complete takeover of Lundin, although STO CFO Hans Jakob Hegge has reiterated that the company has no plans to further increase its stake.
    • Norway's crude output has been chopped in half since 2000 and seeks to attract more companies to compete with STO, which operates more than 70% of the country’s petroleum output.
    | Wed, May 25, 10:51 AM | 2 Comments
  • Tue, May 3, 9:55 AM
    • Statoil (STO -2.9%) agrees to pay $68M plus its 15% stake in the Edvard Grieg oil field in the North Sea to Lundin Petroleum (OTCPK:LNDNF) in exchange for an increased stake in the company.
    • The deal increases STO's share of the North Sea's Johan Sverdrup oil field, a $13B project estimated to hold up to 3B barrels of crude which has a breakeven of less than $30/bbl for the first phase of the project.
    • Following completion of the deal, STO will own ~68.4M shares of Lundin, or 20.1% of the shares and votes.
    | Tue, May 3, 9:55 AM | 1 Comment
  • Sep. 4, 2015, 12:43 PM
    • BP (BP -5.3%) is downgraded to Underperform from Neutral at BofA/Merrill, which foresees a shortfall in free cash flow as the company faces a three-legged “trilemma” in accordance with the need to maintain dividend, credit rating and its reserve basis.
    • BofA projects falling refining markets at European Integrated oil companies, with the decline in the midstream industry expected to be below “mid-cycle levels” by 2016, which will cause companies to cut capex in order to maintain and deliver dividends on time.
    • The firm prefers exposure to Lundin Petroleum (OTCPK:LNDNF) and Genel (OTCPK:GEGYF) due to the high quality of their exploration and production sectors.
    | Sep. 4, 2015, 12:43 PM | 15 Comments
Company Description
Lundin Petroleum has exploration and production assets focused upon two core areas, Norway and South East Asia, as well as assets in France, Netherlands and Russia. Lundin Petroleum maintains an exploration focus seeking to generate shareholder value through exploration success and also has the... More
Industry: Electric Utilities
Country: Sweden