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Lundin Petroleum's (LNDNF) CEO Alexandre Schneiter on Q3 2017 Results - Earnings Call Transcript

Nov. 01, 2017 9:28 PM ETOrrön Energy AB (publ) (LNDNF)
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Lundin Petroleum AB (OTCPK:LNDNF) Q3 2017 Earnings Conference Call November 1, 2017 3:00 AM ET


Alexandre Schneiter - CEO

Teitur Poulsen - CFO

Alex Budden - VP, Investor Relations and Communication


Niki Kouzmanov - Jefferies

Rafal Gutaj - Bank of America Merrill Lynch

Brendan Warn - BMO Capital Markets

Karl Pedersen - ABG

Teodor Nilsen Nelson - SB1 Markets

David Mirzai - Deutsche Bank

James Hosie - Barclays

Alwyn Thomas - Exane BNP Paribas

Robin Haworth - Stiefel

Duncan Milligan - Goldman Sachs

Alexandre Schneiter

Good morning, everybody, and welcome to the webcast for the first nine months of Lundin Petroleum. My name is Alex Schneiter, I'm the CEO, and I'm joined in today by Teitur Poulsen, the CFO; and Alex Budden, our VP, Investor Relations and Communication. So, well let me move right away into -- I will give you an operation update and Teitur, later on, will give you the financial highlights.

So moving on to the first nine months of ' 17 and the highlights. As you've seen on the press release, a strong production for the first nine months, in excess of 87,000 barrels of oil equivalent per day. And in Q3, we had another record production, close to 90,000. As we mentioned, we have revised our guidance again, and we expect the full year at the top or exceeding the 85,000 barrels of oil per day guidance range. In terms of the operating cost, again, a very successful quarter and the first nine months. We've seen operating costs at $4.15 per barrel and the Q3 was standing at just below $4.3. We actually also revised our guidance in terms of the operating cost, and we expect now operating costs for the full year to be below US$4.6 per BOE.

This successful and very

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