2000 First Quarter Report, Lundin Oil Announces Record Cash Flow.Business Editors STOCKHOLM Stockholm (stŏk`hôlm'), city (1995 pop. 692,954), capital of Sweden and of Stockholm co., E Sweden, situated where Lake Mälaren flows into the Baltic Sea. , Sweden--(BUSINESS WIRE)--May 26, 2000 Lundin Oil AB (Nasdaq:LOILY) Results converted from Swedish Krona Noun 1. Swedish krona - the basic unit of money in Sweden krona Swedish monetary unit - monetary unit in Sweden ore - a monetary subunit in Denmark and Norway and Sweden; 100 ore equal 1 krona to USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. at 8.7150 (average exchange rate over 3 month period). Lundin Oil AB (the "Company") is pleased to announce a net profit of US $4.3 million (US $0.05 per share) for the first quarter period ending March 31, 2000 versus a loss of US $0.24 million for the same period last year. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. was a new quarterly record for the Company and up 125% from the same quarter last year to US $16.2 million (US $0.19 per share). Average production for the first quarter was 14,539 boepd, a slight increase over the same period last year. Average price received on crude oil sales during the quarter was US $22.97 per barrel up from US $11.31 received during the first quarter last year. Operations Gas Sales Agreement in Malaysia/Vietnam signed in February February: see month. , 2000. Phase 2 of the project proceeding with forecast net production to Lundin Oil to reach 34,000 boepd. Libya Libya (lĭb`ēə), officially Great Socialist People's Libyan Arab Jamahirya [state of the masses], republic (2005 est. pop. 5,766,000), 679,358 sq mi (1,759,540 sq km), N Africa. development approvals received in January, 2000. Project development underway with forecast net production to Lundin Oil to reach 24,000 bopd. UK North Sea production continued to produce strong cash flows in line with expectations. Average production over the first quarter was 8,704 boepd, down slightly from the same period last year. Ian H. Lundin, President of Lundin Oil commented, "The first quarter of 2000 was a historical milestone for the Company having received the approvals required to implement our major development projects in Malaysia/Vietnam and Libya. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , we have generated healthy profits and cash flow from our production in the U.K. and Malaysia/Vietnam." Subsequent to the quarter under review, all requisite shareholder and regulatory approvals were received pursuant to a Plan of Arrangement whereby Lundin Oil will acquire all of the issued and outstanding shares of Red Sea Oil Corporation on the basis of 0.47 shares of Lundin Oil for one Red Sea Oil share. Upon completion of the takeover of Red Sea Oil, Lundin Oil will have a 100% interest in the Libyan project. |
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