Page 13 - Euroil Week 28 2019

EurOil
EurOil
+ optional (total of 5 years options). Wintershall Norge AS and GEOS agreed
a er expiration of the rm period several extensions, latest with rm period to August 31 2019. e parties have now agreed that the vessel will remain rm on charter in direct continuation present rm period and till 30 November 2019.
e charter rate re ects the market conditions. e parties have further agreed that Charterers continue having options available to charter the vessel as per the original charter (till November 30 2021).
In beginning of January 2019 the
vessel entered directly from previous term contract- in to a short term contract with SNEPCO (Shell) where vessel was rm until mid-April 2019 when new contract with SPDC (Shell) was entered into with expire 15th July.
e parties have now agreed that the vessel will be extended with 6 months rm contract and vessel remain rm on charter in direct continuation present rm period and till January 20 2020.
Terms re ect short term market in region which is reasonably tight on availability of this type of high spec PSV tonnage.
Vessel have 99% utilization ytd.
Golden Energy Offshore, July 17 2019
Lundin Petroleum provides update on Q2-2019 results
Lundin Petroleum will publish its nancial report for the second quarter 2019 on July 31 2019. For the second quarter 2019, Lundin
Petroleum will expense pre-tax exploration costs of approximately $34mn and recognise a net foreign exchange gain of approximately $34mn.
ese items are largely non-cash and will have no impact on operating cash ow or EBITDA.
For the second quarter of 2019, Lundin Petroleum will incur pre-tax exploration costs of approximately $34mn which will be charged to the income statement and o set by a tax credit of approximately $26mn. e exploration costs are mainly related to the dry well on the Vinstra and Otta prospects located in PL539, the dry well on the Korp ell Deep prospect located in PL859, the dry well on the JK prospect located in PL916 and the dry well on the Lynghaug prospect located in PL758.
Lundin Petroleum will recognise a net foreign exchange gain of approximately $34mn for the second quarter of 2019. e Norwegian Krone strengthened against the US Dollar by approximately 1% and the Euro strengthened against the US Dollar
by approximately 1% during the second quarter of 2019. e foreign exchange gain is largely non-cash and mainly relates to the revaluation of loan balances at the prevailing exchange rates at the balance sheet date.
Lundin Petroleum markets its own crude oil production and at times markets crude oil from third parties. For the second quarter 2019, revenue from the sale of crude oil from third parties amounted to $44.2mn o set by the purchase of crude oil from third parties of also $44.2mn, resulting in no gross pro t on third party activities for the second quarter 2019.
Lundin Petroleum previously recognised income based on its produced volume (entitlement method) for the period.
Lundin Petroleum has decided to change the accounting treatment of such under/ overli so that from 1 April 2019 the income will re ect sold volume (sales method).
is means that changes in under/overli balances are no longer reported as other income valued at market price, but will instead be reported as an adjustment to cost valued at production cost including depletion. During the second quarter of 2019, Lundin Petroleum was underli ed by 1.0mn boepd.
Lundin Petroleum’s nancial report for the second quarter 2019 will be published on Wednesday July 31 at 07:30 CEST.
Lundin Petroleum, July 17 2019
Akastor reports H1-2019 results
Akastor earned NOK1.304bn in revenues
in the second quarter, up 49% y/y. EBITDA in the second quarter came to NOK114mn. Akastor’s First Geo completed its merger with Bronco Manufacturing in June . ere was
an order intake of NOK1.8bn in the quarter, resulting in order backlog of NOK3.5bn.
Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. e company has a exible mandate for active ownership and long-term value creation.
Akastor, July 17 2019
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