UPDATE: Lundin Petroleum Sets 2013 Capital Expenditure Budget of $1.7 Billion, Spuds Appraisal Well 16/3-5; Shares in the Red

By Midnight Trader,  January 07, 2013, 09:50:59 AM EDT

Lundin Petroleum AB (LUP.TO) announced its 2013 development, appraisal and exploration budget which totals US$1,700 million.

The 2013 expenditure on development projects is budgeted at US$1,100 million, which represents approximately a 150% increase on forecast 2012 development expenditure. The 2013 budgeted expenditure on exploration activity is US$460 million, which represents approximately 40% increase on the forecast 2012 exploration expenditure.

The company also announced that its wholly owned subsidiary, Lundin Norway AS, has commenced the drilling of appraisal well 16/3-5 in PL501 on the Johan Sverdrup discovery, located in the North Sea sector of the Norwegian Continental Shelf.

LUP edged off by 13 cents, or about 1%, to $23.24 in moving further away from year high $27.49.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks:



Latest News Video

New Earthquake Tool Could Save Lives
New Earthquake Tool Could Save Live...
Search Underway For Missing Marine
Search Underway For Missing Marine  
Prague Metro Plans to Introduce 'Love Trains'
Prague Metro Plans to Introduce 'Lo...
Start This Party at GS Experiences
Start This Party at GS Experiences  


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.51 0.08  0.60%
RAD $ 2.80 0.01  0.36%
CSCO $ 23.94 0.30  1.24%
MSFT $ 35.06 0.19  0.54%
WCRX $ 19.60 0.39  2.03%
SIRI $ 3.49 0.01  0.29%
FB $ 25.76 0.49  1.87%
S $ 7.29 0.03  0.41%