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Lundin Petroleum Exceeds Production Forecasts in 2012; Guides 2013 Production

Lundin Petroleum AB (LUP.TO) reported production of 35.7 Mboepd and operating cash flow of MUSD 831.4 for the 12 months ending December 31, 2012.

C. Ashley Heppenstall, CEO, said: "We have exceeded our production forecasts once again and this, coupled with our low operating costs and cash taxes, has resulted in a record operating cash flow of more than MUSD 830 for the year."

In 2013, the company expects net production to average between 33,000 boepd and 38,000 boepd and to exit the year at in excess of 40,000 boepd when the Brynhild field reaches plateau production.

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

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

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