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Lundin Petroleum has net profit of $59 million in the second quarter

Earnings before interest, tax, depletion and amortisation were $150 million.

Published Aug 13, 2008
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Lundin Petroleum said today that it made a net profit of US $59m in the second quarter, compared to $47m in the same period last year.

Earnings before interest, tax, depletion and amortisation were $150m, against $140m in the second quarter of 2007.

He said that initial production from Alvheim is well ahead of expectations and is building towards plateau production early next year of 14,000 boe/d net to Lundin.

Lundin also made a major discovery on the Lagansky Block in the Russian sector of the Caspian Sea with the Morskaya exploration well during the period.