Lundin Petroleum to Report Q2 Foreign Exchange Loss

Posted by Joseph Keefe July 20, 2016

Lundin Petroleum AB will recognise a net foreign exchange loss of approximately MUSD 64 and expense capitalised financing fees of MUSD 22 (pre-tax) for the second quarter of 2016.

The profitability for the second quarter of 2016 will be impacted by a net foreign currency exchange loss mainly related to the revaluation of loan balances and the expensed capitalised financing fees
These items will have no impact on the reported operating cash flow or EBITDA for the period
The financing fee charge of MUSD 22 will be partly offset by a deferred tax credit of MUSD 11 which will also be recognised in the income statement for the second quarter of 2016 (Reporting By Ole Petter Skonnord