EnergyWatch

Lundin heralds losses on empty wells

It is proving to be an expensive affair for the Swedish oil company that two drillings in the Barents Sea have not led to oil discoveries.

When Lundin Petroleum releases its  fourth quarter interim report on Feb. 1, it is not set to be particularly impressive, as evident from a market update released by the company today.

Lundin reports in the update that the company's profit before tax and depreciations will be impacted by a series of one-off expenses in the fourth quarter.

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