High oil price fuels optimism

The Swedish exploration and production company Lundin Petroleum reports a SEK 210.9 million net profit for first half 2004 and expects a SEK 600 million net profit for the full year.
     Lundin’s Indonesian operations, which comprise both oil and gas exploration and production, are successful and run as planned, according to Lundin’s report.
     The company, which is listed on the Stockholm Stock Exchange, is in one of the few industries that really benefit from the current high oil prices.
     “It’s a great time to be involved in the oil business. Our successful acquisition strategy over the last three years is now giving us the opportunity to take advantage of the strong oil price environment,” says Lundin’s President and CEO Ashley Heppenstall in a statement following the six month report.
     Besides Indonesia, does Lundin’s portfolio of assets include projects in Albania, France, Iran, Ireland, Netherlands, Sudan, Tunisia, United Kingdom and Venezuela.

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