RE:Lukas Lundin
ShaMaran: CONSIDER EXCHANGE REACTION EXCESSIVE - Lundin (Bloomberg)
2013-08-27 17:13
STOCKHOLM (AFX) ShaMaran share acidic reaction on Tuesday after drilling announcement from Atrush-3-*****pit is a surprise and excessive.
In an interview with news agency Direkt.t, Lukas Lundin, who through a foundation where Lundin family is the principal owns nearly 20 percent of the shares of ShaMaran, and is the largest shareholder.
"I think that the reaction to the results is excessive. We have proven the existence of oil, 6.5 km away, to the east. It is encouraging. I am satisfied," said Lukas Lundin.
How much would Atrush-3 to flow?
"With the right equipment, the well will flow much more," he said without wanting to go into some numbers.
120,000 barrels per day in total production for Atrush field is realistic to reach late in 2017 or early 2018, according to a large owner.
"It might be safer to say 2018. Taqa But working to accelerate production plan phases."
Will you succeed to bring in a $100 million bond issue?
"I think it's going to work, the bond market looks quite strong and the interest rate may fall to between 7 and 9 percent, I believe. It appears to be a normal level right now.
A private placement is not up to date?
"No, it's not an issue, but it's bonds that apply," states Mr. Lundin.
Lukas Lundin hopes production at the Atrush field will be able to start in the first quarter of 2015.
Is it necessary to sell your stake in the field to the operator Taqa?
"We will not sell our stake to Taqa now, then we would sell the entire company. I also think that Taqa is satisfied with its share and I would be surprised if they came with an offer to us. We will remain in this field for the foreseeable future, "says Lukas Lundin."
On the acquisition front, ShaMaran is looking at opportunities to buy wells in Kurdistan and outside, according to him.
He is also maintaining its forecast that the company should be worth around a dollar per share.
"The share should be worth around one U.S. dollar in a year when we drill more wells and continued to prove how good this field is," says Lukas Lundin.
Henrik Svensson +46 8 5191 7924
Direkt
https://www.avanza.se/placera/telegram/2013/08/27/shamaran-anser-kursreaktion-overdriven-lundin.html