Swedish oil firm Lundin Petroleum said today that it will recognise a net foreign exchange loss of about $69million in the fourth quarter.
Lundin said the Norwegian Krone weakened against the dollar by about 3% while the euro strengthened against the dollar by about 2% during the three months.
The company said its foreign exchange loss mainly related to the revaluation of loan balances at the prevailing exchange rates.
Lundin will also record a post-tax loss on asset sales totalling $15million for the same period.
The firm sold its 39% working interest in the Brynhild field to CapeOmega in November. Lundin previously said a net loss would be recorded as a result of the accounting for income taxes in accordance with IFRS.
Lundin will incur pre-tax exploration costs of around $31million, offset by a tax credit of $24million.
The exploration costs are mainly related to the non-commercial gas discovery on the Hufsa prospect and the dry well on the Hurri prospect, both located in PL533.