To begin with, I should underline two figures which I consider crucial in the recent quarterly report of Lundin Petroleum (OTCPK:LUPEY, OTCPK:LNDNF). First, 10x increase in FCF in 9M FY18, second, production cost of $4.79 per barrel. These numbers indicate considerable growth momentum and high capital discipline. There is no doubt that solid FCF and lower production costs are interdependent: lower costs mean higher EBIT, higher EBIT means more solid CFFO, and higher CFFO could be transformed into free cash flow available for distribution amongst the shareholders or reinvested. Let’s go down