Lundin Energy announces total resource additions of 200 percent of 2021 production

Lundin Energy announces total resource additions of 200 percent of 2021 production

Lundin Energy announces total resource additions of 200 percent of 2021 production

21 January 2022

Lundin Energy AB (Lundin Energy) is pleased to announce that as at 31 December 2021, its proved plus probable net reserves (2P reserves) are 639 million barrels of oil equivalent (MMboe1,2) and its proved plus probable plus possible net reserves (3P reserves) are 799 MMboe. 2P reserves plus best estimate net contingent resources (total resources) are 1,019 MMboe, with a total resource replacement ratio3 for 2021 of 202 percent.

Lundin Energy’s 2P reserves include a positive revision of 39 MMboe, and the 3P include a positive revision of 44 MMboe compared to year end 2020. The best estimate net contingent resources (2C resources) as at 31 December 2021 are 380 MMboe, which is an increase of 105 MMboe from year end 2020. The total resources as at 31 December 2021 are 1,019 MMboe, which reflects additions of 144 MMboe from year end 2020, including asset acquisitions.

 

2P Reserves3P ReservesTotal Resources
2P + 2C
End 2020670.9826.0946.4
  – Produced 471.071.071.0
  – Sales/+Acquisitions+136.9
  + Revisions/Discoveries+39.3+44.4+6.9
End 2021639.1799.41,019.2
Reserves replacement ratio 3,555%63%202%

 

The increase in 2P reserves relates primarily to the Edvard Grieg and Solveig fields. The Edvard Grieg reservoir continues to outperform and together with a successful infill well campaign, reserves have increased by 17 percent. The gross ultimate recovery for Edvard Grieg is now 379 MMboe, which is an increase of over 100 percent since the PDO. Drilling results and early production performance on the Solveig phase 1 development has resulted in an increase of 20 percent in 2P reserves. Overall, the Greater Edvard Grieg Area has a gross ultimate recovery of 450 MMboe with a 97 percent replacement ratio of its production in 2021.

The Johan Sverdrup field continues to exceed expectations, with high uptime, increased processing capacity, excellent reservoir performance and well productivities. The Company’s 2P reserves at year end 2021 includes for the first time a contribution from eight infill wells (previously contingent resources), extending the plateau production period. The Company recognises that there is upside reserve potential in several parts of the field which will be realised through further infill drilling, optimized reservoir management and increased facilities capacity. The technical work to define this upside will be completed by mid 2022.

In October 2021, Lundin Energy announced the acquisition of a further 25 percent working interest in the Wisting oil discovery located in the Southern Barents Sea, taking the total working interest to 35 percent. Equinor, the operator of Wisting, is targeting a PDO by end 2022, to benefit from the temporary tax incentives established by the Norwegian Government in June 2020. The transaction adds 2C resources of 131 MMboe.

Based on 2021 exploration results on Iving and further evaluation of the stranded assets in the Barents Sea, Lundin Energy has concluded that these should be excluded from the 2C contingent resources as of year end 2021.

The reserves estimates have been audited by ERCE, a third-party independent reserves auditor, and have been calculated using the 2018 Petroleum Resource Management System (SPE PRMS) Guidelines of the Society of Petroleum Engineers (SPE), World Petroleum Congress (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE). The contingent resource estimates associated with the Edvard Grieg, Alvheim area, Johan Sverdrup, Solveig and Rolvsnes assets have been audited by ERCE. For the other assets, the contingent resource volumes are based on management estimates.

Daniel Fitzgerald, COO of Lundin Energy, commented:
“2021 has been another year of great performance with resource additions of over 140 MMboe representing a resource replacement ratio of over 200%. The Edvard Grieg area has continued to increase its reserves base and is now more than double the size compared to the original PDO estimates, and I am convinced that we will continue to grow in this area. We have many exciting opportunities and projects being worked through the course of 2022 and are planning to sanction three projects in the Edvard Grieg area in late 2022, as well as planning for the next phase of infill drilling on Edvard Grieg.

“Johan Sverdrup is truly a world class asset and we are only just starting to see the potential from this field. We have included infill wells into the 2P reserves base for the first time which extends the plateau production period and we still see significant opportunities to continue to not only grow the reserves, but to accelerate production and extend the plateau.”

1 BOE’s may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf : 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent the value equivalency at the wellhead.
2 The reserves were calculated using a nominal Brent oil price of USD 75 in 2022, 71 in 2023, 69 in 2024, 70 in 2025, 71 in 2026, 73 in 2027, 74 in 2028, 76 in 2029, 77 in 2030, 79 in 2031 and increasing by 2 percent per year thereafter.
3 Total resource replacement ratio is the sum of 2P reserves revisions and 2C Contingent resources revisions including assets transactions divided by the yearly production.
4 Reserves are measured in saleable quantities (saleable oil, natural gas liquids and dry gas converted to oil equivalents), which may differ from production volumes provided in corporate reports which are given in wellhead production quantities (oil and rich gas converted to oil equivalents).
5 As per industry standards the reserves replacement ratio is defined as the ratio of reserves additions to production during the year, excluding the effect of acquisitions and dispositions.

 

Update on fourth quarter 2021 financial results and webcast details for the presentation on 1 February 2022

Update on fourth quarter 2021 financial results and webcast details for the presentation on 1 February 2022

Update on fourth quarter 2021 financial results and webcast details for the presentation on 1 February 2022

19 January 2022

Lundin Energy AB (Lundin Energy) will publish its financial report for the fourth quarter 2021 and host a webcast presentation for the 2021 year end results and a 2022 business update on Tuesday, 1 February 2022. For the fourth quarter 2021, Lundin Energy will expense pre-tax exploration costs of approximately MUSD 20, and recognise a net foreign exchange loss of approximately MUSD 84.

AkerBP transaction
On 21 December 2021, Lundin Energy announced that it had entered into an agreement (the transaction) with AkerBP whereby AkerBP will absorb Lundin Energy’s E&P business through a cross-border merger in accordance with Norwegian and Swedish law. Before completion of the cross-border merger, the shares in the company holding Lundin Energy’s E&P business will be distributed to Lundin Energy shareholders. Consequently Lundin Energy will present its E&P business as discontinued operations in the consolidated Income Statement and will present the asset and liabilities associated with the E&P business as assets and liabilities held for distribution.

All the items included in this update on the fourth quarter 2021 financial results relate to Lundin Energy’s E&P business unless stated otherwise.

Continuing operations
Once the transaction with AkerBP is completed, the renewable business, which is reported as continuing operations, will be debt free and have a cash balance of MUSD 130, to cover capital expenditure and other working capital items. The renewable business is expected to be free cash flow positive from late 2023, when the renewable portfolio has been fully built out and all projects are operational.

Exploration costs
It is the Company’s policy to capitalize costs associated with its exploration activities and when it is determined that a commercial discovery has not been achieved, the associated exploration costs are charged to the income statement. For the fourth quarter of 2021, Lundin Energy will incur pre-tax exploration costs of approximately MUSD 20, which will be charged to the income statement and offset by a tax credit of approximately MUSD 16. The exploration costs are mainly related to the Dovregubben well in PL976, the Lyderhorn well in PL1041 and relinquished licenses.

Net debt and foreign exchange loss
The net debt position of Lundin Energy at 31 December 2021, amounted to USD 2.7 billion, resulting in available liquidity of USD 2.0 billion within its existing credit facility and cash balances held.

Lundin Energy will recognise a net foreign exchange loss of approximately MUSD 84 for the fourth quarter of 2021. The Norwegian Krone was stable against the US Dollar and the Euro weakened by approximately two percent against the US Dollar during the fourth quarter of 2021. The foreign exchange loss is largely non-cash and mainly relates to the revaluation of loan balances at the prevailing exchange rates at the balance sheet date.

Hedging effectiveness
As a result of the AkerBP transaction, part of the outstanding foreign currency contracts and interest rate swap contracts are no longer considered as effective hedges under hedge effectiveness testing. The mark-to-market fair value of these ineffective contracts will be recognized as a non-cash item in the income statement for discontinued operations during the fourth quarter of 2021.

Change in inventory and under/overlift balances
Lundin Energy recognises income based on its sold volume (sales method). Consequently, changes in inventory and under/overlift balances are reported as an adjustment to cost valued at production cost, including depletion. During the fourth quarter of 2021, Lundin Energy was overlifted by 4.5 Mboepd.

Revenue from the crude oil sales from third parties
Lundin Energy markets its own crude oil production and at times markets crude oil from third parties. For the fourth quarter 2021, revenue from the sale of crude oil from third parties amounted to MUSD 72.8 offset by the purchase of crude oil from third parties of MUSD 72.5, resulting in a gross profit of MUSD 0.3 on third party activities for the fourth quarter 2021. The third party crude oil sales and purchase will be reported under discontinued operations.

2021 year end results and 2022 business update
Lundin Energy’s financial report for the fourth quarter 2021, will be published on Tuesday, 1 February 2022 at 07:30 CET.

As a result of the announcement on 21 December 2021, in relation to the proposed transaction with Aker BP, Lundin Energy will no longer be hosting a 2022 Capital Markets presentation, instead the management team will present the financial results for the full year 2021 and a 2022 business update via a webcast at 14.00 CET on the 1 February 2022. Please follow the event live at www.lundin-energy.com or dial in using the following telephone numbers with the pin code shown below:

UK/International:       +44 3333000804
Sweden:       +46 856642651
Norway:         +47 23500243
USA:       +1 6319131422
Access Pin:      17161382

Webcast link: https://edge.media-server.com/mmc/p/ifchzb4n


10 licences awarded in the Norwegian APA 2021 licensing round

APA 2021 licence awards

10 licences awarded in the Norwegian APA 2021 licensing round

18 January 2022

Lundin Energy AB announces that its wholly owned subsidiary, Lundin Energy Norway AS (together Lundin Energy), has been awarded interests in a total of ten exploration licences in the 2021 Awards in Predefined Areas (APA) licensing round, in Norway.

The award includes six licences in the North Sea, three licences in the Norwegian Sea and one licence in the Southern Barents Sea. Five of the newly awarded licences will be operated by Lundin Energy Norway.

The licence interests are detailed below and maps of their location are provided in the link below.

LicenceBlocksWorking InterestLicence Area
1170*7324/6,8,9; 7325/4,735%Southern Barents Sea
1164*6507/1140%Norwegian Sea
1162*6407/250%Norwegian Sea
1157*6407/760%Norwegian Sea
115233/3,5,6; 34/450%North Sea
114729/9; 30/7,8,10,1120%North Sea
114325/4,59.05%North Sea
114225/4,59.05%North Sea
1139*15/640%North Sea
113815/9; 16/4,730%North Sea

*Operator Lundin Energy Norway

 


 

The fourth quarterly dividend instalment of USD 0.45 per share will amount to SEK 4.09 per share (December 2021)

The fourth quarterly dividend instalment of USD 0.45 per share

The fourth quarterly dividend instalment of USD 0.45 per share will amount to SEK 4.09 per share

29 December 2021

Lundin Energy AB (Lundin Energy) announces that the fourth quarterly dividend instalment of USD 0.45 per share will amount to SEK 4.09 per share, with a total amount of MSEK 1,164, corresponding to approximately MUSD 128.

Information about the fourth quarterly instalment of the dividend:

Amount per share
(SEK)
Total dividend amount
(MSEK)
Ex-dividend dateRecord dateExpected payment date
4.091,1644 January 20225 January 202211 January 2022

The Annual General Meeting of Lundin Energy held on 30 March 2021 resolved on a dividend for 2020 of USD 1.80 per share, to be paid in quarterly instalments of USD 0.45 per share.

According to the dividend resolution, before payment, each quarterly dividend of USD 0.45 per share shall be converted into a SEK amount based on the USD to SEK exchange rate published by Sweden’s central bank (Riksbanken) four business days prior to each record date (rounded off to the nearest whole SEK 0.01 per share) and the exchange rate used for the conversion is 9.0788.

Information about the approved dividend is available on www.lundin-energy.com.

 

 

Creating the leading E&P company of the future Combining AkerBP and Lundin Energy

Completion of Wisting acquisition

Creating the leading E&P company of the future Combining AkerBP and Lundin Energy

21 December 2021

Lundin Energy AB (Lundin Energy or the Company) is pleased to announce that the Board of Directors of Lundin Energy and AkerBP have reached an agreement on a combination (Combination Proposal) to create the leading European independent E&P company (the Combined Company) with a world class asset base, industry leading operating costs and low carbon emissions with increased and sustainable dividends.

Under the agreement in exchange for Lundin Energy’s portfolio of E&P business, shareholders will be entitled to;

  • Cash totalling BUSD 2.22 (approx. SEK 71.0 per share after conversion from USD)
  • 271,910,019 AkerBP shares (0.950985 AkerBP shares, represented by Swedish Depository Receipts, for each share in Lundin Energy outstanding at completion of the combination – which is equivalent to approximately 279.3 SEK per Lundin Energy share at close 20th of December 2021)
  • Retain their existing shareholding in Lundin Energy and its renewables businesses

Accordingly, following the completion of the Combination Proposal, the shareholders of Lundin Energy will hold 43 percent of the total number of shares and votes of AkerBP (based on a total of 360,113,509 shares and votes in AkerBP). The Combination Proposal will be carried out as a statutory cross-border merger in accordance with Norwegian and Swedish law, through which AkerBP will absorb a company holding Lundin Energy’s E&P business.

AkerBP
AkerBP is a pure-play oil and gas company, focused on the Norwegian Continental shelf with industry-leading low emissions, efficient low-cost operations and a strong production growth profile, with robust free cash flow and attractive returns in a supportive fiscal regime. The company is listed on the Oslo Stock Exchange under the ticker ‘AKRBP’.

The Combined Company
The proposed combination of Lundin Energy’s E&P business and AkerBP has the following strategic and value accretive benefits:

  • World class asset base with market leading low operating costs and production efficiency
  • One of the lowest carbon intensities of any E&P globally
  • Over 2.7 billion barrels of oil equivalent (boe) of reserves and resources with significant growth potential
  • Production in 2022 of over 400 Mboepd and growing to over 500 Mboepd by 2028
  • Ownership of 31.6% in the world class Johan Sverdrup field, delivering 755 Mbopd gross on plateau
  • Low break-even and highly cash generative portfolio
  • Enhanced balance sheet with investment grade credit profile
  • Operational synergies by combining the expertise of both organisations

Dividend Policies
Lundin Energy will continue with its currently announced quarterly dividend, representing a payment of USD 0.45 per share in January 2022. The Board has proposed to increase the 2021 quarterly dividend by 25 percent, amounting to USD 0.5625 per share from April 2022 until completion of the transaction, subject to approval at the 2022 Annual General Meeting for shareholders (AGM).

AkerBP today proposed to increase their current quarterly dividend by 14 percent to USD 0.475 per share from January 2022, and will continue to pay this increased dividend after completion, with the ambition to increase by a minimum of 5% per annum from 2023 onwards.

Lundin Energy to retain its Renewable Portfolio
Lundin Energy has developed a portfolio of onshore renewable assets in the Nordics, with power generation of 600 gigawatt hours per annum once fully built out. As part of this transaction the Company’s E&P businesses are being sold to and combined with AkerBP, leaving behind a standalone renewable energy business. As such, the legal entity of Lundin Energy is not a part of the Combination Proposal. The renewable business will remain listed on the Nasdaq Stockholm, and maintain its headquarters in Sweden. The renewable business will be debt free and, on completion will have a cash balance of MUSD 130, to cover all capital expenditure and other working capital requirements until late 2023. After the completion of all currently planned projects, this business is expected to be free cash flow positive and will form the basis of a viable, independent renewables company. Details on the business plan, management and governance will be published prior to the 2022 AGM.

Furthermore, Lundin Energy will continue to vigorously defend itself in regards to the ongoing legal case in Sweden in relation to the past operations in Sudan, and is convinced that there is no basis for any claim of wrongdoing by any Company representative. In addition, the Company will retain certain non-Norwegian potential liabilities related to past operations. The business has sufficient capital to build out all of its projects, will be cash flow positive from late 2023 and retain value in excess of any of the contingent liabilities, should any arise.

Conditions for completion of the Combination Proposal
Completion of the Combination Proposal is conditional upon, among other things the Combination Proposal being approved with a two-third majority vote at the general meetings of shareholders of AkerBP and Lundin Energy, respectively, and the receipt of necessary governmental clearances (including from competition authorities as well as from the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance).

The Board of Directors1 unanimously recommends the shareholders to vote in favour of the Combination Proposal from AkerBP at the 2022 AGM
Lundin Energy is a leading European independent E&P business, generating significant free cash flow from its world class asset base, with some of the lowest cost and lowest CO2 emissions assets in the industry. Similarly, AkerBP has world class assets, a strong production growth trajectory and a proven operating capability, while delivering strong free cash flow and growing dividends. With this in mind, the Board of Directors supports the combination of Lundin Energy’s E&P business and AkerBP to create the leading European independent E&P business.

Based on the above, the Board of Directors recommends the shareholders of Lundin Energy to vote in favour of the Combination Proposal at the 2022 AGM.

The Board of Directors, as part of its process to evaluate the Combination Proposal and in line with its fiduciary duties, has investigated alternative strategic opportunities, however the combination with AkerBP is in the view of the Board of Directors the best opportunity to create long term shareholder value.

Upon written request by AkerBP, the Board of Directors has permitted AkerBP to conduct confirmatory due-diligence and Lundin Energy has conducted a similar reciprocal due diligence review of AkerBP. No inside information has been exchanged in connection with these reviews.

Shareholder’s irrevocable voting undertaking
Lundin Energy’s largest long term shareholder, the Lundin Family, represented by Nemesia S.à.r.l., with significant expertise in the industry, representing 33.39 percent of the total shares in issue, has signed an irrevocable undertaking to vote in favour of the Combination Proposal at the AGM 2022.

In addition, Aker Capital AS and BP Exploration Operating Company Ltd, who in aggregate control 64.99 percent of the shares and votes in AkerBP, have irrevocably undertaken to vote in support of the Combination Proposal at the general meeting of shareholders of AkerBP.

Ian Lundin, commented:
“Creating long term value for shareholders has been at the core of this business for 20 years since inception and this combination of Lundin Energy and AkerBP is a unique opportunity to create a future proof independent E&P company, exposing shareholders to a business with significant scale, production growth and strong free cashflow into the next decade. Coupled with this is a world class asset base which will have one of the lowest cost and lowest CO2 emissions per barrel in our industry.

“This combination proposal with AkerBP merges our two great businesses together, builds on our individual strengths, and creates a company which will prosper through the energy transition and continue to deliver strong dividends into the next decade. For Lundin Energy shareholders, this will deliver a significant cash consideration and the opportunity to be a shareholder in the leading European E&P company. The Lundin Family are in full support of this transaction and have given our irrevocable undertaking to vote in favour of this transaction. The independent members of the Board of Directors have also recommended that all shareholders vote in favour of this transaction.”

Effects on Lundin Energy and its employees
In its press release announcing the Combination Proposal, AkerBP states:

“Following the Merger, AkerBP’s executive management team will run the Combined Company. The Target executive management team shall remain available to the Combined Company for a period of three months after completion of the transaction to ensure an orderly transition. All personnel of Lundin Energy’s oil and gas assets in Norway will remain employed by Aker BP upon completion and will have a work location in Oslo, Norway.”

The Board of Directors assumes that the above statements made by AkerBP are correct and has, in relevant respects, no reason to take a different view.

Additional information
AkerBP and Lundin Energy have agreed to carry out the Combination Proposal in all material respects in accordance with Section V of Nasdaq Stockholm’s Takeover Rules.

More information about the Combination Proposal is set out in AkerBP’s press release announcing the combination, which is attached as an appendix to this press release.

Preliminary timetable

  • Publication of merger plan: 23 February 2022
  • Publication of the merger document: 23 February 2022
  • Publication of description of the new Lundin Energy and its renewable business: 23 February 2022
  • EGM in AkerBP: End Q1, 2022
  • AGM in Lundin Energy: 31 March, 2022
  • Completion of the Proposed Combination: Late Q2 / Early Q3 2022

Advisors
Lundin Energy has engaged Barclays as financial advisor in relation to the Combination Proposal. Gernandt & Danielsson Advokatbyrå and Advokatfirmaet Schjødt are acting as legal advisors to Lundin Energy in relation to the Combination Proposal.

Conference call and webcast
AkerBP and Lundin Energy will co-host an investor and press conference call today, Tuesday 21 December 2021 at 16:00 CET.

The conference call will be available as a live webcast on www.akerbp.com/en.

To participate in the conference call, please use the dial-in numbers and passcode below.

Phone number Norway:    +47 2350 0347
Phone number UK:     +44 (0)33 033 69600
Participant Passcode:    959538

This statement by the Board of Directors of Lundin Energy shall be governed by and construed in accordance with substantive Swedish law. Disputes arising from this statement shall be settled exclusively by Swedish courts.

Stockholm, 21 December 2021

The Board of Directors of Lundin Energy

 

1 Board members Ian H. Lundin, Lukas H. Lundin and Adam I. Lundin have not, due to conflict of interest, participated in the Board of Director’s evaluation of the proposed combination nor in resolutions concerning the proposed combination.

AkerBP Press Release 

Completion of Wisting acquisition

Completion of Wisting acquisition

Completion of Wisting acquisition

17 December 2021

Lundin Energy AB (Lundin Energy) is pleased to note the completion of the previously announced transaction to acquire a further 25 percent working interest from OMV (Norge) AS in the Wisting development, for USD 320 million. Lundin Energy has also entered in to a cooperation agreement with Equinor ASA (Equinor) regarding the operatorship of Wisting and nearby exploration licences.

The transaction to acquire a further 25 percent working interest in the Wisting development has completed following the closing of all pre-requisite conditions, including regulatory and government approvals and is effective from 1 January 2021. In addition, Lundin Energy has concluded a cooperation agreement with Equinor for the Wisting development with the following key terms, which will see Lundin Energy:

  • Propose Equinor to retain operatorship of the Wisting development into the operations phase, allowing operational synergies across their various developments in the Barents Sea
  • Become operator for the exploration acreage surrounding Wisting (PL1133 and PL1134), including an increase in Lundin Energy’s working interest to 35%1
  • Collaborate further with Equinor in the Wisting development by secondment of Lundin Energy employees into key technical and operational positions within the Wisting project

This agreement further strengthens the relationship between Equinor and Lundin Energy and sets out a strong collaboration for exploration and operations in what will be the next Barents Sea production hub.

Wisting Acquisition Highlights:

  • Transaction increases Lundin Energy’s working interest in the Wisting development from 10 percent to 35 percent
  • Strengthens Lundin Energy’s position in a core area with significant remaining prospectivity and meaningfully contributes to the Company’s long-term production outlook
  • Adds net 130 million barrels of oil equivalent (MMboe) fully appraised contingent resources at an acquisition price of approximately 2.5 USD/boe
  • Project concept selection and award of front-end engineering and design (FEED) contracts has taken place with the project on track to submit a Plan for Development and Operation (PDO) by end of 2022
  • Wisting’s development concept is in line with Lundin Energy’s decarbonisation plan with a power from shore solution being matured
  • Addition of Wisting resources alone delivers total resource replacement ratio for the Company of approximately 190 percent in 2021

(1) Operatorship and additional working interest in licences PL1133 (15 percent) and PL1134 (5 percent) as well as for licence applied for in the 2021 APA round

 

Lundin Energy Norway Management Succession

Lundin Energy Norway Management Succession

Lundin Energy Norway Management Succession

01 December 2021

Lundin Energy AB (Lundin Energy or the Company) announces that the Board of Lundin Energy Norway AS (Lundin Energy Norway) and Managing Director Kristin Færøvik have agreed that she will retire from her position on 31 December 2021. Morten Grini has been appointed as the new Managing Director from 1 January 2022.

Morten Grini is presently Director for Drilling and Wells in Lundin Energy Norway and has been a member of the leadership team in the Company since joining in 2017. Prior to that he worked for ExxonMobil in Norway and internationally for 19 years across a range of leadership roles.

Nick Walker, President and CEO, Lundin Energy comments:
“I would like to thank Kristin for seven years of committed service. Lundin Energy Norway has seen continued and successful growth under her leadership, from production of just over 20 thousand barrels of oil per day to around 190 thousand barrels per day in 2021. The flagship operated Edvard Grieg field on the Utsira High has consolidated its position as a host facility, and the giant Johan Sverdrup field has been put into production. The Company has delivered strong results throughout her tenure. She has also built a high performing team that will be an important asset for the Company moving forwards.

“We know Morten very well as a highly successful technical professional and leader, who has made a significant impact in Lundin Energy in the relatively short time he has been with us. I look forward to working closely with him in his new role of Managing Director, as we continue to build Lundin Energy as one of the leading companies operating on the Norwegian Continental Shelf”.

Kristin Færøvik, Managing Director, Lundin Energy Norway comments:
“I am proud of having continued to develop Lundin Energy’s business in Norway, and of the success of Edvard Grieg and Johan Sverdrup. After seven years of leading the Company, it is with pleasure I hand over the baton to Morten. Lundin Energy Norway has fabulous employees and I wish them and the Company all the best for the future”.

 

 

Response to Market Rumours

Response to Market Rumours

Response to Market Rumours

29 November 2021

Lundin Energy AB (Lundin Energy or the Company) has noted recent speculation in the markets. The Company continuously engages in opportunities that are potentially value accretive to its shareholders. In that context, the Company does at times hold discussions with various parties. As of today there are no conclusive decisions that have been made in relation to any such discussions.

 

 

Lundin Energy to hold a virtual investor presentation on 8 December 2021

Lundin Energy to hold a virtual investor presentation on 8 December 2021

Lundin Energy to hold a virtual investor presentation on 8 December 2021

25 November 2021

Lundin Energy AB (Lundin Energy) is pleased to invite investors to a virtual corporate presentation, held by Nick Walker, President and CEO, on Wednesday, 8 December 2021 at 18.00 CET. The presentation will be followed by a question and answer session, where Nick will be joined by Teitur Poulsen, CFO. There is no specific agenda for the presentation but it will be an opportunity to hear the latest news from the Company and give the opportunity to ask questions of management.

Register for the live event here: https://us06web.zoom.us/webinar/register/WN_0Ju4LcvoQbW6d2jSpQSZMA.

A copy of the presentation will be available on Lundin Energy’s website prior to the meeting.