Report for the three months ended 31 March 2020

Report for the three months ended 31 March 2020

Report for the three months ended 31 March 2020

30 April 2020

·Strong production performance of 152.4 Mboepd, above mid-point of guidance for the quarter  
·Full year production guidance increased to 160 – 170 Mboepd from 145 – 165 Mboepd
·Increased plateau rates and accelerated ramp up at Johan Sverdrup – 470 Mbopd phase 1 plateau achieved in April 2020
·Operating cost guidance revised down to USD 2.80 per boe from USD 3.40 per boe
·Cost rationalisation exercise completed with over MUSD 300 reductions in 2020
·Strong free cash flow generation of over MUSD 400, net debt reduced to MUSD 3,694 and liquidity strengthened with additional MUSD 340 corporate facility
·Swift and coordinated action taken to mitigate any potential impact from coronavirus with no disruptions to production
·Dividend of USD 1.00 per share (approximately MUSD 284) for the financial year 2019 approved by the 2020 AGM
·Name change confirmed to Lundin Energy by 2020 AGM

 

Financial summary1 Jan 2020-
31 Mar 2020
3 months
1 Jan 2019-
31 Mar 2019
3 months
1 Jan 2019-
31 Dec 2019
12 months
Production in Mboepd152.478.893.3
Revenue and other income in MUSD695.2484.12,948.7
CFFO in MUSD
Per share in USD1
638.3
2.25
345.8
1.02
1,378.2
4.36
EBITDA in MUSD1
Per share in USD1
581.1
2.05
399.7
1.18
1,918.4
6.07
Free cash flow in MUSD
Per share in USD
406.7
1.43
95.8
0.28
1,271.7
4.03
Net result in MUSD
Per share in USD
-310.6
-1.09
53.5
0.16
824.9
2.61
Adjusted Net result in MUSD
Per share in USD
66.0
0.23
58.9
0.17
252.7
0.80
Net debt in MUSD3,694.23,303.74,006.7

1 Excludes the reported after tax accounting gain of MUSD 756.7 in 2019 on the divestment of a 2.6 percent working interest in the Johan Sverdrup project.


Comments from Alex Schneiter, President and CEO of Lundin Energy:

“I am pleased to announce another period of strong operational and financial performance across the business in the first quarter of 2020. However, what we have witnessed from both an industry and global macro perspective since February is unprecedented, with the coronavirus crisis, its economic impact and the recent oil price collapse providing an exceptionally challenging market backdrop.

“In reaction to the potential threat from coronavirus, we have been focussed on reducing the risk to our operations and safeguarding the well-being of the Company’s employees and contractors, whilst at the same time minimising the potential impact on the business. To date, we have had no disruptions to production. A key decision has been to down-man offshore facilities while maintaining a minimum level of activity to allow production, and the most important project activities to continue. I am pleased to note that with the operational flexibility available within the business, we have not had to change our growing production guidance.

“It is in these times more than any other, where our high quality, low cost, low carbon assets, which are resilient to a low oil price environment, clearly differentiates our ability to weather the storm. Following the downturn in the oil market, the Company has taken decisive action to ensure we maintain our financial strength and flexibility. Total expenditure has been re-phased and reduced by MUSD 300 (more than a 20 percent reduction compared to the original CMD expenditure guidance), with further options available to defer or reduce expenditure, should low oil prices persist; we are also revising down our 2020 operating cost to USD 2.80 per boe from USD 3.40 per boe.

“Operationally, one of the stand out successes since the start of the year has been the performance at Johan Sverdrup. The accelerated ramp up was complemented by the higher established processing capacity, which has enabled the phase 1 plateau production rate to be increased from 440 Mbopd gross to 470 Mbopd (and as a result full field plateau to increase to 690 Mbopd), two months ahead of schedule and 7 percent above original plateau guidance. I would also like to mention that both Edvard Grieg and Alvheim again delivered above expectations during the quarter with a production efficiency of 99 and 98 percent respectively.

“Whilst the end of the quarter was marked by severe market uncertainty, we delivered a very robust financial performance with free cash flow of over MUSD 400 and ending the period with a net debt of MUSD 3,694. Our recently agreed MUSD 340 corporate facility, expenditure savings and dividend reduction, has improved the pre-tax liquidity position in 2020 by over MUSD 780 to date.

“As we head into the second quarter we will continue to apply very strict capital discipline across the Company, to preserve the liquidity position and provide financial flexibility should opportunities arise for us to capitalise on and I remain convinced, that we are in one of the best positions to trade through the current environment.”

Audiocast Presentation
Listen to Alex Schneiter, President and CEO, and Teitur Poulsen, CFO, commenting on the report at a live audiocast, held on Thursday 30 April at 09:00 CEST.

Follow the presentation live on www.lundin-energy.com or dial in using the following telephone numbers:
Sweden    +46 8 56642651
UK     +44 3333000804
United States    +1 6319131422
Norway    +47 23500243

Access Pin : 58812582

Link : https://lundinenergy.videosync.fi/2020-04-30-q1

 

Update on Q1 2020 financial results and audiocast details for 30 April 2020

Update on Q1 2020 financial results and audiocast details for 30 April 2020

Update on Q1 2020 financial results and audiocast details for 30 April 2020

15 April 2020

Lundin Energy AB (Lundin Energy) will publish its financial report for the first quarter 2020 on Thursday 30 April 2020. For the first quarter 2020, Lundin Energy will expense pre-tax exploration costs of approximately MUSD 28 and recognise a net foreign exchange loss of approximately MUSD 359. In addition Lundin Energy announces that it has secured additional credit commitments of MUSD 340.

Exploration costs
It is the Company’s policy to capitalize costs associated with its exploration activities and if it is determined that a commercial discovery has not been achieved, the associated exploration costs are charged to the income statement. For the first quarter of 2020, Lundin Energy will incur a pre-tax charge to the income statement of MUSD 28 relating to exploration costs. These exploration costs will be offset by a tax credit of approximately MUSD 22. The costs are mainly related to the appraisal of the Balderbrå discovery and other exploration costs on PL894, the Hasselbaink exploration well (PL917) and relinquished licences.

Foreign exchange
Lundin Energy will recognise a net foreign exchange loss of approximately MUSD 359 for the first quarter of 2020. The Norwegian Krone weakened against the US Dollar by approximately 20 percent and the Euro weakened against the US Dollar by approximately 2 percent during the first quarter of 2020. 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.

Change in 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 first quarter of 2020, Lundin Energy was overlifted by 0.7 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 first quarter 2020, revenue from the sale of crude oil from third parties amounted to MUSD 55.9 offset by the purchase of crude oil from third parties of MUSD 55.2, resulting in a gross profit of MUSD 0.7 on third party activities for the first quarter 2020.

Additional MUSD 340 credit commitments
During the current oil market uncertainty, Lundin Energy has taken the prudent measure of securing further credit commitments of MUSD 340 through an unsecured corporate facility with five banks. The credit commitments remain subject to legal documentation which is expected to be put in place over the next few weeks. This new facility comes in addition to the existing MUSD 5,000 reserve-based lending (RBL) facility and the existing MUSD 160 corporate facility for renewable investments and will provide the Company with further financing flexibility and optionality. It also has the effect of offsetting the impact of the RBL amortisation schedule which starts in the second half of 2020 and reduces the RBL from the current commitments of MUSD 5,000 to MUSD 4,000 by 1 January 2021. As at 31 March 2020, net debt stood at MUSD 3,694.

Release of report and audiocast on 30 April 2020
Lundin Energy’s financial report for the first quarter 2020 will be published on Thursday 30 April at 07:30 CEST, followed by a live audiocast at 09:00 CEST where Alex Schneiter, President and CEO, and Teitur Poulsen, CFO, will be commenting on the report and the latest developments in Lundin Energy.

Follow the presentation live on www.lundin-energy.com or dial in using the following telephone numbers:

Sweden +46 8 56642651
UK +44 3333000804
United States +1 6319131422
Norway +47 23500243
Access Pin : 58812582

Link : https://lundinenergy.videosync.fi/2020-04-30-q1

 

Lundin Energy: Transforming how oil is produced responsibly (video)

Lundin Energy: Transforming how oil is produced responsibly

Lundin Energy: Transforming how oil is produced responsibly

31 March 2020

Just as oil has transformed modern society, we are transforming how oil is produced responsibly. Our name change to Lundin Energy better reflects our role as a leading provider of oil and gas in the future energy mix, and our ambition for becoming carbon neutral. See how we will achieve this in our company video.

 

Annual General Meeting of Lundin Petroleum AB 31 March 2020

Annual General Meeting of Lundin Petroleum AB 31 March 2020

Annual General Meeting of Lundin Petroleum AB 31 March 2020

31 March 2020

The Annual General Meeting of Shareholders (AGM) of Lundin Petroleum AB (Lundin Petroleum or the Company) was held today, Tuesday 31 March 2020 in Stockholm. Of the resolutions passed, the AGM resolved to approve the change to the Company’s Articles of Association with the effect of amending the name of the Company from Lundin Petroleum AB to Lundin Energy AB.

The Company’s and the Group’s income statements and balance sheets for the financial year 2019 were adopted and the members of the Board of Directors and the Chief Executive Officer were discharged from liability for the financial year 2019.

The AGM resolved that a dividend for the 2019 financial year in the amount of USD 1.00 per share should be paid in equal quarterly instalments.. Before payment, each quarterly dividend of USD 0.25 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). The final USD equivalent amount received by the shareholders may therefore slightly differ depending on what the USD to SEK exchange rate is on the date of the dividend payment. The SEK amount per share to be distributed each quarter will be announced in a press release four business days prior to each record date.

The key dates for the quarterly dividends are set out in the table below.

Conversion dateEx-dividend dateRecord dateExpected payment date
27 March 20201 April 20202 April 20207 April 2020
29 June 20202 July 20203 July 20208 July 2020
28 September 20201 October 20202 October 20207 October 2020
23 December 202030 December 20204 January 20218 January 2021

The AGM resolved to remunerate the members of the Board of Directors as follows: (i) annual fees of the members of the Board of Directors of USD 62,000 (excluding the Chairman of the Board of Directors and the Chief Executive Officer as a Board member); (ii) annual fees of the Chairman of the Board of Directors of USD 130,000; (iii) annual fees for Committee members of USD 14,700 per Committee assignment (excluding the Committee Chairs); and (iv) annual fees for Committee Chairs of 20,300; with the total fees for Committee work, not to exceed USD 193,200.

Peggy Bruzelius, C. Ashley Heppenstall, Ian H. Lundin, Lukas H. Lundin, Grace Reksten Skaugen, Torstein Sanness, Alex Schneiter, Jakob Thomasen and Cecilia Vieweg were re-elected as members of the Board of Directors for a period until the 2021 AGM.

Ian H. Lundin was re-elected as Chairman of the Board of Directors.

The AGM resolved that auditor’s fees shall be paid upon approval of their invoice. Ernst & Young AB was elected as the new auditor of the Company for a period until the 2021 AGM.

Further, the AGM resolved, in accordance with the Board of Directors’ proposals:

  • to approve the Company’s 2020 Policy on Remuneration for Lundin Petroleum’s Group Management, which includes four key elements of remuneration: a) base salary; b) annual variable remuneration; c) Long-term Incentive Plan (LTIP); and d) other benefits, and which comprises remuneration paid to members of the Board of Directors for work performed outside the directorship;
  • to approve the LTIP 2020 for members of Group Management and a number of key employees, which gives the participants the possibility to receive shares in Lundin Petroleum subject to uninterrupted employment and the fulfilment of a performance condition over a three year performance period. The performance condition is based on the share price growth and dividends (Total Shareholder Return) of the Lundin Petroleum share compared to the Total Shareholder Return of a peer group of companies. The total number of performance shares under LTIP 2020 as at the date of award may not exceed 560,000 and the maximum cost for granting awards under LTIP 2020, excluding costs related to delivery of the performance shares, is approximately MUSD 9.7 (approximately MSEK 94.2), excluding social security charges. The total 2020 LTIP cost assumes Lundin Petroleum share price of SEK 274 as of February 2020;
  • to approve delivery of treasury shares held by the Company to the participants under the 2017, 2018 and 2019 Long-term, Performance-based Incentive Plans, subject to applicable terms and conditions;
  • to approve delivery of treasury shares held by the Company to the participants under the 2020 Long-term, Performance-based Incentive Plan, subject to applicable terms and conditions;
  • to authorise the Board of Directors to issue new shares and/or convertible debentures corresponding to in total not more than 28,500,000 new shares, with or without the application of the shareholders pre-emption rights, in order to enable the Company to make business acquisitions or other major investments;
  • to authorise the Board of Directors to decide on repurchases and sales of shares in Lundin Petroleum on Nasdaq Stockholm, where the number of shares repurchased shall be limited so that shares held in treasury from time to time do not exceed ten percent of all outstanding shares of the Company; and
  • to approve to change the Company’s Articles of Association with the effect of amending the name of the Company from Lundin Petroleum AB to Lundin Energy AB, as well as certain editorial amendments.

The AGM furthermore resolved to approve a revised Nomination Committee Process.

The two shareholder proposals which were put to the meeting by a minority shareholder were both rejected by the AGM.

 

Increased phases 1 & 2 plateau rates and accelerated ramp up at Johan Sverdrup

Increased phases 1 & 2 plateau rates and accelerated ramp up at Johan Sverdrup

Increased phases 1 & 2 plateau rates and accelerated ramp up at Johan Sverdrup

30 March 2020

Lundin Petroleum AB (Lundin Petroleum) announces that Johan Sverdrup phase 1 is expected to reach the plateau production rate in early May 2020, more than two months earlier than scheduled. Also, due to higher established processing capacity, the plateau production rate for phase 1 will increase from 440 thousand barrels of oil per day (Mbopd) to 470 Mbopd and as a result full field plateau, when phase 2 comes on stream, has increased to 690 Mbopd.

Johan Sverdrup phase 1 plateau production of 440 Mbopd was previously expected to be reached during the summer of 2020 from 10 wells. As at 30 March 2020, the field was producing 430 Mbopd from nine wells and when the tenth well is on stream, a new, increased plateau production rate of 470 Mbopd is expected to be achieved in early May 2020. As a consequence, full field plateau production guidance, when phase 2 comes on stream, expected in Q4 2022, has also been increased to 690 Mbopd.

Phase 1 production from the Johan Sverdrup field came on stream in October 2019, more than two months ahead of the original schedule and gross NOK 40 billion below the original estimate for development. The break-even oil price for the full-field development is below USD 20 per barrel, operating costs are below USD 2 per barrel and it will produce at a carbon intensity of less than 1 kg CO2 per barrel. The Johan Sverdrup field reserves are in the range 2.2 to 3.2 billion barrels of oil equivalent and the ambition of the partners in the field, is to achieve a recovery factor of more than 70 percent.

Alex Schneiter, President and CEO of Lundin Petroleum comments:
“The Johan Sverdrup field has yet again delivered on the upside and I am very pleased to note that as well as plateau production coming early, we are able to increase the capacity for phase 1 to 470 Mbopd and the full field plateau capacity to 690 Mbopd. This is a fantastic indictment of the combined quality of the subsurface, topsides and the teams who have delivered the development and start up of the field. With this increase in production from Johan Sverdrup, we will be upgrading our 2020 production guidance with our Q1 results on 30 April 2020.

“In this current time of oil market uncertainty, a field like Johan Sverdrup with operating costs below USD 2 per barrel, provides us with one of the lowest cost and highest quality fields in the world and delivers strong cashflow resilience and certainty to our business.”

 

The first quarterly instalment of the proposed 2019 dividend of USD 0.25 per share

The first quarterly instalment of the proposed dividend of USD 0.25 per share will amount to SEK 2.49 per share

The first quarterly instalment of the proposed dividend of USD 0.25 per share will amount to SEK 2.49 per share

27 March 2020

Lundin Petroleum AB (Lundin Petroleum) announces that the first quarterly instalment of the proposed dividend of USD 0.25 per share will amount to SEK 2.49 per share, with a total amount of MSEK 707, corresponding to approximately MUSD 71. The proposed dividend, including the first quarterly instalment, remains subject to approval by the 2020 Annual General Meeting (AGM) that will be held on 31 March 2020.

Information about the first quarterly instalment of the proposed dividend:

Amount per share
(SEK)
Total dividend amount
(MSEK)
Ex-dividend dateRecord dateExpected payment date
2.497071 April 20202 April 20207 April 2020

The Board of Directors has proposed to the 2020 AGM a revised dividend proposal for 2019 of USD 1.00 per share, corresponding to MUSD 284 (rounded off), to be paid in quarterly instalments of USD 0.25 per share, corresponding to MUSD 71 (rounded off).

According to the proposal, before payment, each quarterly dividend of USD 0.25 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 9.9572.

The proposed dividend, including the first quarterly instalment, remains subject to approval by the 2020 AGM. The revised dividend proposal is available on www.lundin-petroleum.com.

 

CEO Letter to Shareholders

CEO letter to shareholders

CEO Letter to Shareholders

23 March 2020

Alex Schneiter, President and CEO of Lundin Petroleum AB (Lundin Petroleum) has written an open letter to shareholders in regard to current market conditions, measures taken to mitigate any impact from the current Covid-19 pandemic on operations and the resilience of the Company’s strategy and business model to low commodity prices.

Key excerpts:

The Company remains resilient against low oil prices:

  • Average breakeven oil price to achieve free cash flow neutrality before debt repayment and dividends for the next seven years is c. USD 17 per barrel of oil equivalent¹ (boe). This is a result of our world class producing fields having one of the lowest Operating Costs in our industry (long term guidance of USD 3.2 to 4.2 per boe). Our remaining capital spend to produce out our proven plus probable reserves is less than USD 3 per boe.

Swift action taken to mitigate any potential impact from the Covid-19 pandemic to production operations:

  • We are part of a coordinated industry response, that focusses on minimising the risk of coronavirus infected personnel travelling offshore, and, in the case of a suspected infection offshore, to isolate and transport to shore as soon as possible. The Norwegian authorities have introduced certain exceptional measures to help deal with the situation.
  • To minimise risk to our production operations, we are down-manning offshore personnel in order to maintain a minimum level of activity allowing us to produce, maintain and plan the anticipated and most important activities on the platforms.
  • Edvard Grieg personnel will be kept at the minimum level required, whilst preserving the infill drilling programme. Installation of the Solveig/Rolvsnes subsea equipment has commenced and currently the first oil date in 2021 is being maintained. Should we see slippage in the Edvard Grieg Area projects it will not impact 2021 production guidance as we have excess well capacity on the Edvard Grieg field. Similar actions are being taken at Alvheim and Johan Sverdrup, preserving key activities and reorganising the phasing of the activities.

Clear opportunities identified to support near term cash flow and liquidity position:

  • Cost reductions of approximately MUSD 170 (including G&A) are already being implemented for 2020. Other measures to further strengthen our liquidity position are being identified such as deferring further non-committed projects.
  • Low cash operating costs means our production generates free cash flow at low oil prices and together with our existing BUSD 5.0 reserves based lending facility (RBL), provides the Company with good liquidity to fund our committed projects. The RBL is currently drawn at approximately BUSD 3.8
  • The Board of Directors announced on 23 March 2020 the decision to amend its dividend proposal from USD 1.80 to USD 1.0 per share, in order to maintain financial prudence and provide us with further liquidity flexibility in this challenging market. This will further strengthen our balance sheet and give us more flexibility in how we deploy our capital.

Alex Schneiter, President and Chief Executive Officer of Lundin Petroleum, said:

“Whilst we remain vigilant and prepared for many different eventualities, today our strategy remains broadly unchanged and our firm intention is to deliver on our 2020 work programme as presented at our Capital Market Day in January 2020 whilst deferring non-committed projects. We will, along the way, continue to apply a very strict capital discipline on the business, to preserve our liquidity position and further reduce and re-phase our capital spend without disrupting our business plans. Although the dividend proposal has been amended, our ability to distribute cash to our shareholders in a sustainable way will continue to be based upon our Free Cash Flow generation, debt gearing levels and the medium to long-term macroeconmic outlook. Overall, I am very pleased with how our organisation has responded to these challenging times and our team is focused on swiftly adapting to this changing environment.”

¹ Based on 2P profile

 

Amendment to proposed 2019 dividend and further update on AGM planning

Amendment to proposed 2019 dividend and further update on AGM planning

Amendment to proposed 2019 dividend and further update on AGM planning

23 March 2020

The Board of Directors of Lundin Petroleum AB (Lundin Petroleum or the Company) announces that in order to maintain financial prudence and further liquidity flexibility in the light of current market conditions, it is amending its dividend proposal to the 2020 Annual General Meeting (AGM) down to USD 1.0 per share (corresponding to MUSD 284) from USD 1.80 per share, as set out in the notice of the AGM published on 27 February 2020. The Company would also like to make shareholders aware that due to the deteriorating situation in regards to the Covid-19 viral pandemic, no member of the Board of Directors and no member of group management will be attending the AGM in person, but members of the Board of Directors and group management will instead attend via live video link.

Amended 2019 dividend proposal
Lundin Petroleum operates with one of the lowest cost bases in the offshore industry and has a free cash flow breakeven on average over the next seven years of around USD 17 per barrel of oil equivalent (boe), which gives the Company certain resilience to commodity price cycles. However, in the light of the recent fall in the oil price, compounded by a significant deterioration of the macro economic environment, the Board of Directors has taken the prudent measure, in order to provide further liquidity flexibility, of amending its dividend proposal to USD 1.0 per share (corresponding to MUSD 284), from USD 1.80 per share (corresponding to MUSD 511), which is to be voted on by shareholders at the AGM on 31 March 2020. The full revised dividend proposal together with a statement from the Board of Directors is available on the Lundin Petroleum website www.lundin-petroleum.com.

Details in regards to the updated proposed 2019 dividend to be paid in four equal instalments in 2020 and 2021
The Board of Directors will propose to the 2020 Annual General Meeting a dividend for 2019 of USD 1.0 per share, corresponding to MUSD 284 (rounded off), to be paid in quarterly instalments of USD 0.25 per share, corresponding to MUSD 71 (rounded off). Before payment, each quarterly dividend of USD 0.25 per share shall be converted into a SEK amount, and paid out in SEK, 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). The final USD equivalent amount received by the shareholders may therefore slightly differ depending on what the USD to SEK exchange rate is on the date of the dividend payment. The SEK amount per share to be distributed each quarter will be announced in a press release four business days prior to each record date.

Information about the proposed dividend to be paid out as follows:

Expected Ex-dividend dateExpected Record dateExpected payment date
1 April 20202 April 20207 April 2020
2 July 20203 July 20208 July 2020
1 October 20202 October 20207 October 2020
30 December 20204 January 20218 January 2021

In order to comply with Swedish company law, a maximum total SEK amount shall be pre-determined to ensure that the dividend distributed does not exceed the available distributable reserves of the Company and such maximum amount for the dividend has been set to a cap of SEK 5.188 billion (i.e. SEK 1.297 billion per quarter). If the total dividend would exceed the cap of SEK 5.188 billion, the dividend will be automatically adjusted downwards so that the total dividend corresponds to the cap of SEK 5.188 billion.

Update on precautionary measures at the AGM
The AGM will take place on 31 March 2020 in “Vinterträdgården” at Grand Hôtel, Södra Blasieholmshamnen 8, in Stockholm, commencing at 13.00.

Given the deteriorating situation in regards to the Covid-19 viral pandemic and restrictions in relation to it, the Company has decided to take the precautionary measure of restricting attendance in person to a minimum and instead, members of the Board of Directors and group management will be present via live video link. All other precautionary measures as announced on 13 March 2020 will remain in place, namely:

  •  The AGM agenda will be addressed by the Chairman of the AGM without any specific presentations, and it is proposed that there be no speech by the Chief Executive Officer
  • To enable shareholders to vote whilst not being physically present at the AGM, the registrar Computershare is offering a service to any shareholder registered to attend the AGM and holding no more than 100,000 shares to appoint Computershare to vote on their behalf, the proxy is available on request by contacting Computershare at telephone +46-8-518 01 554 or by e-mail info@computershare.se – the Company encourages shareholders to exercise their voting rights accordingly
  • Any shareholders displaying symptoms of illness or being part of a risk group are specifically requested not to attend the AGM and to exercise their voting power through proxy There will be no ancillary showcases or informal engagement with representatives of Lundin Petroleum
  • There will be no food or beverages served before, during or after the AGM
  • The meeting will be held entirely in Swedish and no translation services will be provided
  • Attendees, who nonetheless wish to attend in person, may be subject to health screening at the entrance and will be asked to spread out in the room and avoid close contact with other attendees
  • Under all circumstances, only registered shareholders (including proxies and advisers) that have given notice of attendance to the Company in due order will be allowed to enter the meeting, meaning that the AGM will resolve that no external guests, including media and other stakeholders will be allowed to attend

Farm down of Finland wind farm project to join forces with Sval Energi

Farm down of Finland wind farm project to join forces with Sval Energi

Farm down of Finland wind farm project to join forces with Sval Energi

20 March 2020

Lundin Petroleum AB (Lundin Petroleum) announces that is has successfully farmed down 50 percent of its Metsälamminkangas (MLK) wind farm project, in mid Finland to Sval Energi AS (Sval), a portfolio company of HitecVision.

As announced on 31 January 2020, Lundin Petroleum concluded a transaction with OX2 AB (OX2) to acquire a 100 percent interest in the MUSD 200 MLK wind farm project, which will produce around 400 GWh per annum gross, once it is fully operational in 2022, from 24 onshore wind turbines. Sval has farmed into 50 percent of the MLK project worth MUSD 100, which includes acquisition cost and future capital expenditure, and is on equivalent terms as Lundin Petroleum acquired the project from OX2.