Posts

Update on Q4 2020 financial results and webcast details for Capital Markets Day presentation on 28 January 2021

Update on Q4 2020 financial results and webcast details for Capital Markets Day presentation on 28 January 2021

Update on Q4 2020 financial results and webcast details for Capital Markets Day presentation on 28 January 2021

13 January 2021

Lundin Energy AB (Lundin Energy) will publish its financial report for the fourth quarter 2020 and host its annual Capital Markets Day presentation on Thursday, 28 January 2021. For the fourth quarter 2020, Lundin Energy will expense pre-tax exploration costs of approximately MUSD 58, and recognise a net foreign exchange gain of approximately MUSD 256.

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 2020, Lundin Energy will incur pre-tax exploration costs of approximately MUSD 58, which will be charged to the income statement and offset by a tax credit of approximately MUSD 45. The exploration costs are mainly related to the dry wells on the Polmak prospect (PL609/PL1027) and the Spissa prospect (PL960) and relinquished licenses.

Net debt and foreign exchange gain
The net debt position of Lundin Energy at 31 December 2020, amounted to USD 3.9 billion resulting in available liquidity of USD 1.1 billion, within its recently refinanced and cheaper, USD 5.0 billion credit facility. As a result of the refinancing, unamortized capitalized financing fees and loan modification gain were expensed during the fourth quarter.

Lundin Energy will recognise a net foreign exchange gain of approximately MUSD 256 for the fourth quarter of 2020. The Norwegian Krone strengthened against the US Dollar by approximately 10 percent and the Euro strengthened by approximately 5 percent during the fourth quarter of 2020. The foreign exchange gain 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 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 2020, Lundin Energy was overlifted by 2.1 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 2020, revenue from the sale of crude oil from third parties amounted to MUSD 24.9 offset by the purchase of crude oil from third parties of MUSD 24.5, resulting in a gross profit of MUSD 0.4 on third party activities for the fourth quarter 2020.

Fourth Quarter 2020 results and Capital Markets Day 2021
Lundin Energy’s financial report for the fourth quarter 2020, will be published on Thursday, 28 January 2021 at 07:30 CET.

Lundin Energy management team will present the financial results for the fourth quarter 2020 and Capital Markets Day presentation by webcast at 14.00 CET on the 28 January 2021. 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 2071 928338
Sweden: +46 8 566 184 67
Norway: +47 21 56 30 15
USA: +1 646 741 3167

Access Pin : 6247379

Link : https://edge.media-server.com/mmc/p/oz7b59c2

 

Lundin Energy announces resource additions of 210 percent of 2020 production

Lundin Energy announces resource additions of 210 percent of 2020 production

Lundin Energy announces resource additions of 210 percent of 2020 production

12 January 2021

Lundin Energy AB (Lundin Energy) is pleased to announce that as at 31 December 2020, its proved plus probable net reserves (2P reserves) are 671 million barrels of oil equivalent (MMboe 1,2) and its proved plus probable plus possible net reserves (3P reserves) are 826 MMboe. 2P reserves plus best estimate net contingent resources (total resource) are 946 MMboe, with a total resource replacement ratio3 for 2020 of 210 percent.

Lundin Energy’s 2P reserves as at 31 December 2020 are 670.9 MMboe and reflect a positive revision of 39.3 MMboe. The 3P reserves as at 31 December 2020 are 826.0 MMboe and reflect a positive revision of 30.0 MMboe. The best estimate net contingent resources (2C resources) as at 31 December 2020 are 275.5 MMboe, which is an increase of 90.2 MMboe from year end 2019. The total resource as at 31 December 2020 are 946.4 MMboe, which reflects additions of 129.4 MMboe from year end 2019, including asset acquisitions.

 

2P Reserves3P ReservesTotal Resources
2P + 2C
End 2019693.3857.5878.6
  – Produced 4-61.6-61.6-61.6
  – Sales/+Acquisitions+78.4
  + Revisions/Discoveries+39.3+30.0+51.0
End 2020670.9826.0946.4
Reserves replacement ratio 3,564%49%210%

 

The increase in 2P reserves relates primarily to the Edvard Grieg field, along with minor reserves additions at other assets. The increase in 2C contingent resources relates to the acquisition of interests in the Wisting and Alta discoveries in the southern Barents Sea, as well as exploration success at the Iving prospect in the Norwegian North Sea. Oil accounts for approximately 90 percent of Lundin Energy’s total resource.

As announced in September 2020, gross 2P reserves at Edvard Grieg have been increased by 51 MMboe from year end 2019 (33 MMboe net to Lundin Energy), which lifts the gross 2P ultimate recovery for the field to 350 MMboe6, representing an increase of 90 percent from the original PDO estimate. Gross 2P ultimate recovery for the Greater Edvard Grieg Area has therefore grown to 410 MMboe, which includes the Solveig Phase 1 and Rolvsnes Extended Well Test (EWT) tie-back developments. These additional reserves extend the plateau production period for the Greater Edvard Grieg Area by one year to late 2023, representing a five-year extension from the original PDO. Activity in the Greater Edvard Grieg Area will continue in 2021, with the drilling of three infill wells at Edvard Grieg, first oil from the two tie-back developments and further exploration drilling.

The Johan Sverdrup field continues to exceed expectations, with excellent reservoir performance and well productivities. The Phase 1 facility capacity has been increased to 500 thousand barrels of oil per day (Mbopd), with potential for a further increase, post modifications to the water injection system, which is planned in mid-2021. When Phase 2 comes on stream, scheduled for the fourth quarter of 2022, it is expected that the production capacity will be lifted to 720 Mbopd. More production experience is required to further understand the reservoir performance prior to any potential revisions to the reserves estimate.

In March 2020, Lundin Energy announced discoveries at the Iving and Evra prospects in in the Norwegian North Sea, close to the Balder and Ringhorne fields. The discoveries are estimated to contain between 12 and 71 MMboe of gross resources and will be further appraised in 2021.

In October 2020, Lundin Energy announced the acquisition of a 10 percent working interest in the Wisting oil discovery and a further 15 percent working interest in the operated Alta discovery, both located in the Southern Barents Sea. Equinor, the operator of Wisting in the development phase, 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 78 MMboe.

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.

Nick Walker, President and CEO of Lundin Energy, commented:
“Growth and value creation are the key drivers for our business, and I am pleased that in a year when our production almost doubled, we were still able to deliver total resource additions of over two times our produced barrels. Our strong track record of growing the business continues, as we have now achieved a total resource replacement of 150 percent of our production over the last five years.

“Our growth strategy is underpinned by our world class producing assets which continue to outperform, a pipeline of potential new projects that we are prioritising for development within the new tax environment and an exciting exploration portfolio. With our 2021 programme already underway, I am confident that we will deliver another year of resource growth.”

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 50 per barrel in 2021, 54 in 2022, 58 in 2023, 60 in 2024, 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.
4Reserves are measured in salable 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.
6 2P ultimate recovery is cumulative production to date plus remaining proved plus probable (2P) reserves.

Successful refinancing into a USD 5 billion corporate credit facility

Successful refinancing into a USD 5 billion corporate credit facility

Successful refinancing into a USD 5 billion corporate credit facility

14 December 2020

Lundin Energy AB (the ‘Company”) is pleased to announce that is has successfully completed the refinancing of its existing secured USD 4.75 billion Reserves Based Lending facility (“RBL”) and other corporate facilities, into a new, lower margin USD 5 billion five year corporate facility, (the “Facility”).

Highlights
• New USD 1.5 billion five-year Revolving Credit Facility (“RCF”)
• New USD 3.5 billion 2 to 5 year maturity term loans
• Weighted average margin of 1.6 percent above LIBOR(1) which is 0.9 percentage points lower compared to the current RBL margin
• Inclusion of ESG Key Performance Indicators (“KPI”), impacting margin according to performance
• 16 international banks in the Facility
• Additional ‘accordion’ option of up to USD 1 billion

The Facility is a combination of a five-year USD 1.5 billion RCF and USD 3.5 billion term loans, split across two, three, four and five year maturities, replacing the current USD 4.75 billion RBL and USD 500 million of other credit facilities. The average margin across the Facility is significantly improved to 1.6 percent above LIBOR1, from the current RBL rate of 2.5 percent above LIBOR. The Facility also includes the option to bring in additional commitments in an accordion option of up to USD 1 billion. In line with the Company’s best in class environmental profile, ESG KPIs on carbon intensity and renewable electricity generation have been incorporated into the margin payable, providing further financial incentives for the delivery of the Decarbonisation Strategy and 2030 carbon neutrality target. The structure of the Facility is such, that it is compatible with unsecured bond issuances through the debt capital markets at pari passu terms, which could be utilised at an appropriate time to diversify the Company’s capital structure.

Teitur Poulsen, CFO of Lundin Energy comments:
“I am very pleased to announce the successful completion of the refinancing of our credit facilities into a simplified and more flexible structure of RCF and term loans, on significantly better terms. For the first time we are also including ESG KPIs into our debt framework, which will serve to offer an economic incentive to continue improving our Carbon emissions performance. This further demonstrates the financial value which can be realised from industry leading sustainable operations. I believe it is a sign of the resilience of the business, quality of the asset base and future growth profile that we were able to secure continued support from our key lenders on enhanced terms. This was achieved while successfully trading through one of the most challenging oil markets in recent years. The Facility gives us additional flexibility in terms of our financial framework and improved liquidity headroom, which alongside our BBB– (2) credit rating, positions the Company’s balance sheet well, as we continue to pursue our organic growth strategy.

“I would like to take this opportunity to thank all of our existing lenders who continue to support us in this new Facility and also welcome the new faces into the bank syndicate.”

1) LIBOR: London Inter-Bank Offered Rate
2) S&P Global Inc.

Lundin Energy audiocast – Q3 report 2020 presentation

Lundin Petroleum audiocast - Q3 report 2020 presentation

Lundin Energy audiocast – Q3 report 2020 presentation

30 October 2020

Listen to Alex Schneiter, President and CEO, and Teitur Poulsen, CFO, commenting on the report at a live audiocast, to be held at 09:00 CET this morning (30 October 2020).

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

UK/International:…….+44 207 192 8338
Sweden:………………+46 8 566 184 67
Norway: ……………..+47 21 56 30 15
USA: ………………….+1 646 741 3167
Access code/pin:  8031159

Link: https://edge.media-server.com/mmc/p/ga7xerab

 

 

Risk of Johan Sverdrup shutdown from union strike action

Risk of Johan Sverdrup shutdown from union strike action

Risk of Johan Sverdrup shutdown from union strike action

7 October 2020

Lundin Energy AB (Lundin Energy) announces that due to the ongoing strike action by the Norwegian labour union Lederne, there is a risk that the Johan Sverdrup field will have to temporarily shut down production upon the next crew rotation on 14 October 2020.

It is hoped that the Norwegian Oil and Gas Association (NOROG) and Lederne, in the intervening period, may reach a settlement and avert a temporary shutdown of Johan Sverdrup.

None of Lundin Energy’s other producing fields have been impacted by the Lederne strike action.

 

 

Lundin Energy Announces Nick Walker appointed as President and CEO of Lundin Energy effective 1 January 2021

Lundin Energy Announces Nick Walker appointed as President and CEO of Lundin Energy effective 1 January 2021

Lundin Energy Announces Nick Walker appointed as President and CEO of Lundin Energy effective 1 January 2021

18 August 2020

Lundin Energy AB (Lundin Energy) is pleased to announce that the Board of Directors has appointed Nick Walker as President and Chief Executive Officer (CEO) of Lundin Energy following Alex Schneiter’s decision to step-down from the position. This will become effective as of 1 January 2021.

Nick Walker has been appointed CEO effective 1 January 2021 as Alex Schneiter has today advised the Board of his decision to step-down from his position as of 1 January 2021. Nick has been Chief Operating Officer (COO) of Lundin Energy since 2015 and has worked closely with the strong Norwegian team to deliver the on-going out-performance at the Edvard Grieg field, overseeing the continuous drive for organic production growth and operational efficiency and help successfully deliver the world class Johan Sverdrup project. He brings to the job of CEO over 30 years’ experience in the industry, coming from a technical and operational background. He has also developed a strong relationship with the investment and financial community and will continue to work closely with the Board of Directors to continue the strategic growth of the company.

Alex Schneiter has offered to remain on the Board as a non-Executive Director and will also stay involved in an advisory capacity with the wider Lundin Group of Companies. He has held the position of CEO since 2015, having been with the business since its inception in 2001. Alex has led Lundin Energy on a strong growth trajectory over his five years as CEO, creating significant shareholder value and overseeing an eight-fold growth in production. His focus on exploration, financial resilience and production efficiency coupled with a passion for responsible practices, has positioned Lundin Energy at the forefront of the upstream operators’ response to the energy transition. He personally led the Company to develop its first ever Decarbonisation Strategy, placing Lundin Energy firmly on the map as the first offshore oil company to target carbon neutrality by 2030, setting out a deliverable timeline in which to achieve that.

Alex and Nick will work closely over the next five months to ensure a seamless transition. The appointment of a new Chief Operating Officer will be announced shortly.

Ian Lundin, Chairman of the Board of Lundin Energy commented:
“The Board and I very much look forward to working with Nick in his new capacity as CEO with his expert knowledge, not only of our assets but the offshore oil and gas industry as a whole. He is the ideal leader to take the Company into the next, exciting phase of our organic growth story and retain our position as best in class.”

“Alex has played a major role in the success of the Company not just as CEO, but throughout his career here, and the wider Lundin Group, for almost 30 years. His contribution has been outstanding, both as a technical expert and explorer, and as a CEO and leader of the teams across all the jurisdictions in which we have operated. I wish him all the best in his future endeavours and look forward to continuing to work with him in his advisory role for the wider Lundin Group.”

Please follow this link for a Shareholder Letter from Alex Schneiter, President and CEO of Lundin Energy:



Report for the six months ended 30 June 2020

Report for the six months ended 30 June 2020

Report for the six months ended 30 June 2020

29 July 2020

·Despite very low oil prices, free cash flow was positive from the oil and gas operations in second quarter and over MUSD 380 free cash flow for the six months period
·Record quarterly production of 162.9 Mboepd in the second quarter
·Accelerated ramp up and increased phase 1 plateau production at Johan Sverdrup; phase 1 capacity of 470 Mbopd to be tested for further upside, during second half of this year
·Significant increase in liquidity during the period from cost reductions and phasing, tax incentives and additional debt facilities
·Continued out performance at Edvard Grieg; increase in reserves and extension of plateau production anticipated
·Eight potential projects to be accelerated due to recent Norwegian tax incentives, targeting over 120 MMboe of net resources
·Awarded credit rating of ‘BBB-‘ with stable outlook by S&P Global, confirming strength of liquidity and credit position

 

Financial summary1 Jan 2020-
30 Jun 2020
6 months
1 Apr 2020-
30 Jun 2020
3 months
1 Jan 2019-
30 Jun 2019
6 months
1 Apr 2019-
30 Jun 2019
3 months
1 Jan 2019-
31 Dec 2019
12 months
Production in Mboepd157.7162.977.576.193.3
Revenue and other income in MUSD1,097.7402.5984.0499.92,948.7
CFFO in MUSD
Per share in USD
898.1
3.16
259.8
0.91
754.5
2.23
408.7
1.21
1,378.2
4.36
EBITDA in MUSD1
Per share in USD1
916.2
3.23
335.1
1.18
811.6
2.40
411.9
1.22
1,918.4
6.07
Free cash flow in MUSD2
Per share in USD2
381.5
1.34
-25.2
-0.09
167.4
0.49
71.6
0.21
1,271.7
4.03
Net result in MUSD
Per share in USD
-131.8
-0.46
178.8
0.63
149.7
0.44
96.2
0.28
824.9
2.61
Adjusted Net result in MUSD
Per share in USD
117.3
0.41
51.3
0.18
128.4
0.38
69.5
0.21
252.7
0.80
Net debt in MUSD3,796.13,796.1 3,359.33,359.34,006.7

1Excludes 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.
2Includes renewable energy business. Free cash flow for second quarter 2020 excluding renewable energy business was MUSD 19.5 positive.


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

“The resilience Lundin Energy has shown in the face of the sharpest downturn in the history of the oil industry is a testament to the quality of the asset base, flexibility of our financial resources and operational excellence of the business and our people; this has been further demonstrated by the award of a ‘BBB-‘ credit rating. We generated over MUSD 380 of free cash flow in the period and delivered a positive free cash flow result from the oil and gas operations for the second quarter. This all in a period where we encountered some of the lowest realised pricing we have witnessed, both when taking into account the historic negative dated Brent differential and physical discount; a situation which has now normalised and in fact we are witnessing premiums for our barrels in the market again.

“The risk posed by coronavirus presented a unique challenge to the offshore industry and following swift and effective action, any potential threat was mitigated and all of our staff have come through the period safely and we saw no disruptions to production. As we enter the second half of the year, all offshore facilities have returned to normal manning levels and the projects are progressing on plan.

“Although faced with an uncertain market backdrop, operationally Lundin Energy performed exceptionally well. Johan Sverdrup reached its increased plateau rate of 470 Mbopd in April 2020 and since then a further new production well has been completed. The capacity of the facilities will be tested for further upside in the second half of the year. At Edvard Grieg, reservoir performance continues to exceed expectations. The reservoir model is currently being updated along with the recently completed 4D seismic survey and we already see clear potential for a further increase in reserves and an extension of the plateau production.

“The Norwegian government also played an active role during the period; establishing a tax incentive package which as well as improving near term liquidity also significantly improves future project economics assuming plan of development(s) are submitted prior to end of 2022. The Company has identified up to eight potential new projects targeting over 120 MMboe of net resources, which could benefit from these tax incentives. We will be aiming to accelerate appraisal activities and field development studies for all of these potential projects, with the objective of maturing them to sanction prior to the deadline at the end of 2022.

“As well as maintaining a very low operating cost base during the period of USD 2.78 per boe, we were also able to deliver a carbon emission per barrel produced of 2.8 Kg CO2, which is 50 percent lower than in 2019 and significantly below our emission target in 2020 of 4 kg CO2 per barrel produced. Our carbon footprint will be further reduced by the end of 2022 when the Edvard Grieg field will be fully electrified using mostly onshore renewable electricity. By then we will be targeting less than 2 Kg CO2 per barrel produced and be close to our objective of reaching carbon neutrality from our operations.

“The second half of the year will see us resuming exploration activities in the fourth quarter, as well as continuing to focus on maintaining strict capital discipline and opportunistically looking to take advantage of this low point in the cycle to complement our portfolio. It is times like these which show the true mettle of a business and I would like to take this opportunity to thank all staff for their hard work and determination, as we not only successfully traded through this difficult period but are indeed in a stronger and fitter position. As the founder of the Lundin Group, Adolf Lundin, used to tell me, “when the going gets tough, the tough get going!”

Audiocast Presentation
Listen to Alex Schneiter, President and CEO, and Teitur Poulsen, CFO, commenting on the report at a live audiocast, to be held at 09:00 CEST this morning (29 July 2020). Follow the presentation live on www.lundin-energy.com or dial in using the following telephone numbers:

UK/International: ….+44 207 192 8338
Sweden: ………………..+46 8 566 184 67
Norway: ………………..+47 21 56 30 15
USA: ……………………..+1 646 741 3167
Access code/pin : 4291718

Link : https://edge.media-server.com/mmc/p/pa874z3y

 

Update on second quarter 2020 financial results and audiocast details for presentation on 29 July 2020

Update on second quarter 2020 financial results and audiocast details for presentation on 29 July 2020

15 July 2020

Lundin Energy AB (Lundin Energy) will publish its financial report for the second quarter 2020 on Wednesday, 29 July 2020. For the second quarter 2020, Lundin Energy will expense pre-tax exploration costs of approximately MUSD 19 and recognise a net foreign exchange gain of approximately MUSD 131.

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 second quarter of 2020, Lundin Energy will incur a pre-tax charge to the income statement of MUSD 19 relating to exploration costs. These exploration costs will be offset by a tax credit of approximately MUSD 15. The costs are mainly related to relinquished licenses, including the part relinquishment of Area 5 of PL338 containing the Apollo discovery.

Foreign exchange
Lundin Energy will recognise a net foreign exchange gain of approximately MUSD 131 for the second quarter of 2020. The Norwegian Krone strengthened against the US Dollar by approximately 7 percent and the Euro strengthened against the US Dollar by approximately 2 percent during the second quarter of 2020. The foreign exchange gain 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 second quarter of 2020, Lundin Energy was overlifted by 9.4 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 second quarter 2020, revenue from the sale of crude oil from third parties amounted to MUSD 8 offset by the purchase of crude oil from third parties of MUSD 8.

Release of report and audiocast on 29 July 2020
Lundin Energy’s financial report for the second quarter 2020 will be published on Wednesday 29 July 2020 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:

UK/International:    +44 207 192 8338
Sweden:     +46 8 566 184 67
Norway:     +47 21 56 30 15
USA:     +1 646 741 3167
Access code/pin :  4291718

Link : https://edge.media-server.com/mmc/p/pa874z3y

 

Lundin Energy AB’s Nomination Committee

Lundin Energy AB's Nomination Committee

Lundin Energy AB’s Nomination Committee

16 June 2020

Lundin Energy AB (Lundin Energy) is pleased to announce the composition of the Nomination Committee for the 2021 Annual General Meeting (AGM) to be held on 30 March 2021 in Stockholm.

The Nomination Committee has been formed with the following members:

• Filippa Gerstädt (Nordea Funds)
• Aksel Azrac (Nemesia S.à.r.l.)
• Ian H. Lundin, Chairman of the Board of Directors of Lundin Energy

At the Nomination Committee’s first meeting, Aksel Azrac was elected as Chairman of the Nomination Committee.

The Nomination Committee shall make recommendations to the 2021 AGM regarding:

• Election of the Chairman of the 2021 AGM
• Election of members of the Board of Directors, including number of members
• Election of the Chairman of the Board of Directors
• Remuneration of the members of the Board of Directors, distinguishing between the Chairman and other members, and remuneration for Board Committee work
• Election of the auditor and remuneration of the auditor
• Nomination Committee Process for the 2022 AGM, if any amendments are proposed to the Process for the 2021 AGM

Shareholders who wish to present a motion to the Nomination Committee regarding the above-mentioned issues should contact the Chairman of the Nomination Committee, Aksel Azrac, at nomcom@lundin-energy.com not later than 21 December 2020.

Downloads

Update on Q4 2020 financial results and webcast details for Capital Markets Day presentation on 28 January 2021 (regulatory)

Latest corporate presentation