10 licences awarded in the Norwegian APA 2021 licensing round

Rhea-AI Summary

Lundin Energy AB has announced that its subsidiary, Lundin Energy Norway AS, received ten exploration licenses in the 2021 APA licensing round in Norway. This includes six licenses in the North Sea, three licenses in the Norwegian Sea, and one license in the Southern Barents Sea. Lundin Energy Norway will operate five of these licenses. The company aims to enhance its exploration capabilities and strengthen its portfolio in these strategic regions, focusing on economic and sustainable resource development.

Positive

• Awarded ten exploration licenses, enhancing exploration capabilities.
• Includes six licenses in the North Sea and three in the Norwegian Sea, indicating a strategic geographical focus.
• Five of the licenses will be operated by Lundin Energy Norway, allowing for increased control over operations.

Negative

• None.

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:

Licence	Blocks	Working Interest (Percent)	Area
1170*	7324/6,8,9, 7325/4,7	35%	Southern Barents Sea
1164*	6507/11	40%	Norwegian Sea
1162*	6407/2	50%	Norwegian Sea
1157*	6407/7	60%	Norwegian Sea
1152	33/3,5,6, 34/4	50%	North Sea
1147	29/9, 30/7,8,10,11	20%	North Sea
1142	25/4,5	9.05%	North Sea
1143	25/4,5	9.05%	North Sea
1139*	15/6	40%	North Sea
1138	15/9, 16/4,7	30%	North Sea

^*Operator Lundin Energy Norway

For further information, please contact:

Edward Westropp
VP Investor Relations and Communication
Tel: +41 22 595 10 14
edward.westropp@lundin-energy.com

Robert Eriksson
Director Media and Corporate Affairs
Tel: +46 701 11 26 15
robert.eriksson@lundin-energy.com

Lundin Energy is an experienced Nordic oil and gas company that explores for, develops and produces resources economically, efficiently and responsibly. We focus on value creation for our shareholders and wider stakeholders through three strategic pillars: Resilience, Sustainability and Growth. Our high quality, low cost assets mean we are resilient to oil price volatility, and our organic growth strategy, combined with our sustainable approach and commitment to decarbonisation, firmly establishes our leadership role in a lower carbon energy future. (Nasdaq Stockholm: LUNE). For more information, please visit us at www.lundin-energy.com or download our App www.myirapp.com/lundin

Forward-looking statements

Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including Lundin Energy’s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon. These statements speak only as on the date of the information and Lundin Energy does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading “Risk management” and elsewhere in Lundin Energy’s Annual Report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement.

Attachment

• Lundin Energy - APA licence awards - V5 - 18012022en

FAQ

What licenses has Lundin Energy AB been awarded in Norway?

Lundin Energy AB has been awarded ten exploration licenses in Norway, including six in the North Sea, three in the Norwegian Sea, and one in the Southern Barents Sea.

How many licenses will Lundin Energy Norway operate?

Lundin Energy Norway will operate five of the newly awarded licenses.

What areas are covered by the new exploration licenses awarded to Lundin Energy?

The new exploration licenses cover areas in the North Sea, Norwegian Sea, and Southern Barents Sea.

What is the significance of the APA licensing round for Lundin Energy?

The APA licensing round allows Lundin Energy to enhance its exploration capabilities and strengthen its resource portfolio in Norway.

What is the stock symbol for Lundin Energy?

The stock symbol for Lundin Energy is LNEGY.