LNEGY - LNEGY STOCK NEWS

Lundin Energy AB plans to change its name to Orrön Energy AB as it transitions to a renewables-focused business. The name change, which requires shareholder approval, is linked to the completion of its Combination with Aker BP on June 30, 2022. The new name will reflect the company's renewable energy initiatives and Nordic heritage, starting July 1, 2022. Orrön Energy will launch as a debt-free entity with three low-cost renewable assets in the Nordics. Key management from Lundin will remain, emphasizing continuity and experience in the renewable sector.

Lundin Energy AB is notifying shareholders about the Extraordinary General Meeting (EGM) scheduled for June 16, 2022, at 09:00 a.m. (CEST). The meeting will be virtual, with postal voting options available. Key agenda items include Board of Directors' election, approval of remuneration, a long-term share incentive plan (Board LTIP 2022), and authorization for share issuance. Shareholders must register by June 10, 2022, to participate online. Important decisions will depend on the planned combination with Aker BP, expected to complete by June 30, 2022.

Lundin Energy AB has announced the sale of 1,356,436 treasury shares on Nasdaq Stockholm, authorized by its Annual General Meeting on March 31, 2022. The sales will occur between May 5 and June 22, 2022, at prices within the current bid-ask spread. Pareto Securities AB has been appointed to facilitate the sales, with transaction reports to be provided to Nasdaq Stockholm within seven trading days post-sale. This move aligns with the company’s strategy of enhancing shareholder value through Treasury stock management.

Lundin Energy and Aker BP have received all necessary approvals from the Norwegian authorities for their business combination, which was approved by shareholders at their AGMs in 2022. The completion of this merger is anticipated on June 30, 2022. The combination aims to enhance operational efficiency and growth potential in the oil and gas sector. Lundin Energy emphasizes its commitment to sustainability and resilience against oil price fluctuations.

Lundin Energy announced successful shareholder approval for the merger with Aker BP, creating a leading independent E&P company in Europe, expected to finalize on June 30, 2022. The company reported a record revenue of $1.98 billion for Q1 2022, driven by an oil price of $104 per barrel and a robust production rate of 191.4 Mboepd. Free cash flow reached $822 million, while net debt decreased to $2.1 billion. A quarterly dividend was increased by 25% to $0.5625 per share. The company also advanced its Decarbonisation Plan, completing its first wind farm and progressing on electrification initiatives.

Lundin Energy will publish its financial report for Q1 2022 on April 27. The company expects to expense pre-tax exploration costs of approximately $22 million and recognize a net foreign exchange loss of approximately $36 million. The Combination with Aker BP will result in the remaining renewable focused business being debt-free and having a cash balance of $130 million. The renewables business is expected to be free cash flow positive from late 2023.

Lundin Energy has announced the completion and commercial handover of the Metsälamminkangas (MLK) wind farm, Finland's third largest. It is expected to generate approximately 400 GWh annually from 24 5.5 MW turbines, holding a 50% stake alongside Sval Energi. The wind farm's construction was completed on budget by OX2 AB, with delays compensated through liquidated damages. This facility is significant for Lundin's Decarbonisation Plan as it transitions toward renewable energy, benefiting from high spot electricity prices in the region.

The Annual General Meeting (AGM) of Lundin Energy approved the combination of its E&P business with Aker BP and a quarterly cash dividend of USD 0.5625 per share. The merger, contingent on Aker BP's AGM approval and government clearances, is targeted for completion on June 30, 2022. Shareholders will receive shares in Lundin Energy MergerCo AB prior to the merger. The AGM also re-elected the Board of Directors and authorized share sales on Nasdaq Stockholm. Additionally, two minority shareholder proposals were rejected.

Lundin Energy has proposed a quarterly cash dividend of USD 0.5625 per share, totaling SEK 5.30 per share, amounting to approximately MSEK 1,508 or MUSD 160 for the first installment. The payment is subject to approval at the 2022 Annual General Meeting (AGM) on 31 March 2022. The dividend is expected to be paid on 7 April 2022, with the ex-dividend date set for 1 April 2022. This proposal also includes a conditional Lex Asea distribution tied to Lundin's E&P business.