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Orrön Energy is an independent renewable energy company listed on Nasdaq Stockholm under the symbol ORRON. As part of the Lundin Group, Orrön Energy focuses on high-quality, cash-generating assets in the Nordics while exploring growth opportunities in the Nordics, UK, Germany, and France. With strong financial backing, experienced management, and a commitment to sustainable energy, Orrön Energy is well-positioned to drive value creation in the energy sector.
Lundin Energy highlights the publication of an Exemption Document by Aker BP regarding their proposed Combination of Lundin Energy's E&P business with Aker BP. The document outlines relevant risk factors, a business overview of both companies, and unaudited pro forma financial statements for the year 2021, assuming the Combination occurred on January 1, 2021. The deal requires approval from both companies' Annual General Meetings and necessary governmental clearances, targeting completion in late Q2 2022.
Lundin Energy AB is set to publish a company description for its new renewables-focused business, which will operate independently following the proposed merger with Aker BP. It will feature three high-quality assets in the Nordics, generating about 600 GWh annually. The business will be debt-free and has secured $130 million in cash for project development, expected to generate free cash flow starting late 2023. A focus on sustainable energy and capital for growth projects positions the company advantageously amidst the EU's net-zero ambitions.
Lundin Energy has released a report detailing the payments made to governments by the company and its subsidiaries during 2021. The report underscores Lundin Energy's commitment to transparency and fiscal responsibility. For full access, the report is available for download on Lundin Energy's official website. This disclosure adheres to the Swedish Securities Markets Act. Stakeholders can learn more about Lundin Energy’s operational strategy, which involves a focus on sustainability and growth while managing risks associated with the oil and gas sector.
Lundin Energy AB has announced details for its Annual General Meeting (AGM) scheduled for 31 March 2022. Shareholders can exercise their voting rights in person, by proxy, or via postal voting by registering by 25 March 2022. A significant agenda item includes the approval of a quarterly cash dividend of USD 0.5625 per share, totalling USD 160 million per quarter. Additionally, the Board will seek approval for a merger with Aker BP ASA and the distribution of shares in Lundin Energy MergerCo AB as part of the merger process.
Lundin Energy AB announced plans to present its outlook for the Renewables Business on 7 March 2022. This follows the intended separation of the Renewables Business as a standalone entity upon completing the combination of Lundin Energy's Exploration & Production (E&P) assets with Aker BP, projected for the end of June 2022. A webcast will occur at 16:00 CET on the presentation date, providing insight into future strategy and management. The presentation will be available on their website prior to the event.
Lundin Energy and Aker BP have entered into a merger agreement to combine Lundin's E&P business with Aker BP. This statutory cross-border merger will involve the distribution of shares in Lundin Energy MergerCo to Lundin's shareholders prior to the merger. The merger plan has been filed in Norway and Sweden and is subject to approval at both companies' Annual General Meetings. The indicative timetable includes completion of the merger by June 30, 2022. Lundin's renewable energy business will remain listed on Nasdaq Stockholm after the merger.
Lundin Energy has set its 2022 programme with a capital budget of MUSD 830 and production guidance of 180 to 200 Mboepd. The average production in 2021 was 190 Mboepd. For 2022, operational costs are projected at USD 3.6 per boe, slightly higher than USD 3.1 per boe in 2021 due to startup costs for Johan Sverdrup Phase 2. The company plans significant investments in renewables and aims for carbon neutrality by 2023, with a budget of MUSD 70 for renewables. Long-term targets include sustaining production above 200 Mboepd by 2023.
Lundin Energy reported a record financial performance for 2021, achieving a free cash flow of USD 1.6 billion and reducing net debt to USD 2.7 billion. The company anticipates completing its merger with Aker BP around mid-2022, creating a leading independent E&P company in Europe. Lundin Energy's production guidance for 2022 is set between 180 and 200 Mboepd, with significant resource additions reported. The Board proposes a 25% increase in quarterly dividends until the merger's completion. The company aims to be carbon neutral by 2023.
Lundin Energy AB has reported a strong increase in its proved plus probable (2P) net reserves, which now stand at 639 million barrels of oil equivalent (MMboe) as of December 31, 2021. This reflects a 39 MMboe revision since the previous year. The company’s total resources have also increased to 1,019 MMboe, up by 144 MMboe year-over-year. Key assets, particularly in the Edvard Grieg and Johan Sverdrup fields, contributed significantly to these gains, indicating a promising outlook for future production and resource growth.
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