Extraordinary General Meeting of Lundin Petroleum AB 31 July 2019

31 July 2019

An Extraordinary General Meeting of Shareholders of Lundin Petroleum AB (publ) (“Lundin Petroleum”) was held today, Wednesday 31 July 2019, in Stockholm.

The Extraordinary General Meeting was convened in connection with the proposal to, among other things, redeem 16 percent of the outstanding shares of Lundin Petroleum that are currently held by Equinor ASA and the sale of a 2.6 percent stake in the Johan Sverdrup development project for a cash consideration to Equinor Energy AS, as announced by Lundin Petroleum on 7 July 2019. The Extraordinary General Meeting resolved, in accordance with the Board of Directors’ proposals:

To approve the agreement entered into between Lundin Petroleum and SpareBank 1 Markets AS on 7 July 2019 regarding a share swap transaction in relation to 54,461,831 shares in Lundin Petroleum. Lundin Petroleum will settle the swap for a cash consideration to SpareBank 1 Markets AS of SEK 14.5 billion and will subsequently redeem the shares that Sparebank 1 Markets AS holds for no consideration.
To reduce the share capital by not more than SEK 556,594.14. The reduction of the share capital is to be effected with retirement of not more than 54,461,831 shares that will be held by SpareBank 1 Markets AS on the date of the implementation of the resolution. The amount by which the share capital is reduced will be allocated to unrestricted equity. Accordingly, SpareBank 1 Markets AS will not receive any payment for the retired shares. After the registration of the resolution with the Swedish Companies Registration Office, Lundin Petroleum will have 285,924,614 outstanding shares.
To increase the share capital by SEK 556,594.14 through a transfer from unrestricted equity (a so-called bonus issue). No new shares are to be issued in connection with the bonus issue. After the bonus issue, Lundin Petroleum’s share capital will be restored to the same amount as before the reduction of the share capital.
To approve the sale by Lundin Norway AS of 2.6 percent of the Johan Sverdrup unit to Equinor Energy AS. Lundin Norway AS and Equinor Energy AS entered into an asset transfer agreement regarding the sale on 7 July 2019. Pursuant to the agreement, the consideration payable by Equinor Energy AS is USD 962 million, with an economic date of 1 January 2019 which includes a USD 52 million contingent payment on future reserve classification. Completion of the sale remains subject to customary approvals from the Norwegian government authorities which are expected to be received during the third or fourth quarter 2019.

Ian H Lundin, Chairman of Lundin Petroleum, commented:
“I would like to thank our shareholders for their continued support for the business and in relation to our Extraordinary General Meeting, held earlier today. These transactions will enhance the leverage of all shareholders to our world class asset base and the future success of the business as we enter a high growth phase with first oil at Johan Sverdrup expected in November 2019. I look forward to reporting further achievements in the years ahead, as we continue to strive to deliver on our sustainable, organic growth strategy.”


Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.

Not readable? Change text. captcha txt