Presentation

Lundin Energy is one of the largest independent oil companies in Europe and listed on the Nasdaq OMX Stockholm exchange. Lundin Energy is a Norwegian pure play company following the spin-out of its assets in the Netherlands, France and Malaysia to International Petroleum Corporation (IPC) in 2017. As of year-end 2020 Lundin had 2P reserves of 671 mill boe, 3P reserves of 826 mill boe and 2C contingent resources of 275 mill boe.

With the development of the major Norwegian oil fields Edvard Grieg (first oil in 2015) and Johan Sverdrup (first oil in 2019), Lundin Energy’s production has grown significantly to about 190,000 boe/day in 2021e, with further growth over the coming years as Sverdrup phase 2 is scheduled to start in Q4 2022. In addition, there are further organic growth opportunities around Grieg, the Alvheim area, in the Barents Sea, and not to mention further upward revision potential at Sverdrup, which adds upside potential. Lundin Energy has a strong exploration track record in Norway, most notably in the Utsira High area with the major discoveries of Grieg and Sverdrup, and maintains an active exploration programme with a target of ~10 exploration and appraisal wells per year.

Greig and Sverdrup enables Lundin Energy to generate strong free cash flows at current oil prices, which underpins a USD ~500m cash dividend payable during 2021 (5.8% cash yield), as well as further organic growth activities.