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Orrön Energy AB (LNEGY) is a leading independent renewable energy company operating high-quality cash flow generating assets across Nordic markets and strategic European regions. This page provides investors with direct access to official press releases, financial updates, and operational developments from the renewable energy producer.
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Bookmark this page for streamlined access to Orrön Energy's latest corporate communications. Check regularly for updates on Nordic wind/hydro operations, European expansion initiatives, and financial performance metrics that underscore the company's cash flow stability.
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.
Lundin Energy AB will release its financial report for Q4 2021 on February 1, 2022, and hold a webcast for the year-end results. For Q4 2021, the company expects to report pre-tax exploration costs of approximately MUSD 20 and a net foreign exchange loss of around MUSD 84. Following the announced agreement with AkerBP, Lundin Energy's E&P business will be treated as discontinued operations. The renewable business is expected to be debt-free with a cash balance of MUSD 130 and aims to achieve free cash flow positive status by late 2023.
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.
Lundin Energy has announced a fourth quarterly dividend installment of USD 0.45 per share, translating to SEK 4.09 per share. The total dividend amounts to MSEK 1,164, approximately MUSD 128. The ex-dividend date is set for January 4, 2022, with a record date of January 5, 2022, and expected payment on January 11, 2022. This dividend follows the previous resolution of USD 1.80 for 2020, disbursed in quarterly installments. The exchange rate used for conversion is 9.0788.
Lundin Energy has announced a merger proposal with AkerBP to create a leading European independent E&P company. Shareholders will receive cash of BUSD 2.22 (approx. SEK 71.0) and 271,910,019 AkerBP shares (0.950985 shares per Lundin Energy share), valuing shares at approximately 279.3 SEK at the close of December 20, 2021. Post-merger, Lundin Energy shareholders will own 43% of AkerBP. The merger is subject to approvals and aims to leverage operational synergies, enhance dividends, and focus on low carbon emissions.
Lundin Energy has successfully completed its acquisition of an additional 25 percent working interest in the Wisting development from OMV (Norge) AS for USD 320 million. This transaction boosts Lundin's stake from 10 percent to 35 percent and adds approximately 130 million barrels of oil equivalent (MMboe) in fully appraised contingent resources. The company has also established a cooperation agreement with Equinor ASA to enhance operational efficiency and establish Lundin as the operator for surrounding exploration licenses.
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