Lundin Energy AB (Lundin Energy or the Company) announces that following the decision made by the Norwegian Government to implement production restriction measures on the Norwegian Continental shelf, the Company’s updated production guidance for the full year 2020, will be targeting 157 thousand barrels of oil equivalent per day (Mboepd).

• Strong production performance of 152.4 Mboepd, above mid-point of guidance for the quarter
• Full year production guidance increased to 160 - 170 Mboepd from 145 - 165 Mboepd
• Increased plateau rates and accelerated ramp up at Johan Sverdrup –  470 Mbopd phase 1 plateau achieved in April 2020
• Operating cost guidance revised down to USD 2.80 per boe from USD 3.40 per boe
• Cost rationalisation exercise completed with over MUSD 300 reductions in 2020
• Strong free cash flow generation of over MUSD 400, net debt reduced to MUSD 3,694 and liquidity strength

The Annual General Meeting of Shareholders (AGM) of Lundin Petroleum AB (Lundin Petroleum or the Company) was held today, Tuesday 31 March 2020 in Stockholm. Of the resolutions passed, the AGM resolved to approve the change to the Company's Articles of Association with the effect of amending the name of the Company from Lundin Petroleum AB to Lundin Energy AB.

Lundin Petroleum AB (Lundin Petroleum) announces that the first quarterly instalment of the proposed dividend of USD 0.25 per share will amount to SEK 2.49 per share, with a total amount of MSEK 707, corresponding to approximately MUSD 71. The proposed dividend, including the first quarterly instalment, remains subject to approval by the 2020 Annual General Meeting (AGM) that will be held on 31 March 2020.

Information about the first quarterly instalment of the proposed dividend: