Lundin Energy AB (Lundin Energy) announces that due to the ongoing strike action by the Norwegian labour union Lederne, there is a risk that the Johan Sverdrup field will have to temporarily shut down production upon the next crew rotation on 14 October 2020.

It is hoped that the Norwegian Oil and Gas Association (NOROG) and Lederne, in the intervening period, may reach a settlement and avert a temporary shutdown of Johan Sverdrup.

None of Lundin Energy’s other producing fields have been impacted by the Lederne strike action.

Lundin Energy AB (Lundin Energy) is pleased to announce that due to the continued outperformance of the Edvard Grieg field, the gross proved plus probable (2P) reserves have been increased by approximately 50 million barrels of oil equivalent (MMboe), lifting the gross 2P ultimate recovery for the field to 350 MMboe1, 2. The expected plateau production period from the Greater Edvard Grieg Area, which also includes the Solveig Phase 1 and Rolvsnes Extended Well Test (EWT) developments, has been extended by a further year to late 2023.

Lundin Energy AB (Lundin Energy) is pleased to announce the appointment of Daniel Fitzgerald as Chief Operating Officer (COO) of Lundin Energy, effective 1 January 2021.

• Despite very low oil prices, free cash flow was positive from the oil and gas operations in second quarter and over MUSD 380 free cash flow for the six months period
  
• Record quarterly production of 162.9 Mboepd in the second quarter
• Accelerated ramp up and increased phase 1 plateau production at Johan Sverdrup; phase 1 capacity of 470 Mbopd to be tested for further upside, during second half of this year
• Significant increase in liquidity during the period from cost reductions and phasing, tax incentives and additional debt facilities
• Continued out pe