Bli medlem
Bli medlem

Du är här


Annual General Meeting of Lundin Petroleum AB 12 May 2016

al General Meeting of Lundin Petroleum AB 12 May 2016

Stockholm, 2016-05-12 15:02 CEST (GLOBE NEWSWIRE) --

The Annual General Meeting of Shareholders of Lundin Petroleum AB (publ) (the
"Company") was held today Thursday 12 May 2016 in Stockholm.

The Company's and the Group's income statements and balance sheets for the
financial year 2015 were adopted and the members of the Board of Directors and
the Chief Executive Officer of the Company were discharged from liability for
the financial year 2015.

The Meeting resolved that no dividends should be paid for the financial year

Peggy Bruzelius, C. Ashley Heppenstall, Ian H. Lundin, Lukas H. Lundin, Grace
Reksten Skaugen, Magnus Unger and Cecilia Vieweg were re-elected as members of
the Board of Directors and Alex Schneiter was elected as a new member of the
Board of Directors. William A. Rand had declined re-election.

Ian H. Lundin was re-elected as chairman of the Board of Directors.

The Meeting resolved to remunerate the members of the Board of Directors as
follows: (i) annual fees of the members of the Board of Directors of SEK
500,000 (excluding the Chairman of the Board of Directors and the Chief
Executive Officer); (ii) annual fees of the Chairman of the Board of Directors
of SEK 1,050,000; (iii) annual fees for Committee members of SEK 100,000 per
Committee assignment (excluding the Committee Chairmen); and (iv) annual fees
for Committee Chairmen of SEK 150,000; with the total fees for Committee work,
including Committee Chairmen fees, not to exceed SEK 900,000.

PricewaterhouseCoopers AB was re-elected as the auditor of the Company for a
period until the 2017 Annual General Meeting. The Meeting resolved that
auditors' fees shall be paid upon approval of their invoice.

Further, the Meeting resolved, in accordance with the Board of Directors'

- to approve the Company's 2016 Policy on Remuneration for Lundin
Petroleum's Group Management, which includes four key elements of remuneration:
a) base salary; b) yearly variable salary; c) Long-term Incentive Plan (LTIP);
and d) other benefits, and which comprises remuneration paid to members of the
Board of Directors for work performed outside the directorship;

- to approve the LTIP 2016 for members of Group Management and a number of
key employees, which gives the participants the possibility to receive shares
in Lundin Petroleum subject to uninterrupted employment and to the fulfilment
of a performance condition over a three year performance period. The
performance condition is based on the share price growth and dividends ("Total
Shareholder Return") of the Lundin Petroleum share compared to the Total
Shareholder Return of a peer group of companies. The total number of
performance shares under LTIP 2016 as at the date of award may not exceed
715,000 and the maximum cost for granting awards under LTIP 2016, excluding
costs related to delivery of the performance shares, is approximately USD 9.4
million (approximately SEK 77.1 million), excluding social security charges.

- to authorise the Board of Directors to issue new shares and/or convertible
debentures corresponding to in total not more than 34,000,000 new shares, with
or without the application of the shareholders pre-emption rights, in order to
enable the Company to make business acquisitions or other major investments;

- to authorize the Board of Directors to decide on repurchases and sales by
the Company of its shares on NASDAQ Stockholm, where the number of shares so
repurchased shall be limited so that shares held in treasury from time to time
do not exceed five per cent of all outstanding shares of the Company.

Lundin Petroleum is a Swedish independent oil and gas exploration and
production company with a well balanced portfolio of world-class assets
primarily located in Europe and South East Asia. The Company is listed on
NASDAQ Stockholm (ticker "LUPE"). Lundin Petroleum has proven and probable
reserves of 685 million barrels of oil equivalents (MMboe) as at 31 December

For further information, please contact:

Maria Hamilton Teitur Poulsen
Head of Corporate Communications VP Corporate Planning & Investor Relations
E-mail: Tel: + 41 22 595 10 00
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50

This information has been made public in accordance with the Securities Market
Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980).

Forward-Looking Statements
Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable securities
legislation). Such statements and information (together, "forward-looking
statements") relate to future events, including the Company's future
performance, business prospects or opportunities. Forward-looking statements
include, but are not limited to, statements with respect to estimates of
reserves and/or resources, future production levels, future capital
expenditures and their allocation to exploration and development activities,
future drilling and other exploration and development activities. Ultimate
recovery of reserves or resources are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking
statements. Statements concerning proven and probable reserves and resource
estimates may also be deemed to constitute forward-looking statements and
reflect conclusions that are based on certain assumptions that the reserves and
resources can be economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often,
but not always, using words or phrases such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe" and
similar expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
statements. No assurance can be given that these expectations and assumptions
will prove to be correct and such forward-looking statements should not be
relied upon. These statements speak only as on the date of the information and
the Company does not intend, and does not assume any obligation, to update
these forward-looking statements, except as required by applicable laws. These
forward-looking statements involve risks and uncertainties relating to, among
other things, operational risks (including exploration and development risks),
productions costs, availability of drilling equipment, reliance on key
personnel, reserve estimates, health, safety and environmental issues, legal
risks and regulatory changes, competition, geopolitical risk, and financial
risks. These risks and uncertainties are described in more detail under the
heading "Risks and Risk Management" and elsewhere in the Company's annual
report. Readers are cautioned that the foregoing list of risk factors should
not be construed as exhaustive. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Forward-looking
statements are expressly qualified by this cautionary statement.

Författare SSE

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.