On 21 December 2021, Lundin Energy AB (publ) (Lundin Energy) announced that the Company and Aker BP ASA (AkerBP) had reached an agreement to combine the Company’s E&P business with AkerBP (the “Combination”). The Combination will be carried out as a statutory cross-border merger in accordance with Norwegian and Swedish law, through which AkerBP will absorb Lundin Energy MergerCo AB (publ) (“MergerCo”), a currently wholly-owned subsidiary of Lundin Energy which at the time of the completion of the Combination will consist of Lundin Energy’s E&P business. Shortly before the completion of the Combination, all shares in MergerCo will be distributed to the shareholders of Lundin Energy through a so-called Lex Asea dividend and, thereafter, AkerBP will pay the merger consideration directly to the new shareholders of MergerCo.

The boards of directors of MergerCo and AkerBP have now signed the merger plan regarding the Combination and filed it for registration with the Companies Registration Offices in Norway and Sweden, respectively.

Completion conditions and indicative timetable

Completion of the Combination is conditional upon, among other things, the Combination being approved at the Annual General Meetings of Lundin Energy and AkerBP, respectively, and that AkerBP receives necessary governmental clearances.

As previously communicated, Lundin Energy AB (publ) and its renewable energy business is not part of the Combination and, accordingly, the Company will remain listed on Nasdaq Stockholm after the Combination.

The parties have agreed on the following updated indicative timetable for the Combination process:

   - Notice of Annual General Meeting of Lundin Energy: 25 February 2022
   - Publication of description of the new Lundin Energy and its renewable energy business: 7 March 2022
   - Publication of AkerBP’s merger document: 10 March 2022
   - Annual General Meeting of Lundin Energy: 31 March 2022
   - Annual General Meeting of AkerBP: 5 April 2022
   - Completion of the Combination: 30 June 2022

About Lundin Energy

Lundin Energy is an experienced Nordic oil and gas company that explores for, develops and produces resources economically, efficiently and responsibly. We focus on value creation for our shareholders and wider stakeholders through three strategic pillars: Resilience, Sustainability and Growth. Our high quality, low cost assets mean we are resilient to oil price volatility, and our organic growth strategy, combined with our sustainable approach and commitment to decarbonisation, firmly establishes our leadership role in a lower carbon energy future. (Nasdaq Stockholm: LUNE).

About Aker BP

Aker BP is a fully-fledged E&P company with exploration, development, and production activities on the Norwegian Continental Shelf. Aker BP is the operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The company is also a partner in the Johan Sverdrup field. Aker BP’s CO2 intensity (below 5kg CO2/boe in Q2 2020) is less than a third of the global industry average, and well below the average for Norwegian continental shelf operators. Aker BP is headquartered at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker AKERBP.