ANNUAL GENERAL MEETING OF LUNDIN PETROLEUM 10 MAY 2012

Lundin Petroleum AB 

10.05.2012 17:46

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Stockholm, 2012-05-10 17:46 CEST (GLOBE NEWSWIRE) -- 


The Annual General Meeting of Shareholders of Lundin Petroleum AB (publ) (the
'Company') was held today Thursday 10 May 2012 in Stockholm. 

The Company's and the Group's income statements and balance sheets 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 2011. 

The Meeting resolved that no dividends should be paid for the financial year
2011. 

Ian H. Lundin, Magnus Unger, William A. Rand, Lukas H. Lundin, C. Ashley
Heppenstall, Asbjørn Larsen and Kristin Færøvik were re-elected as members of
the Board of Directors. 

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
450,000 (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 1,000,000; (iii) annual fees for Committee members of SEK 100,000 per
Committee assignment (excluding the Committee Chairmen and the Reserves
Committee for which no fee is to be paid); and (iv) annual fees for Committee
Chairmen of SEK 150,000 (excluding the Reserves Committee for which no fee is
to be paid); with the total fees for Committee work, including Committee
Chairmen fees, not to exceed SEK 800,000. In addition, an amount of not more
than SEK 2.0 million in total shall be available for remuneration of Board
members for special assignments outside the directorship. 

PricewaterhouseCoopers AB, with the authorised public accountant Bo Hjalmarsson
as the auditor in charge, was elected at the 2009 Annual General Meeting as the
new auditor for a term of four years and therefore no election of auditor was
required at the 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'
proposals: 

- to approve the Company's 2012 Policy on Remuneration for Lundin Petroleum's
Executive Management which includes four key elements of remuneration: a) basic
salary; b) yearly variable salary; c) Long-term Incentive Plan (LTIP); and d)
other benefits; 

- to authorise the Board of Directors to issue new shares and/or convertible
debentures corresponding to in total not more than 35,000,000 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;
and 

- to authorize the Board of Directors to decide on repurchases and sales by the
Company of its shares on the NASDAQ OMX Stockholm Exchange or the Toronto Stock
Exchange, 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. 

The Meeting also resolved that the nomination procedure for the Annual General
Meeting in 2013 shall follow the Nomination Committee Process, which provides
that the Chairman of the Board of Directors shall invite three or four of the
larger shareholders of the Company based on shareholdings as per 1 August 2012
to form a Nomination Committee for the 2013 Annual General Meeting. The
Nomination Committee shall according to the Nomination Committee Process
prepare proposals for the following resolutions: (i) Chairman of the Annual
General Meeting; (ii) number of members of the Board of Directors; (iii)
members of the Board of Directors; (iv) Chairman of the Board of Directors; (v)
remuneration of the members of the Board of Directors, distinguishing between
the Chairman and other members and remuneration for Board Committee work; (vi)
election of auditor of the Company (when needed); (vii) remuneration of the
Company's auditor; and (viii) Nomination Committee Process for the 2014 Annual
General Meeting. 

The Meeting rejected all shareholder proposals for resolutions in relation to
the Company's past operations. 



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 at the
NASDAQ OMX, Stockholm (ticker 'LUPE') and at the Toronto Stock Exchange (TSX)
(Ticker 'LUP'). Lundin Petroleum has proven and probable reserves of 211
million barrels of oil equivalent (MMboe). 

For further information, please contact:

C. Ashley Heppenstall,
President and CEO
Tel: +41 22 595 10 00
or
Maria Hamilton
Head of Corporate Communications
maria.hamilton@lundin.ch
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50
Mobile: +41 79 63 53 641

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. 


Reserves and Resources
Unless otherwise stated, Lundin Petroleum's reserve and resource estimates are
as at 31 December 2011, and have been prepared and audited in accordance with
National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities
('NI 51-101') and the Canadian Oil and Gas Evaluation Handbook ('COGE
Handbook'). 


Contingent Resources
Contingent Resources are those quantities of petroleum estimated, as of a given
date, to be potentially recoverable from known accumulations using established
technology or technology under development, but are not currently considered to
be commercially recoverable due to one or more contingencies. Contingencies may
include factors such as economic, legal, environmental, political and
regulatory matters or a lack of markets.  There is no certainty that it will be
commercially viable for the Company to produce any portion of the Contingent
Resources. 


Prospective Resources
Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both a
chance of discovery and a chance of development.  There is no certainty that
any portion of the Prospective Resources will be discovered.  If discovered,
there is no certainty that it will be commercially viable to produce any
portion of the Prospective Resources. 


BOEs
BOEs may be misleading, particularly if used in isolation.  A BOE conversion
ratio of 6 Mcf : 1 Bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
News Source: NASDAQ OMX



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Language:     English
Company:      Lundin Petroleum AB
              
               
              Sweden
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         SE0000825820
WKN:          
 
End of Announcement                             DGAP News-Service
 
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