Lundin Petroleum AB (ST: LUPE; TO: LUP) plans to repurchase shares on the Nasdaq OMX Stockholm Exchange or Toronto Stock Exchange.

Lundin’s board of directors decided to authorize the repurchase during the annual general meeting held on May 8. The maximum number of shares repurchased shall be such that Lundin Petroleum shares held in treasury from time to time do not exceed five per cent of all outstanding shares of Lundin Petroleum. Repurchases of shares on the exchanges may take place only at a price within the spread between the highest bid price and lowest ask price as registered from time to time on the exchanges. The repurchase may take place between June 4 and July 31.

The purpose is to optimize Lundin Petroleum's capital structure creating added value for the shareholders and to secure obligations under its incentive plans.

Lundin Petroleum's current holding is some 7.4 million shares. The mandate does not include the authorization to sell any repurchased shares.

Lundin Petroleum AB is a Swedish independent oil and gas E&P company. The company is headquartered in Stockholm.