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.
Recommended Reading
CEO: Continental Adds Midland Basin Acreage, Explores Woodford, Barnett
2024-04-11 - Continental Resources is adding leases in Midland and Ector counties, Texas, as the private E&P hunts for drilling locations to explore. Continental is also testing deeper Barnett and Woodford intervals across its Permian footprint, CEO Doug Lawler said in an exclusive interview.
Equinor Receives Significant Discovery License from C-NLOPB
2024-02-02 - C-NLOPB estimates recoverable reserves from Equinor’s Cambriol discovery at 340 MMbbl.
Sangomar FPSO Arrives Offshore Senegal
2024-02-13 - Woodside’s Sangomar Field on track to start production in mid-2024.
CNOOC Finds Light Crude at Kaiping South Field
2024-03-07 - The deepwater Kaiping South Field in the South China Sea holds at least 100 MMtons of oil equivalent.
US Raises Crude Production Growth Forecast for 2024
2024-03-12 - U.S. crude oil production will rise by 260,000 bbl/d to 13.19 MMbbl/d this year, the EIA said in its Short-Term Energy Outlook.