Lundin Petroleum AB announced the completion today of the spin-off of Lundin Petroleum’s UK business into EnQuest plc (EnQuest). Lundin Petroleum received approximately fifty-five per cent (55%) of the total outstanding shares of EnQuest and will distribute all of its EnQuest shares to Lundin Petroleum shareholders. EnQuest has also completed the acquisition of the UK oil and gas assets of Petrofac Limited, a London Stock Exchange-listed company.
Admission and commencement of unconditional dealings in EnQuest shares on the London Stock Exchange, and commencement of conditional dealings in EnQuest shares on NASDAQ OMX Stockholm, will occur on 6 April 2010. Admission and commencement of unconditional dealings in EnQuest shares on NASDAQ OMX Stockholm is expected to occur on 9 April 2010.
The Board of Lundin Petroleum has determined the record date for the dividend of EnQuest shares to be 8 April 2010. Based on that record date, the shares of Lundin Petroleum will commence trading without the right to the dividend of EnQuest shares on 6 April 2010.
The distribution of EnQuest shares to Lundin Petroleum shareholders is expected to occur on 9 April 2010, with the delivery of such EnQuest shares to be as follows: 1 EnQuest share for each Lundin Petroleum share held will be delivered on or around 9 April 2010 and 0.3474 EnQuest shares for each Lundin Petroleum share held will be delivered on or around 12 April 2010. In the event that a Lundin Petroleum shareholder becomes entitled to a fraction of a share in EnQuest, such fractions of shares in EnQuest will be consolidated into whole shares and sold on NASDAQ OMX Stockholm, with cash proceeds to be delivered to shareholders on or around 16 April 2010.
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, Africa, Russia and the Far East. The Company is listed at the NASDAQ OMX Stockholm. Lundin Petroleum has proven and probable reserves of 256 million barrels of oil equivalent (mmboe).