Skip to main content

Lundin Petroleum acquires an additional 15% interest in the Edvard Grieg field

Published by
Oilfield Technology,


Lundin Petroleum AB has announced that Lundin Petroleum and its wholly-owned subsidiary Lundin Norway AS have entered into agreements with Statoil ASA and its wholly-owned subsidiary Statoil Petroleum AS, under which Lundin Norway will acquire Statoil Norway's entire 15 percent interest in the Edvard Grieg field in PL338, offshore Norway and all associated assets including a nine percent interest in the Edvard Grieg oil pipeline and a six percent interest in the Utsira High gas pipeline. The effective date of the acquisition of these assets is 1 January 2016.

In consideration for the acquisition of the assets, Lundin Petroleum has agreed to issue to Statoil 27 580 806 new shares of Lundin Petroleum (the Consideration Shares) based upon an agreed average share price of SEK 138 per share and a SEK/USD exchange rate of 8.098. In addition, Lundin Petroleum will transfer 2 000 000 shares held in treasury (the Treasury Shares) and issue 1 735 309 new shares (the New Shares) to Statoil in exchange for a cash consideration based upon a share price of SEK 145.66 per share (the ten day volume weighted average closing share price prior to and including the date of signing). Statoil currently owns approximately 37.1 million shares of Lundin Petroleum, representing 11.93% of the current issued and outstanding shares of Lundin Petroleum. Following completion of the transaction, including issuance of the Consideration Shares and New Shares and the transfer of the Treasury Shares, Statoil will own approximately 68.4 million shares of Lundin Petroleum, representing 20.1% of the then issued and outstanding shares of Lundin Petroleum. Following the transaction Lundin Petroleum will have 340 386 445 shares outstanding.

Edited from press release by

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/03052016/lundin-petroleum-acquires-an-additional-interest-in-the-edvard-grieg-field-620/


 

Embed article link: (copy the HTML code below):