Lundin Petroleum AB (Lundin Petroleum) has announced that its wholly-owned subsidiary, Lundin Norway AS (Lundin Norway), entered into a sales and purchase agreement with CapeOmega AS (CapeOmega) on 27 June 2017 to divest a 39% working interest in the Brynhild field in PL148 in the Norwegian North Sea.
Lundin Norway will retain operatorship and following the transaction will have a 51% working interest in the Brynhild field, a subsea tie-back oilfield to the Shell-operated Pierce field on the UK Continental Shelf.
Meanwhile, CapeOmega will increase its working interest in the Brynhild field from 10% to 49%.
The transaction involves a consideration of NOK 774 million, including historic tax and uplift balances and the effective date of the transaction is 1 January 2017.
The transaction is subject to customary Norwegian government, as well as Lundin Petroleum lender, approvals.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/28062017/lundin-norway-and-capeomega-enter-brynhild-sales-agreement/