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Completion of Edvard Grieg acquisition transaction

Published by
World Pipelines,

Following the announcement made last week, Lundin Petroleum AB (Lundin Petroleum) has now announced the completion of the acquisition by Lundin Norway AS from Statoil Petroleum AS of an additional 15% interest in the Edvard Grieg field, PL338 and interests in associated pipeline assets.

In consideration for the acquisition of these assets, Lundin Petroleum has today issued 27 580 806 new shares of Lundin Petroleum to Statoil ASA. In addition, Lundin Petroleum has transferred 2 million shares held in treasury and issued 1 735 309 new shares to Statoil ASA in exchange for a cash consideration of approximately US$64 million (SEK 544 million).

Statoil ASA now owns approximately 68.4 million shares of Lundin Petroleum, representing 20.1% of the 340 386 445 issued and outstanding shares of Lundin Petroleum.

Lundin Norway AS is the operator of PL338 with a 65% working interest. The partners are OMV Norge with 20% and Wintershall Norge with 15%.

Adapted from press release by Francesca Brindle

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