Skip to main content

Lundin Petroleum Board resolves on Edvard Grieg transaction

Published by
World Pipelines,


Lundin Petroleum has announced that both Lundin Petroleum and its wholly-owned subsidiary Lundin Norway AS (Lundin Norway) had entered into agreements with Statoil ASA (Statoil) and its wholly-owned subsidiary Statoil Petroleum AS (Statoil Norway) for the acquisition of Statoil Norway's entire 15% interest in the Edvard Grieg field in PL338, offshore Norway and all associated assets including a 9% interest in the Edvard Grieg oil pipeline and a 6% interest in the Utsira High gas pipeline (the Edvard Grieg Assets).

With the support of the authorisations at the Extraordinary General Meeting on 30 May 2016 and based upon an agreed average share price of SEK 138 per share and a SEK/US$ exchange rate of 8.098, the Board has on 29 June 2016 determined to issue 27 580 806 new shares in Lundin Petroleum to Statoil in consideration for the Edvard Grieg Assets. In addition, the Board has, in accordance with the authorisation from the Extraordinary General Meeting on 30 May 2016, resolved to transfer 2000 000 shares held in treasury and to issue 1735 309 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 the transaction documents). The reason for the share issues and share transfer is to enable the acquisition of the Edvard Grieg Assets.

Following completion of the transaction, Lundin Petroleum will have 340 386 445 shares outstanding. The dilution amounts to approximately 8.6% of the number of shares in Lundin Petroleum.

The transaction is expected to be completed 30 June and the shares will then be registered on or around 1 July 2016.


Adapted from a press release by Louise Mulhall

Read the article online at: https://www.worldpipelines.com/business-news/23062016/lundin-petroleum-board-resolves-on-edvard-grieg-transaction/


 

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