Swedish oil company becomes Norwegian / News / The Foreigner

The Foreigner Swedish oil company becomes Norwegian. Det norske buys Svenska Petroleum Exploration AB for USD 75M. The transaction between Det norske oljeselskap [OSE:DETNOR] and Svenska Petroleum Exploration AB  (‘Svenska’) [STO:SPE] brings the Swedish company’s 13 exploration licences in Norway with it. These include the Krafla/Askja (25%), Garantiana (20%), the Frigg Gamma Delta (40%), and the Fulla/Lille-Frigg (25%) discoveries in the North Sea.

oil, gas, exploration



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Swedish oil company becomes Norwegian

Published on Wednesday, 14th October, 2015 at 11:05 under the news category, by Michael Sandelson   .
Last Updated on 14th October 2015 at 11:19.

Det norske buys Svenska Petroleum Exploration AB for USD 75M.



The transaction between Det norske oljeselskap [OSE:DETNOR] and Svenska Petroleum Exploration AB  (‘Svenska’) [STO:SPE] brings the Swedish company’s 13 exploration licences in Norway with it.

These include the Krafla/Askja (25%), Garantiana (20%), the Frigg Gamma Delta (40%), and the Fulla/Lille-Frigg (25%) discoveries in the North Sea.

The Swedish company also has assets in four exploration licences in the Norwegian Sea.

“This transaction states our ambition of growth on the Norwegian Continental Shelf, and is a solid contribution to building Det norske as an independent E&P company,” Karl Johnny Hersvik, CEO of Det norske says in a stock exchange notice.

Det norske expects potential investment decisions regarding the Krafla/Askja and Garantiana discoveries to be made around 2018.

Today’s announced transaction, which will have tax effect from the fiscal year 2015 and is subject to authorities’ approval, will be funded through existing cash and undrawn debt facilities.

Svenska Petroleum Exploration AB, a subsidiary of Petroswede AB, has 15 employees in Norway. They will be transferred to Det norske.

The Swedish company engages in offshore exploration and oil and gas production in Northern Europe and Africa.

It has activities in the Baltic Sea, Norway, Angola, the Ivory Coast, Nigeria, Guinea Bissau, and Congo Brazzaville.



Published on Wednesday, 14th October, 2015 at 11:05 under the news category, by Michael Sandelson   .
Last updated on 14th October 2015 at 11:19.

This post has the following tags: oil, gas, exploration.





  
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