Equinor to Sell Shares in Lundin Petroleum
Norwegian oil and gas firm Equinor ASA on Sunday said it will sell a 16% stake in Lundin Petroleum AB for about $1.56 billion, and in return acquire an additional 2.6% stake in Johan Sverdrup oilfield.Equinor agreed to sell about 54.5 million Lundin shares at a price of 266.4 crowns ($28.22), representing a discount of about 9.6% to Lundin's close on Friday.It will retain a 4.9% stake in Lundin.The company will also acquire a 2.6% direct ownership share in the Johan Sverdrup oilfield for $910 million, it added.Equinor's giant Johan Sverdrup oilfield is expected to start production in November this year.At closing, the Norwegian company will hold 42.6% ownership
Exploration Firms Drill Dry Well in North Sea
Lundin Petroleum AB (Lundin Petroleum) announces that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed exploration well 2/6-6S, targeting the Oppdal and Driva prospects in PL860 in the North Sea. Both targets were dry. The well was drilled with the Rowan Viking jack-up drilling rig and was operated by MOL Norge with a 40 percent working interest. The partners are Lundin Norway with a 40 percent working interest and Petoro with a 20 percent working interest.Meanwhile, MOL Norge AS, operator of production licence 860…
Norwegian Sea Well Comes up Dry for Lundin Petroleum
Europe's oil and gas exploration and production company with operations focused on Norway Lundin Petroleum AB said that its wholly owned subsidiary Lundin Norway AS has completed the drilling of the Silfari exploration well 6307/1-1S located in PL830 in the Norwegian Sea."The well was dry," said Lundin Petroleum.The main objective of the well was to test the reservoir properties and hydrocarbon potential of the Jurassic and Permian formations in the frontier Froan Basin, located next to the Frøya High in the Norwegian Sea.The well…
Moyo, Austin Join Chevron Board
Chevron Corporation announced that Dr. Dambisa Moyo and Dr. Wanda Austin have been elected to Chevron's board of directors. Dr. Moyo's appointment is effective October 11, 2016; she will serve on the company's Audit Committee. Dr. Austin's appointment is effective December 1, 2016; she will serve on the company's Board Nominating and Governance Committee and Public Policy Committee. "Dr. Moyo and Dr. Austin bring unique insights that will be valuable to the board," said John Watson, Chevron's chairman of the board and chief executive officer. "Dr. Moyo has significant knowledge of macroeconomics, geopolitics and global markets. Dr.
Lundin Petroleum to Report Q2 Foreign Exchange Loss
Lundin Petroleum AB will recognise a net foreign exchange loss of approximately MUSD 64 and expense capitalised financing fees of MUSD 22 (pre-tax) for the second quarter of 2016.
Statoil to Increase Ownership in Lundin Petroleum
Statoil ASA has entered into an agreement with Lundin Petroleum AB to divest its entire 15 percent interest in the Edvard Grieg field for an increased shareholding in Lundin Petroleum. The transaction also includes divestment of a 9 percent interest in the Edvard Grieg Oil pipeline and a 6 percent interest in the Utsira High Gas pipeline, and in addition payment of a cash consideration of $68 million to Lundin Petroleum. Following completion of the transaction Statoil will own approximately 68.4 million shares of Lundin Petroleum, corresponding to 20.1 percent of the shares and votes. The effective date of the divestments of these assets is January 1, 2016.
Statoil Acquires Minority Stakes in Lundin Petroleum
Statoil ASA has acquired 37,101, 561 shares in Lundin Petroleum AB (publ.), corresponding to 11.93 percent of the shares and votes, at a total purchase price of approximately SEK 4.6 billion. The investment in Lundin Petroleum will increase Statoil’s indirect exposure to core assets on the Norwegian Continental Shelf (“NCS”). “We consider this a long term shareholding. The Norwegian Continental Shelf is the backbone of Statoil’s business, and this transaction indirectly strengthens our total share of the value creation from core, high value assets on the NCS, ” says Eldar Sætre, president and CEO of Statoil ASA.
Lundin Spuds Storm Wildcat
Lundin Petroleum AB, through its wholly owned subsidiary Lundin Norway AS, is pleased to announce that drilling of exploration well 33/2-1 in PL555 has commenced. The well will investigate the hydrocarbon potential of the Storm Prospect in PL555, which is located 200 km west northwest of Florø on the Norwegian west coast and approximately 65 km northwest of the Snorre Field. The main objective of well 33/2-1 is to test the reservoir properties and hydrocarbon potential of the Upper Jurassic Sandstones equivalent to the reservoir in the Magnus field on the UKCS approximately 35 km to the south.
