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Brynhild Transaction Between Lundin Norway and CapeOmega


Published Jun 28, 2017
Lundin generic
photo: Lundin Norway

Lundin Petroleum AB has announced that its wholly owned subsidiary Lundin Norway AS has on 27 June 2017 entered into a sales and purchase agreement with CapeOmega AS 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 oil field to the Shell operated Pierce field on the UK Continental Shelf.

Existing partner 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.

Tags: CapeOmega AS, Lundin Norway AS, Lundin Petroleum AB




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