Det norske oljeselskap has entered into an agreement to acquire Svenska Petroleum Exploration AS (Svenska) for a cash consideration of USD 75million on a cash free, debt free basis.
Svenska has 15employees in Norway, of which all will be transferred to Det norske.
Svenska holds 13 licenses in Norway, including the Krafla/Askja (25%), Garantiana (20%), Frigg Gamma Delta (40%) and Fulla/Lille-Frigg (25%) discoveries in the North Sea. In addition, the company holds four exploration licenses 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. This increases our ownership in attractive discoveries with resource upside potential and is a logical bolt-on acquisition for Det norske, given the overlap in our asset portfolios”, says Karl Johnny Hersvik, Chief Executive Officer of Det norske.