Sequa Petroleum N.V. Completes Purchase of Tellus Petroleum
Further to our announcement on 18th June Sequa Petroleum N.V. is pleased to confirm that it has completed its acquisition of Tellus Petroleum Invest AS, and its subsidiary Tellus Petroleum AS (collectively “Tellus”).
Sequa Petroleum N.V. has paid 10m NOK and issued 1.5m shares to complete the Tellus transaction which brings the company’s total shares in issue to 201.5m.
In addition, Sequa Petroleum and Tellus are continuing progress towards completing the purchase of a large asset portfolio transaction on the Norwegian Continental Shelf (“NCS”) from Wintershall Norge AS. The expected closing date is in December 2015, when the company will acquire working interests in 4 fields; Knarr 20%, Maria 15%, Ivar Aasen 6.5% and Veslefrikk 4.5%. Interests in seven exploration licenses and 10% in PL316 which contains Yme are also included in the transaction. As is normal for this type of transaction it is subject to consent by the Norwegian Authorities, including the approval of Tellus as a new NCS participant.
About Sequa Petroleum Sequa Petroleum is an oil and gas company which focuses on taking discovered oil and gas reserves and resources from appraisal through to production. Sequa Petroleum N.V. is a public limited liability company (naamloze vennootschap) incorporated under the laws of The Netherlands, having its corporate seat in Amsterdam, The Netherlands and its registered office at 23 Savile Row, London, W1S 2ET, United Kingdom.
About Tellus Petroleum
Tellus Petroleum was established in 2012 by a group of entrepreneurs with backgrounds from Saga Petroleum, Norsk Hydro, Phillips Petroleum, Hess and PetroAdvisor as an independent Norwegian upstream oil & gas company with sole focus on the NCS. The aim is to establish and further enhance the value of a portfolio of interests in producing fields and small to medium sized discoveries/developments. Tellus will work the assets technically and commercially together with the operators, partners and suppliers to mature discoveries into production.
Contacts:
Jacob Broekhuijsen, CEO
Carol Frost, Director HR and Communication
+44(0)203-728-4450