Sequa oil n.v. acquires large asset portfolio around the norwegian continental shelf

Sequa oil n.v. acquires large asset portfolio around the norwegian continental shelf first stage separation, created

LONDON, June 18, 2015 /PRNewswire/ —

Sequa Oil NV ("SPNV") is very happy to announce that the agreement continues to be arrived at for that purchase of Tellus Oil Invest AS and it is subsidiary Tellus Oil AS (with each other "Tellus") a business registered in Norwegian.

Concurrent using the acquisition, Tellus has joined into a contract with Wintershall Norge AS ("Wintershall") to accomplish a sizable asset portfolio transaction around the Norwegian Continental Shelf ("NCS") obtaining 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 containing Yme will also be incorporated within the transaction. Out of the box normal for this kind of transaction it’s susceptible to consent through the Norwegian Government bodies, such as the approval of Tellus like a new NCS player, closing is anticipated in the finish of 2015.

The acquisition cost with this portfolio is US$ 602 million, that makes it one of the leading acquisitions around the NCS to date this season. Additionally, Tellus Oil creates a further payment as high as US$100 million with respect to the growth and development of the oil cost at that time from 2016 to 2019. With proven and probable (2P) reserves believed to become 59 million boe internet, in line with the figures in the Norwegian Oil Directorate (NPD). The development peak is anticipated to stay in an order of 15,000 boe internet each day, predominantly oil. The effective date for that transaction is first The month of january 2015.

On completing the purchase of Tellus, SPNV will end up the 100% owner. Completion is subject simply to a shareholder election with simple most of the votes cast, that irrevocable projects of 48% of their shareholders happen to be acquired additionally to fifteenPercent of votes held by SPNV management team.

The present management team in Tellus continuously run the organization and also the organisation is going to be further designed to manage the portfolio.

The glory for that purchase of Tellus by SPNV is a mix of cash and new shares from SPNV to sellers from the shares in Tellus. Based on future performance, the glory is a more 6m SPNV shares and $4m cash.

Additionally for their extensive technical and commercial knowledge of Norwegian, Tellus brings a beautiful business development portfolio with identified targets that offer additional economies of scale, with attractive incremental returns soon.  This fits with SNPV’s proper goal to get gas and oil assets which are being produced or are now being quickly developed towards production.

About Sequa Oil  

Sequa Oil is definitely an gas and oil company for auction on Euronext Marché Libre which concentrates on taking discovered gas and oil reserves and sources from evaluation right through to production. Sequa Oil has put together a very experienced management team with an established track record and knowledge of exploration, evaluation, development and manufacture of gas and oil assets, both onshore and offshore, in jurisdictions around the world. Sequa Oil is based on a powerful and dedicated shareholder base including its entire senior management team along with the independently owned Principal Investment holding company Sapinda Holding BV. Sequa Oil pursues mid-sized breakthroughs that have yet to be developed for several reasons, e.g. commercialisation approach, technology application or insufficient capital and Sequa try to unlock possibilities and understand their potential value.

About Tellus Oil  

Tellus Oil started this year by several entrepreneurs with background from Saga Oil, Norsk Hydro, Phillips Oil, Hess and PetroAdvisor being an independent Norwegian upstream oil & gas company with sole concentrate on the NCS. The goal is defined and additional enhance the need for a portfolio of interests in producing fields and smaller breakthroughs/developments.  Tellus works the assets technically and commercially along with the operators, partners and suppliers to mature breakthroughs into production, including time critical satellite tie-backs to existing infrastructure and lead to improved area solutions.

About Wintershall Holding  

Wintershall Holding GmbH, located in Kassel, Germany, is really a wholly-owned subsidiary of BASF in Ludwigshafen. The organization continues to be mixed up in extraction of natural sources for 120 years, as well as in the exploration and manufacture of oil and gas for more than eighty years. Wintershall concentrates on selected core regions where the organization has generated up an advanced of regional and technological expertise. They are Europe, Russia, North Africa, South Usa, and more and more the Middle East region. The organization really wants to expand its business further with exploration and production, selected partnerships, innovation and technological competence. Wintershall employs some 2,500 staff worldwide from 40 nations and it is now Germany’s largest, worldwide active oil and gas producer

Concerning the fields within the transaction 


The Knarr gas and oil field is situated in its northern border Tampen area, 40km north from the Snorre field using the initial discovery in 2008 and Knarr West this year. The area is run by BG Group (forty five percent) and partners are Idemitsu (25 percent), Wintershall (twenty percent) and Dea (ten percent). The area is produced by subsea templates tied-in a FPSO leased from Teekay and began production in March 2015. The FPSO includes a production capacity of 63,000 bbl of oil each day, and also the water depth is 400 m. The gas and oil has been created from lower Jurassic sandstones within the Prepare formation at some 3,800 m. The proven and probable reserves in Knarr is 85 mill boe based on the NPD website. Possession curiosity about the Knarr Gas Pipeline (twenty percent) is incorporated within the transaction.


The Maria field is situated in the Haltenbanken part of the Norwegian Ocean. Wintershall may be the Operator from the field and can support the largest interests (35%) and operatorship publish transaction. Another partner are Petoro (thirty percent) and Centrica (twenty percent). The Program for Development and Operation (PDO) was posted towards the Secretary of state for Oil of one’s fifth May 2015. The Maria development option would be a subsea tie-to the Kristin platform with two templates, two producers and something injector on every template with injection water from Heidrun and gas lift from Åsgard via Tyrihans. Oil is going to be exported via existing pipeline from Kristin to Åsgard C storage ship where it’s blended and offloaded to shuttle tankers. Wealthy gas exported via Gassled to Kårstø and additional as dry gas towards the European market. Capex is believed at NOK 15.3 bn and production is planned to commence first October 2018. Peak production is anticipated to 41,000 boe each day and gross proven and probable reserves is 190 mill boe based on NPD.

Ivar Aasen 

The Ivar Aasen oil field is situated in the northern area of the North Ocean, northwest from the Johan Sverdrup field. The partners are Det norske (operator 34.8%), Statoil (41.five percent), Bayerngas (12.three percent), Wintershall (6.five percent), VNG Norge (3. %), Lundin (1.4%) and OMV (.six percent). Production is planned to commence in October 2016 and Ivar Aasen is going to be developed having a 4 legged Steel Jacket platform and topside facilities include first stage separation, created water treatment, water injection system, living quarter, and utility and safety systems. Power and gas lift is going to be supplied by the neighbouring Lundin operated Edvard Grieg platform. As many as 7 producers and 6 injectors (all platform wells) are planned and gas and oil is going to be exported towards the Edvard Grieg platform via pipeline and additional onwards towards the Grane Oil Pipeline (towards the Sture terminal) and gas through the SAGE system towards the United kingdom. Peak production is believed at 65,000 boe each day and gross reserves are 189 million boe based on NPD. Possession interests within the Utsira High Gas Pipeline (3.8769%) and also the Edvard Grieg Oil Pipeline (2.5846%) is incorporated within the transaction.


The Veslefrikk gas and oil field is situated in the northern area of the North Ocean, about 30km north of Oseberg and it was discovered almost 30 years ago within the Jurassic Veslefrikk reservoir at depths of two,800-3,200m. The area is developed with two facilities which are bridge-linked, Veslefrikk A that’s a steel jacket wellhead and drilling platform and Veslefrikk B a semi-submersible living quarter and processing platform.  The field commenced production in 1989. The area is around the tail-finish and it has began gas blow lower. Partners are Statoil (operator, 18. %), Petoro (37. %), Talisman (27. %), Dea (13.5%) and Wintershall (4.five percent). Remaining reserves are 34 million boe based on NPD.

Sequa oil n.v. acquires large asset portfolio around the norwegian continental shelf and oil field

Exploration licenses 

ten percent in PL 611 by having an exploration well around the Kvalross prospect planned to become drilled within the Barents Ocean in 2015

forty percent equity in PL 457 within the Ivar Aasen area

Working interests in five production licenses within the Maria area PL475 (10%), PL 475D (10%), PL 590 (5%), PL 590B (5%), and PL 638 (16%).

Sequa Oil N.V.              

23 Savile Row

London W1S 2ET

T +44()20-3728-4450


SOURCE Sequa Oil N.V.

Sequa oil n.v. acquires large asset portfolio around the norwegian continental shelf within the Barents Ocean

Auburn Coach Wife Kristi Malzahn Agrees with Match & eHarmony: Men are Jerks


socksumi: To all women looking for the "right" man… what makes you such a great catch?

Bret Z: +That's Awesome\n\nDon't hate on cats. A cat is my best friend. However, you're correct, love is a choice, and people who want it to work, will make it work. It's people who want to be swept away by love that are disillusioned.

Srikanta Jena: Ū

Joan Farré Mateu: dislaik

Alex Holt aka 'Brigham Palava': Just by the title I can tell that this woman has AIDS, who knows, maybe literally.

Randy Truthful: what a lunatic !

R ef: What a fucking nutcase. Can you imagine being married to that? Jesus Christ…

cindy eyeoftheangel le marinel: she sounds like she's on drugs or summit!

Art Trombley: If this were the last woman on Earth, I would have myself castrated.

Bass Florida: LMAO! What a fucking nut case.