Tellus pulls back from offshore Norway farm-ins

Offshore staff

KASSEL, Germany – Wintershall has agreed to release Sequa Petroleum subsidiary Tellus Petroleum from a sales and purchase agreement for various Norwegian fields.

Under a deal announced in June, Tellus had agreed to acquire Wintershall interests in four non-operated fields Knarr (20%), Veslefrikk (4.5%), Ivar Aasen (6.4615%) and Yme (10%), all in the North Sea.

The planned transaction also included a 15% stake in the Wintershall-operated Maria development in the Norwegian Sea and seven exploration licenses.

Sequa adds that Tellus is evaluating its Ivar Aasen transaction with OMV, although the company does plan to complete a transaction with Total for the Gina Krog project in the North Sea.

12/23/2015

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