Statoil, Lundin swap closes

Offshore staff

OSLO, NorwayStatoil ASA and Lundin Petroleum have closed their transaction that sees Statoil selling its full 15% interest in the Edvard Grieg field for an increased holding in Lundin Petroleum.

The transaction also included the divestment of associated pipeline interests and a cash consideration of approximately $64 million. In exchange, Statoil has received 31,316,115 new shares and treasury shares in Lundin Petroleum.

The transaction was approved by Lundin Petroleum AB’s Extraordinary General Meeting on May 30 and has received the required authority approvals.

Following completion of the transaction, Statoil will own approximately 68.4 million shares of Lundin Petroleum, corresponding to 20.1% of the shares and votes. The economic effective date for the divestment of these assets is Jan. 1, 2016.

07/01/2016

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