Det norske acquires Svenska Petroleum’s Norwegian subsidiary

Det norske oljeselskap has entered into an agreement to acquire Svenska Petroleum Exploration AS for a cash consideration of US$75 million on a cash-free, debt-free basis.

Svenska has 15 employees 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.

Potential investment decisions on the Krafla/Askja and Garantiana discoveries are expected around 2018.

The transaction is expected to close in the first quarter 2016, subject to regulatory approvals.

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