Following a request from Tellus, Wintershall said it has consented to release Tellus from its obligations under the sales and purchase agreement. The deal involved interests in four nonoperated fields, a 15% interest in the Wintershall-operated Maria development, and seven exploration licenses.
Sequa Petroleum NV, 100% owner of Tellus, cited “the current market environment.”
Sequa said the Gina Krog transaction with Total E&P Norge AS is expected to close in early 2016. Tellus would gain 15% in the Gina Krog unit (OGJ Online, Oct. 19, 2015).
Sequa said Tellus is evaluating a deal to acquire 0.554% interest in the Ivar Aasen field from OMV (Norge) AS in light of the decision not to proceed with the Wintershall transaction.