Wintershall to keep assets as deal with Tellus won’t close

Wintershall Holding GMBH said an agreement to sell certain North Sea assets to Tellus Petroleum AS will not be completed (OGJ Online, June 18, 2015).

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.

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