Announced
Completed
Financials
Tags
natural gas
Disposal
Friendly
Integrated Oil and Gas
oil production facility
Minority
Public
Acquisition
Completed
Single Bidder
Sweden
Synopsis
Equinor, a Norwegian oil and gas firm, completed the disposal of a 16% stake in Lundin for a direct interest of 2.6% in the Johan Sverdrup oilfield and a cash consideration of around $650m. “The chance to redeem the majority of Equinor’s holding in Lundin Petroleum at a discount to the market and before the pivotal start-up of the Johan Sverdrup development project in November this year, was an opportunity which rarely comes along. The Transaction provides us with a rationalised shareholder structure and all shareholders with enhanced leverage to the ongoing success of Lundin Petroleum, at a time when we continue to unlock further upside potential from our existing asset base and execute on our proven organic growth strategy," Ian H Lundin, Lundin Petroleum Chairman.
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