Sequa to acquire shares in Gina Krog

Norway

OSLO, October 19, 2015 – UK exploration and production company Sequa Petroleum will acquire Total E&P Norge’s shares in three Norwegian assets, representing a total of 15 percent in the offshore Gina Krog development, the company announced in a press release Monday.

Sequa Petroleum will receive the shares through its subsidiary Tellus Petroleum. Total’s shares will be reduced from 30 percent to 15 percent. Sequa will fund the acquisition through debt and equity, with the transaction to be completed by the end of 2015.

Through the deal, Tellus will gain about 33 million barrels of oil equivalent in proven and probable hydrocarbons reserves. Tellus expects its net production to peak at about 10,000 barrels of oil equivalent per day, with production at the development slated to begin in mid-2017.

Other shareholders in the Gina Krog development are Norwegian companies Statoil (58.7 percent) and Det Norske (3.3 percent), as well as Poland’s PGNiG (8 percent).

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