This is the largest acquisition on the Norwegian Continental Shelf (“NCS”) so far this year with a transaction value of USD 602 million after tax.

The portfolio transaction consists of purchase of 20 per cent interests in the Knarr field, 15 per cent in Maria, 6.5 % in Ivar Aasen and 4.5 % in Veslefrikk. The agreement also includes 10 per cent in the Yme field and seven additional exploration licenses. Seller of the working interests is Wintershall. In addition, Tellus Petroleum will make a further payment of up to USD 100 million depending on the development of the oil price in the period from 2016 to 2019.

The asset portfolio transaction is subject to normal consent by Norwegian Authorities, including the approval of Tellus Petroleum as a new NCS player.

The team from Arntzen de Besche consists of Geir Evenshaug, Erlend Bakken, Rune Tjomsas Andersen, Torkjel K. Grondalen, Gard A. Skogstrom, Atle Stensrud, Cecilie O. Lindseth and Cato Lower.