We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Equinor ASA | NYSE:EQNR | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.09 | 0.32% | 28.07 | 28.245 | 27.99 | 28.01 | 2,430,231 | 01:00:00 |
By Dominic Chopping
STOCKHOLM--Norway's Statoil ASA (STO) said Tuesday it will pay $68 million in cash plus its holding in a North Sea field to Lundin Petroleum AB (LUPE.SK) in exchange for an increased stake in the Swedish company, strengthening its exposure to core assets on the Norwegian Continental Shelf.
Through the deal, Statoil increases its share of the North Sea's giant Johan Sverdrup oil field--a $13 billion project estimated to hold up to 3 billion barrels of crude--which has a break-even of less than $30 per barrel for the first phase of the project.
The deal will see Statoil hand over its entire 15% interest in the Edvard Grieg field--where the two companies already work together--as well as a 9% interest in the Edvard Grieg Oil pipeline, a 6% interest in the Utsira High Gas pipeline, plus the $68 million cash.
In return, Lundin Petroleum will issue Statoil 27,580,806 shares, transfer 2 million treasury shares and issue an additional 1,735,309 shares in exchange for a cash consideration.
Following completion of the transaction Statoil will own approximately 68.4 million shares of Lundin Petroleum, corresponding to 20.1% of the shares and votes.
Statoil said it has no plan to further increase its shareholding in Lundin Petroleum.
Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics
(END) Dow Jones Newswires
May 03, 2016 05:35 ET (09:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
1 Year Equinor ASA Chart |
1 Month Equinor ASA Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions