Deal Insight
Tellus takes 15% of Gina Krog from Total in shrewd Norway deal
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Report summary
In an uncommon structure for deals in Norway, Tellus Petroleum (a subsidiary of Sequa Petroleum) has acquired a 15% stake in the Gina Krog field from Total. Tellus will pay a completion payment of US$173 million (NKr 1.4 billion) to cover 15% of the total project costs for 2015 which effectively makes the consideration US$0. However Total will retain the tax balances related to all pre-2015 investment on Gina Krog thus increasing the value of the deal to the French Major.
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Gina Krog Area (15%)
- Technical reserves - Gina Krog East 3 (15%)
- Deal analysis
-
Upsides and risks
- Upside
- Risks
-
Strategic rationale
- Tellus
- Total
- Oil & gas pricing and assumptions
Tables and charts
This report includes 8 images and tables including:
- Executive summary: Table 1
- Share of depreciation held by Total through tax balance retention
- Deal analysis: Table 1
- Deal analysis: Table 2
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Upstream assets: Table 1
- Tellus' Norwegian production and cash flow pre- and post-deal
What's included
This report contains:
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