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.

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    Tellus takes 15% of Gina Krog from Total in shrewd Norway deal

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Table of contents

Tables and charts

This report includes 8 images and tables including:

Images

  • Share of depreciation held by Total through tax balance retention
  • Tellus' Norwegian production and cash flow pre- and post-deal

Tables

  • Executive summary: Table 1
  • 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

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