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.

What's included

This report contains

  • Document

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

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Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

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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