The Norwegian oil company( Det Norske) has signed an agreement to acquire Svenska Petroleum’s Norwegian subsidiary, Svenska Petroleum Exploration AS («Svenska») for 75 million american dollars. Settlement takes place through a cash consideration on a debt free basis. Svenska has 15 employees in Norway which will all be transferred to the Norwegian.
With the acquisition follows the company’s 13 licenses in Norway, including the findings Krafla / Askja (25%), Garantiana (20%), Frigg Gamma Delta (40%) and Fulla / Lille-Frigg (25%) in the North Sea. In addition, the Company’s ownership interest in four exploration licenses in the Norwegian Sea. Svenska Petroleum Exploration AB (Svenska) has entered into an agreement with Det norske oljeselskap ASA (Det norske) to divest its subsidiary Svenska Petroleum Exploration AS. The divestment is part of the Group’s strategy to concentrate on and develop its business in West Africa.
Owned by Sheikh
-We are very pleased to have been able to come to this agreement with Det norske oljeselskap. We believe that this is a good buyer for our Norwegian asset and that it will give us the opportunity to focus on our African assets, says Fredrik Öhrn, CEO in Svenska Petroleum Exploration AB. Svenska Petroleum Exploration is a privately owned Swedish company with a successful track record in finding oil and gas. Svenska’s activities extend across the Baltic Sea, infrastructure dense Norway and hydrocarbon rich basins of West Africa. Operations are run from Stockholm, Oslo and London. The company is 100% owned by Petroswede which in turn is wholly owned by Sheikh Mohammed H. Al-Amoudi, one of the largest private investors in Sweden.
