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Arntzen de Besche assists Lundin Petroleum in the acquisition of Statoil’s stake in the Edvard Grieg field

Lundin Petroleum has acquired Statoil's stake of 15% in the Edvard Grieg field. As part of the transaction Statoil increases its ownership in Lundin Petroleum to 20.1 percent. Statoil’s stake in the Edvard Grieg field includes a 9% stake in the Edvard Grieg oil pipeline and 6 % share in Utsira gas pipeline.

In consideration for the transaction, Lundin Petroleum issued 27,580,806 shares to Statoil ASA. In addition Lundin Petroleum transferred 2,000,000 own shares to Statoil and Statoil acquired 27,580,806 newly issued shares in Lundin Petroleum AB against a cash contribution of USD 68 million.
 
Post-acquisition Statoil increases its ownership in Lundin Petroleum from 11.93 % to 20.1 % , and after the transaction owns 68,400,000 shares in Lundin Petroleum.

The effective date of acquisition of assets is 1 January 2016. 

Lundin Petroleum was advised by Arntzen de Besche in the transaction. The firm’s team consisted of Rune Omdahl, Rune Tjomsås Andersen and Atle Stensrud.

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