INPEX Idemitsu Norge has a long and distinguished history on the NCS. Since its acquisition of a share in the Snorre field in 1990, the company has become a prominent full-cycle E&P player with significant production and an active exploration portfolio. Through the purchase of 4.80% unitized interest in the Statfjord Øst Unit and a 4.32% unitized interest in the Sygna Unit from INPEX Idemitsu Norge, Longboat Japex Norge has acquired its first producing assets in Norway. The transaction was conditional upon the carve-out of new production licenses from PL 089, to enable the transfer of the Statfjord Øst and Sygna fields. The parties contributed to a successful carve-out process.
The acquisition was made for a cash consideration of USD 12.75 million. The parties to the transaction have also entered into a decommissioning security agreement to make an additional deferred, post-tax payment of US$1.75 million in equal instalments over the next 18 months. This amount will be reimbursed to Longboat Japex Norge upon the successful decommissioning of the Statfjord Øst and Sygna fields, expected to take place in the late 2030s.
We congratulate all parties involved. Our core team included Karl Erik Navestad, Rune Tjomsås Andersen, Ane Stanger Tronrud, and Helene Anglevik.