Lundin Norway has entered into a sales and purchase agreement with CapeOmega to divest a 39 percent working interest in the Brynhild field in PL148 in the Norwegian North Sea.
Lundin Norway will retain operatorship and following the transaction will have a 51 percent working interest in the Brynhild field, a subsea tie-back to the Shell operated Pierce field on the UK Continental Shelf.
Existing partner CapeOmega will increase its working interest in the Brynhild field from 10 to 49 percent.
The transaction involves a consideration of NOK 774 million, including historic tax and uplift balances and the effective date of the transaction is January 01, 2017.
The transaction is subject to customary Norwegian government, as well as Lundin Petroleum lender, approvals.