We are acting for Sequa Petroleum and its Norwegian subsidiary, Tellus Petroleum, in the acquisition of three licenses on the Norwegian Continental Shelf which represents a 15% stake in the Gina Krog Unit from Total E&P Norge.

Upon completion, the total settlement value is expected to amount to NOK 1.4 billion.

The Gina Krog field is currently under development, and is expected to come on stream in 2017. Plan for Development and Operation was approved in May 2013. The acquisition, which is assumed to complete with the 1 January 2015 as the effective date, requires consents by the Ministry of Petroleum and Energy and the Ministry of Finance.