Sequa Petroleum N.V. Acquires Large Asset Portfolio on the Norwegian Continental Shelf (y 2)

Publicado 18/06/2015 8:00:54CET

The Ivar Aasen oil field is located in the northern part of the North Sea, northwest of the Johan Sverdrup field. The partners are Det norske (operator 34.8%), Statoil (41.5 %), Bayerngas (12.3 %), Wintershall (6.5 %), VNG Norge (3.0 %), Lundin (1.4%) and OMV (0.6 %). Production is planned to commence in October 2016 and Ivar Aasen will be developed with a 4 legged Steel Jacket platform and topside facilities include 1st stage separation, produced water treatment, water injection system, living quarter, and utility and safety systems. Power and gas lift will be provided by the neighbouring Lundin operated Edvard Grieg platform. A total of 7 producers and 6 injectors (all platform wells) are planned and oil and gas will be exported to the Edvard Grieg platform via pipeline and further onwards to the Grane Oil Pipeline (to the Sture terminal) and gas via the SAGE system to the UK. Peak production is estimated at 65,000 boe per day and gross reserves are 189 million boe according to NPD. Ownership interests in the Utsira High Gas Pipeline (3.8769%) and the Edvard Grieg Oil Pipeline (2.5846%) is included in the transaction.

Veslefrikk

The Veslefrikk oil and gas field is located in the northern part of the North Sea, about 30km north of Oseberg and was discovered in 1981 in the Jurassic Veslefrikk reservoir at depths of 2,800-3,200m. The field is developed with two facilities that are bridge-linked, Veslefrikk A that is a steel jacket wellhead and drilling platform and Veslefrikk B a semi-submersible living quarter and processing platform. The field commenced production in 1989. The field is on the tail-end and has started gas blow down. Partners are Statoil (operator, 18.0 %), Petoro (37.0 %), Talisman (27.0 %), Dea (13.5%) and Wintershall (4.5 %). Remaining reserves are 34 million boe according to NPD.

Exploration licenses

10 % in PL 611 with an exploration well on the Kvalross prospect planned to be drilled in the Barents Sea in 2015

40 % equity in PL 457 in the Ivar Aasen area

Working interests in five production licenses in the Maria area; PL475 (10%), PL 475D (10%), PL 590 (5%), PL 590B (5%), and PL 638 (16%).

Sequa Petroleum N.V.

23 Savile Row

London W1S 2ET

T +44(0)20-3728-4450

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