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Lundin Petroleum AB and Gunvor Group Sign Heads of Agreement with Rosneft Oil Company to Jointly Sell 51% of LLC Petroresurs

Wednesday, 2 Oct 2013 12:45pm EDT 

Lundin Petroleum AB announced that the Company and its partner Gunvor Group (Gunvor) have entered into a Heads of Agreement with Rosneft Oil Company (Rosneft) to jointly sell 51% of LLC Petroresurs. LLC Petroresurs is the 100% owner of the Lagansky block licence located in the Russian part of the Caspian Sea. As per October 2, 2013 Lundin Petroleum has a 70% shareholding in LLC Petroresurs, with Gunvor holding the remaining 30%. The consideration is related to historical costs spent on the Lagansky block licence by Lundin Petroleum and Gunvor, and will be made in deferred payments. After the transaction is completed, Lundin Petroleum will have an indirect 34.3% interest in the Lagansky block licence through its shareholding in LLC Petroresurs. As part of the agreement, Rosneft and Lundin Petroleum have agreed to investigate possible cooperation in the Norwegian and Russian offshore sectors. 

Company Quote

-1.2 -0.95%
19 Sep 2014