Oil and gas company Sequa Petroleum N.V. has revealed that it plans to cease its exploration and production activity in Norway, conducted through Tellus Petroleum AS, and focus on acquiring assets elsewhere in Europe.
The decision was made following a strategic review, according to the company. Pursuant to local statutory requirements, consultation procedures with Tellus employee representatives have been initiated and other required steps will follow “in due course,” Sequa Petroleum said in a company statement.
The company expects net funds from the repatriation of liquidated assets, together with debt restructuring, to enable the progression of selected acquisition targets elsewhere.
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