DONG Buys Norwegian Minnow for $46.6 Million

The owners of Pelican signed a letter of intent December 7th to sell the company to Denmark's DONG for NOK250 ($27.9) per share. The deal puts the total value of the company at NOK 417 million. Pelican owns interests in the Ula (4%), Gyda (5%), Tamber (15%) and Glitne (9.3%) North Sea fields, and is expected to produce 11,000 b/d next year. The acquisition confirms DONG's interest in the Norwegian shelf, the partners said. Pelican's owners include Selvaag Invest (36.2%), Norsk Hydro Produksjon (33.9%), Belships (9.9%), Hafslund subsidiary Actinor Olje (9.7%), Kvaerner Oil and Gas (5.2%) and the company's employees (5.3%). The agreement is still subject to the approval of Norwegian authorities and to DONG's board of directors.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles

Brent Crude Oil : $54.94/BBL 0.88%
Light Crude Oil : $51.79/BBL 0.21%
Natural Gas : $3.65/MMBtu 6.10%
Updated in last 24 hours