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.