Lundin Petroleum to form new company out of Norway, UK ops, list firm in Oslo |
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Thu, 22 Mar 2007 08:50
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STOCKHOLM (AFX) - Lundin Petroleum AB said it intends to spin-off its Norwegian and UK businesses into a newly formed Norwegian company called Viking Oil and Gas ASA which will be listed on the Olso Stock Exchange (OSE).Lundin Petroleum said it believes that this proposed spin-off and IPO, if completed, will 'crystallise the value of the Norwegian and UK business with its substantial reserves and resources base, high impact exploration portfolio and strong management teams'.Lundin Petroleum will offer 50.01 pct of the Viking shares to the public at a price yet to be determined and retain 49.99 pct. The majority of the proceeds of the sale of its shareholding in Viking will then be distributed to Lundin Petroleum shareholders.'The timing and the form of this distribution will depend on the size and timing of the IPO. Viking will not receive any proceeds from the IPO,' Lundin Petroleum said.As of January 1, a total of 96.6 mln barrels of oil equivalent (mmboe) of net proved and probable reserves were attributed to the Norwegian and UK continental shelves' assets to be held by Viking as well as 99.4 mmboe of net contingent resources and 974 mmboe of net unrisked prospective resources. Forecast production from Viking assets in 2007 is greater than 20,000 boepd, Lundin Petroleum said.It said the IPO is expected to be completed before the end of the second quarter of 2007.TF.TFN-EuropeStockholm@thomson.comhc/rfwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Lundin Petroleum to hike 2007 daily production 40 pct to over 41,000 boepd 