Scotia Waterous, DNB NOR Markets and Glitnir Securities ASA have been appointed as the Advisors by Svenska Petroleum Exploration (“Svenska”) to divest the following two offerings:
- Svenska’s entire 15% interest in the BP-operated Ula field in Norway and
- Svenska Petroleum Exploration UK Limited (“Svenska UK”), consisting of
- 1.66% interest in the Shell-operated Nelson Field
- 6.45% interest in the Maersk-operated Janice/James fields
- 40% interest in prospective Block 30/23b, close to Janice, and operated by Endeavour.
Production from the Ula field is 2.5 Mbopd net to Svenska. As of 1/1/08, the net proven reserves are 15.5 MMboe, with additional contingent resources of 17.4 MMboe and further upside potential having been identified.
The Nelson field and Janice/James fields contribute approx. 1 Mboe/d net to Svenska. As of 1/1/08, the combined net proven and probable reserves for Nelson and Janice/James are approximately 2.5MMboe.
TRANSACTION PROCESS
The expected timetable for the Offering is as follows:
Milestone |
Date |
Information Memorandum & Data Rooms |
12 November 2007 |
Bid Submission Date (Noon UK time) |
19 December 2007 |
Offers to remain open until |
31 January 2008 |
The assets are being marketed in parallel. Simultaneous seismic data rooms will be held in Oslo and London, with both data rooms showing UKand Norway assets. Interested companies can thus see the assets of their choosing in the most convenient location for them.
Interested parties for Ula and/or Svenska UK will be required to execute the Norway and/or UK Confidentiality Agreement (“CA”) and fax/email it/them to Scotia Waterous London offices (+44 20 7826 5791) for the attention of Bill Hancock. Two signed, final hard copy originals of each CA should also be sent to Bill Hancock in the London office. Should you have any comments on the CA, these should be marked up in the Microsoft Word document and e-mailed to bill_hancock@scotiawaterous.com . On receipt of the CA, a confidential Information Memorandum and VDR CD or DVD will be issued, along with access to the online virtual data-room(s). Booking enquiries for the seismic data-room should be made to Bill Hancock for the London data room and Preben Grevstad for the Oslo data room.
CONTACTS
For all other enquiries regarding the Offering, the Advisors should be the first point of contact for your company. Should you have any questions, please feel free to contact:
