2011-06-17-2011-05-25

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
$439.0MM
Description

To acquire Nuon E&P with 25 licenses in Dutch North Sea with more than 30 producing fields, gaining 9,000 BOE/d, 28 MMBOE 3P.

Tullow Oil Plc, London, (London: TLW) plans to acquire Nuon E&P from Stockholm-based Vattenfall Group for US$439 million (€300 million) in cash.

Nuon E&P's assets include 25 licenses in the North Sea with more than 30 producing fields, numerous E&P opportunities and ownership of key infrastructure.

The assets complement Tullow's existing Dutch assets and will provide a stronger platform for growth in an area that the company considers has significant potential.

Production is 9,000 barrels of oil equivalent per day. Reserves and resources are 28 million barrels equivalent.

Pro forma, Tullow will have North Sea production of 23,000 barrels of oil equivalent per day.

The deal has an effective date of Jan. 1 and is expected to close by July.