Wintershall acquires shares in Luno II in NorwayWintershall is acquiring a 15 percent share from Lundin for the Norwegian PL 359 licence, in which the Luno II field is situated.
Subject to approval by the relevant authorities, the acquisition of the shares will take retroactive effect from 1 June 2014. The transaction amount is a cash consideration of 8.75 mm USD.
With the share acquisition, Wintershall is further developing its strong position on the Norwegian Continental Shelf. Luno II is situated close to the PL 338 licence with the Edvard Grieg Field. Oil production in the Edvard Grieg Field, in which Wintershall also has a 15 percent share, is scheduled to begin in 2015.
The share acquisition harmonises the ownership of Luno II and Edvard Grieg as adjacent fields. This will facilitate closer cooperation and the creation of synergies.