OMV Aktiengesellschaft

EANS-Adhoc: OMV Aktiengesellschaft
OMV agreed on a major asset acquisition in Norway and the United Kingdom (UK) with Statoil. Purchase price amounts to USD 2.65 bn

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Mergers - Acquisitions - Takeovers/OMV / Oil / Gas / Austria / Norway / United
Kingdom
19.08.2013


OMV agreed on a major asset acquisition in Norway and the United Kingdom (UK)
with Statoil. Purchase price amounts to USD 2.65 bn * 


Today, OMV has agreed with Statoil on the acquisition of 19% in the producing
oil and gas field Gullfaks and 24% in the oil and gas development project Gudrun
on the Norwegian Continental Shelf as well as 30% in the oil field development
Rosebank and around 5.88% in the oil field redevelopment project Schiehallion in
the UK (West of Shetland). OMV will gain access to 2P reserves of ~320 mn boe of
oil and associated gas and production net to OMV of ~40 kboe/d in 2014. The
purchase price will be largely funded out of the proceeds generated by disposals
and working capital reductions from the downstream business segments realized
over the last 18 months. The development capital will be essentially financed by
the operating cash flows of the already producing assets which are part of the
portfolio. 

Furthermore, OMV and Statoil have agreed on an optional participation in 11 of
Statoil's exploration licenses in the Faroe Islands, West of Shetland and the
Norwegian North Sea and have entered into a strategic partnership on research
and development in the field of enhanced oil recovery. 

The purchase price with the effective date January 1, 2013, amounts to USD 2.65
bn and is subject to customary adjustments for the year 2013 which are expected
to increase the purchase price by approximately USD 500 mn. In addition, for the
recent Shetland/Lista discovery in the Gullfaks license, a contingent payment of
USD 6 per boe for reserves to be developed has been agreed depending on the
approval of the respective development plan. 

Closing of the transaction is expected around year-end 2013 since the
transaction is subject to customary conditions, particularly approval by the
Norwegian Ministry of Petroleum and Energy and by the Norwegian Ministry of
Finance with respect to the Norwegian assets, as well as approval by the UK
Secretary of State and customary third party consents regarding transfer of
asset related agreements with respect to the UK assets.


* Subject to customary adjustments for the year 2013 which are expected to
increase the purchase price by approximately USD 500 mn.


Further inquiry note:
OMV
Investor Relations:
Lacramioara Diaconu-Pintea
Tel. +43 1 40 440-21600
e-mail: investor.relations@omv.com

Media Relations:
Johannes Vetter 
Tel. +43 1 40 440-21357
e-mail: media.relations@omv.com
 
Internet Homepage: http://www.omv.com

end of announcement                               euro adhoc 
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issuer:      OMV Aktiengesellschaft
             Trabrennstraße  6-8
             A-1020 Wien
phone:       +43 1 40440/21600
FAX:         +43 1 40440/621600
mail:     investor.relations@omv.com
WWW:      http://www.omv.com
sector:      Oil & Gas - Downstream activities
ISIN:        AT0000743059
indexes:     ATX Prime, ATX
stockmarkets: official market: Wien 
language:   English
 

 


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