Tellus Petroleum will not complete the purchase of Wintershall’s assets on the Norwegian continental shelf

Kassel/Stavanger, 28-12-2015 — /EuropaWire/ — Following a request from Tellus Petroleum, Wintershall has consented to release the company from its obligations under the Sales and Purchase Agreement announced on June 18, 2015.

Wintershall, a 100% BASF subsidiary, had originally planned to divest assets in the four non-operated fields Knarr (20%), Veslefrikk (4.5%), Ivar Aasen (6.4615%) and Yme (10%) on the Norwegian continental shelf to Tellus Petroleum AS, a 100% subsidiary of Sequa Petroleum N.V. The planned transaction also involved a 15% stake in the Wintershall-operated Maria development as well as seven exploration licenses.

Wintershall Holding GmbH, based in Kassel, Germany, is a wholly owned subsidiary of BASF in Ludwigshafen. The company has been active in the extraction of natural resources for 120 years, and in the exploration and production of crude oil and natural gas for over 80 years. Wintershall focuses on selected core regions where the company has built up a high level of regional and technological expertise. These are Europe, Russia, North Africa, South America, and increasingly the Middle East region. The company wants to expand its business further with exploration and production, selected partnerships, innovation and technological competence. The company employs about 2500 staff worldwide from 40 nations and is now Germany’s largest crude oil and natural gas producer.

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Tellus Petroleum will not complete the purchase of Wintershall’s assets on the Norwegian continental shelf