Authorities’ approval for Brage acquisition is received
Updated: Apr 20
OSLO, 15 December 2021 – Lime Petroleum AS (“Lime”) has on 14 December2021, received approval from the Norwegian authorities, for its acquisition of 33.8434 per cent of the Brage Field (the “Acquisition”).
With this approval, the Acquisition is expected to be completed by 31 December 2021. The effective date of the Acquisition, upon completion, will be deemed to have taken place on 1 January 2021, as is the norm for transactions in the Norwegian Continental Shelf.
Mr Lars Hübert, Chief Executive Officer of Lime, said, “We are delighted to have the consent of the Norwegian Government for the transaction with Repsol Norge AS on the Brage Field. Adding Brage to the Lime portfolio alongside the ongoing development projects and exploration concessions is a large step in transforming Lime to a full cycle exploration and production (E&P) company. Lime has spent the interim period building up the organisation necessary to take on the responsibility of having this stake in a producing field and is looking forward to working closely with the Operator, Wintershall Dea Norge AS, and the other partners on the field.”
On 15 June 2021, Lime entered into a conditional sale and purchase agreement with Repsol Norge AS (“Repsol”), to acquire Repsol’s 33.8434 per cent interests in the Brage Field, for a post-tax consideration of US$42.6 million. In July 2021, Lime completed the issuance of NOK 500 million (approximately US$60 million) of 2.5-year senior secured bonds (the “Bonds”), a portion of which would be used to partly finance the Acquisition. The Bonds were oversubscribed by more than 100 percent and books were closed within three days.