Lundin Petroleum to sell Tunisia onshore assets
Posted: 22 November 2003
Lundin Petroleum is to sell its 50 per cent shareholding in Compagnie
Franco Tunisienne des Petroles to Spyker Energy, a private French
company, for a cash consideration of
USD 3 million.
CFTP which is also 50 per cent owned by the Republic of Tunisia
has a 100 per cent interest in the Sidi El Ityem onshore producing
oil field in Tunisia. The effective date of the transaction is 1
July 2003. Lundin Petroleum will provide a USD 2 million loan facility
to Spyker which will be repayable with interest out of a percentage
of Spyker’s net cash flow from its interest in CFTP. The transaction
is subject to certain regulatory approvals.
Lundin Petroleum’s current production from its interest in
CFTP is approximately 250 barrels of oil per day.
Ashley Heppenstall, President & CEO of Lundin Petroleum comments:
“The sale of this mature asset is a natural step for us in
terms of portfolio rationalisation. As the Company grows we seek
to allocate more management resources to assets with greater growth
potential”.
Lundin Petroleum is a Swedish independent oil and gas exploration
and production company with a well balanced portfolio of world-class
assets in France, Indonesia, Iran, Netherlands, Norway, Sudan, Tunisia,
Venezuela and Albania. The Company’s shares are traded on
the New Market at Stockholmsbörsen, Sweden (ticker “LUPE”).
For more information see www.lundin-petroleum.com.
Posted by Richard Price,
Editor Pipeline Magazine
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