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Kluge assists in yet another significant NCS licence transaction

A team from Kluge (lead by partners Audun Stornes and Thomas Abrahamsen, and with associate Joar Kalsaas as part of the team) assisted Dong E&P Norge AS with its sale of its participating interests in Oselvar, Tambar, Tambar East, Trym and Ula fields on the Norwegian Continental Shelf to Faroe Petroleum Norge AS for a consideration of MUSD 70,2.

Transfer of ownership to Faroe is subject to approval by Norwegian authorities among others and is expected to complete during the latter part of 2016. The field ownership shares to be acquired by Faroe are as follows: Trym 50%, Oselvar 55%, Tambar 45% (Tambar East 43.24%) and Ula 20%. DONG Energy operates the subsea installations Oselvar and Trym and is partner in Ula and Tambar, which are both operated by BP. In 2015, the five fields' daily contribution was up to approximately 12,000 barrels of oil equivalent (boe).

Kluge is very pleased to take an active part in the current changing of the landscape on the NCS.

DONG's press release on the transaction