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Kluge has advised on another major E&P transaction on the NCS

Neptune Energy Group ("Neptune") announced on 28 June 2018 that it has entered into a Sale and Purchase Agreement to acquire 100 % of the shares of VNG Norge AS ("VNG Norge") from VNG AG, the German natural gas wholesaler and energy service provider.

Neptune Energy is an independent oil and gas exploration and production company with a regional focus on the North Sea, North Africa and South East Asia. The company's aim is to build an E&P company with material scale, operating capability and options for ultimate value realisation. A team from Kluge led by partners Thomas Abrahamsen and Audun Stornes has assisted Neptune Energy Norge AS with matters of Norwegian law in the transaction.

VNG Norge has built a portfolio of production, development and exploration assets on the Norwegian continental shelf which includes the Fenja oil development and the Njord production hub. VNG Norge has a portfolio of 42 licences, five producing fields and two development projects including, in Norway: Fenja (30 % and operator), Draugen (7.56 %), Brage (4.44 %), Ivar Aasen (3.02 %), Bauge (2.5 %), Njord (2.5 %) and Hyme (2.5 %); and in Denmark: Solsort (13.8 %). The proposed transaction is subject to approval by the Supervisory Board of VNG AG, as well as customary regulatory approvals, with completion expected in Q4 2018.

Further details can be found in the press release from Neptune.