Vattenfall signs agreement to sell Nuon Exploration and Production and its associated Dutch North Sea gas fields to Tullow Oil plc
Amsterdam 24 May 2011 - Vattenfall has reached an agreement for the sale of Nuon Exploration and Production B.V. to Tullow Oil plc for a cash consideration of 300 million €EUR, subject to net working capital and post effective date adjustments. Nuon Exploration and Production B.V. currently holds interests in 35 producing gas fields in the Dutch North Sea as well as interests in the Den Helder plant and pipeline and other associated infrastructure. The deal will be effective as of January 1st 2011.
In June 2008, Nuon acquired the gas fields through its acquisition of Burlington Resources Netherlands B.V. In the autumn of 2010 Vattenfall announced a new strategic direction for the Vattenfall Group. One of the key elements of this new strategic direction is a strong focus on the Group's operations on core markets and core assets. The main drivers for the new strategic direction are to create financial flexibility and to reduce CO2 exposure. The preparation and final implementation of the sale of the E&P assets is a result of this new strategic direction.
The agreement with Tullow Oil plc. was signed on Monday, 23 May. Both parties expect the deal to complete by July 2011. Oystein Loseth, CEO of Vattenfall, was quoted saying: "I am glad to announce that we have found a suitable new owner for Nuon Exploration and Production B.V. in Tullow Oil plc. This sale demonstrates Vattenfall's ongoing commitment to refocusing on core assets and delivering on its new strategy."
Tullow is a leading independent oil & gas, exploration and production group, quoted on the London and Irish Stock Exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 90 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.
About Nuon
Nuon is an energy company whose 5,800 employees serve around 2.3 million consumers, businesses and organizations in the Netherlands and Belgium. Its key commitment is to supply energy that is reliable, affordable and as clean as possible. Nuon produces and supplies gas, electricity, energy related products, heat and natural cooling and helps customers to reduce their energy use. The company is a subsidiary of Vattenfall AB.
Vattenfall discloses the information provided herein pursuant to the Swedish Securities Market Act.
For further information, please contact:
Nuon Media Relations, Ariane Volz
Telephone: +31-(0)88 098 88 88, e-mail: mediarelaties@nuon.com
www.nuon.com/nl/pers/
From Vattenfall's Press Office, telephone: +46 8 739 50 10, press@vattenfall.com.