Sequa Petroleum NV (ENXTPA:MLSEQ) entered into an agreement to acquire Tellus Petroleum AS for $23.1 million in cash and equity on June 18, 2015. The consideration for the acquisition of Tellus by SPNV is a combination of cash and new shares issued by SPNV to sellers of the shares in Tellus. Depending on future performance, the consideration will be a maximum of 6 million SPNV shares and $4 million cash. Post transaction, the current management team in Tellus will continue to run the company and the organisation will be further developed to manage the portfolio. Completion is subject only to a shareholder vote with simple majority of the votes cast, for which irrevocable undertakings of 48% of its shareholders have been obtained in addition to 15% of votes held by SPNV management team.

Sequa Petroleum NV (ENXTPA:MLSEQ) completed the acquisition of Tellus Petroleum AS on September 24, 2015.