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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Idemitsu Kosan Co.,Ltd.    5019   JP3142500002

IDEMITSU KOSAN CO.,LTD.

(5019)
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Idemitsu Kosan : Petroleum Norge to sell part of participating interests of Production Licenses in Barents Sea,Norway(PDF:254KB)

10/26/2020 | 07:10pm EST

October 20, 2020

Press Release

Company Name: Idemitsu Kosan Co.,Ltd.

Representative Director & Chief Executive Officer: Shunichi Kito

(Company Code: 5019, TSE, First Sect.) Contact person:

Munehiro Sekine, General Manager,

Investor Relations Office, Finance Department (TEL: +81-3-3213-9307)

Idemitsu Petroleum Norge to sell part of participating interests of Production Licenses

in Barents Sea, Norway

Idemitsu Kosan Co.,Ltd. (the "Company") is pleased to announce that Idemitsu Petroleum Norge AS*1 (Head Office: Oslo Norway; Managing Director: Futoshi Tsuneyama), a wholly owned subsidiary of Idemitsu Snorre Oil Development Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President: Jun Miki)*2, has entered into an agreement with Lundin Energy Norway AS (Head Office: Oslo Norway), to sell a 10% participating interest in production licenses PL 537 & PL 537B including Wisting discovery and a 15% participating interest in production licenses PL 609, PL 609B, PL 609C, PL 609D and PL 851 including Alta discovery in the Barents Sea, Norway.

*1: Shareholder: Idemitsu Snorre Oil Development Co., Ltd. (100 %)

*2: Shareholders: Idemitsu Kosan Co.,Ltd. (50.5 %), Osakagas Summit Resources Co., Ltd. (49.5 %)

1. Overview

Idemitsu Petroleum Norge AS acquired a 20% participating interest in PL537 & PL537B, and a 30% participating interest in PL 609, PL 609B, PL 609C, PL 609D and PL 851 through the Norwegian licensing rounds. The Wisting and Alta discoveries were made in PL 537 in 2013 and PL 609 in 2014 respectively. Studies are ongoing with a view to progressing these discoveries to development.

The transaction is part of the Company's long-term business strategy, and capital and cash management plan. It will reduce development cost exposure in future. A cash consideration of 125 MUSD is to be paid on completion of the transaction.

Change of license share in the production licenses in Barents Sea

PL 537PL 537B

License Shares

Company Name

Before Transaction

After completion of

Transaction

Idemitsu Petroleum Norge AS

20

10%

Lundin Energy Norway AS

-

10%

PL 609PL 609BPL 609CPL 609DPL 851

License Shares

Company Name

Before Transaction

After completion of

Transaction

Idemitsu Petroleum Norge AS

30

15%

Lundin Energy Norway AS

40

55%

2. Summary of Lundin Energy Norway AS

(1)

Name

Lundin Energy Norway AS

(2)

Location

Strandveien 4, 1366 Lysaker, Oslo, Norway

(3)

Main Business Activities

Exploration, production and sale of petroleum in Norway

(4)

Date established

24 October 2003

(5)

Parent Company

Lundin Energy AB (Listed on the Stockholm Exchange Market)

Capital relations

There is no relevant information.

Relationship between the

Personal relations

There is no relevant information.

Business relations

There is no relevant information.

(6)

listed company and the

Related parties to

There is no relevant information.

concerned company

the relevant

situation

3. Schedule

Date of contract

October 2, 2020 (Subject to approval of the board of Idemitsu Kosan

(1)

Co.,Ltd.)

(2)

Date of board of directors'

October 20, 2020

decision

(3)

Date of completion of the

Undecided*

transaction

*Note: Completion of the transaction is subject to the approval of the Norwegian authorities.

4. Forecasts

Due to the date of completion of the transaction being subject to the approval of the Norwegian authorities, the impact on the Company's consolidated performance for this financial year is pending at the present time. Any further information concerning this matter that ought to be released, will be promptly disclosed.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Idemitsu Kosan Co. Ltd. published this content on 20 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2020 00:09:09 UTC


© Publicnow 2020
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Sales 2021 4 441 B 42 689 M 42 689 M
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Net Debt 2021 1 090 B 10 480 M 10 480 M
P/E ratio 2021 120x
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Nbr of Employees 13 766
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Average target price 2 592,22 JPY
Last Close Price 2 228,00 JPY
Spread / Highest target 39,1%
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NameTitle
Shunichi Kito President & Representative Director
Takashi Tsukioka Chairman
Noriaki Sakai Chief Financial Officer
Takashi Matsushita Director & Executive Vice President
Ryosuke Ito Independent Outside Director
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