Oslo-based Tellus Petroleum, with five employees, scroll Thursday up until 5.3 billion for additional shares on the Norwegian shelf.
The transaction implies a price of 10.4 dollars per barrel, as measured by NPD’s total estimated reserves of 59 million boe in assets. 
– High price
Oil analyst John Olaisen at ABG Sundal Collier believes pricing is healthy.
He notes that the Norwegian oil company comparison is priced at $ 7 per barrel including Johan Sverdrup field, and 16 dollars per barrel, excluding field.
– This is a relatively high price, perhaps surprisingly high price, says Olaisen to Dagens Næringsliv. Tellus Petroleum / Sequa Petroleum secures seven exploration licenses near fields Maria, Knarr, Ivar Aasen and Veslefrikk. The package also includes interests in the Utsira High gas pipeline (3.8769 percent), Edvard Grieg oil pipeline (2.5846 percent) and Knarr pipeline (20 percent). The rates are indicated to $ 602 million, around 4.6 billion. In addition, Tellus pay Wintershall up $ 100 million more, approximately NOK 765 million, depending on the evolution of oil prices in the period 2016 to 2019. $ 40 million of the initial amount also subject to regulatory approval by Maria development, where plan for development and operation (PDO) was recently delivered. The transaction requires the normal approval by the Norwegian authorities, including also the approval of Tellus Petroleum as a new player on the Norwegian continental shelf, The transaction is expected to be completed towards the end of the year, assuming approval. The agreement will be applicable retroactively from 1 January 2015. more
Pending rush
The transaction is not only the largest on the shelf so far this year, it is also the only one.
It has been known in the market that Wintershall Shares and 5-6 other transactions have been on time . ABG analyst believes the current transaction now getting stopper to release.
– When the transactions are not completed, the stand-still in both activity and other transactions. This could be the start of a bunch of other transactions on the Norwegian continental shelf, now that they have put the price should be, says Olaisen. 
Unstable oil prices crash
Analyst Oddvar Bjørgan Nordea Markets agree. He notes, however, that the transaction is complicated, partly with success-fee and interests forward as it is difficult to put value on.
– The first impression was that it sounded out loud, saying Bjørgan for Today business.
He thinks it has hitherto been too much distance between buyers and sellers. An unstable oil prices has reinforced this, according Bjørgan.
– Historically, it has been easier to conduct transactions when oil prices have stabilized at a certain level, he said.
– Adhere good
Analyst Trond Omdal in Pareto Securities believes the price is good both compared with other transactions and companies.
For example, praised the Norwegian, Lundin, ENQUEST, Faroe and Premier, which all have large reserves offshore, to 11 dollars per barrel on average.
– We see that the pricing of both companies and assets remains good, and prices in oil prices higher than the we see in the spot market today, says Omdal to Dagens Næringsliv.
– Buyer’s Market
Development and field director Ivar Haaland in Tellus Petroleum is pleased with the agreement, pointing out that comparable transactions are made to higher levels. However, oil prices have also halved in the past year.
– We have paid a price we are pleased with, says Haaland to DN.
Wintershall Shares acquired in competition with other stakeholders, providing that Tellus is a new and major player on the Norwegian continental shelf. As part of Sequa Petroleum Company assesses reach more units on the shelf, according Tellus-top.
– It is much more a buyer’s market now than at the same time last year or the first half of 2014, said field director.
Hiring
The transaction is supported by the Dutch oil company Sequa Petroleum, which now buys Tellus, which is a subsidiary.
Oslo-based Tellus was started in 2012 by people with a background including Saga Petroleum with Barclays Natural Resource Investments as a financial partner. Barclays will now repaid its convertible loan to the company while Tellus founders are settled in cash and Sequa shares, which are listed on the Amsterdam Stock Exchange.
The Norwegian operations will now be increased from five to 20 employees, says Haaland.
– We will build an organization around that and put in place the necessary regulatory approvals as a new player on the Norwegian shelf, he said.
Lite liquid
Sequa is supported by the Dutch buyout fund Sapinda, and has many similarities with Tellus; including former Shell employees. Sequa will provide equity in the transaction, while banking partner not yet been selected, according Haaland.
Sequa’s shares are not traded Euronext in Amsterdam Thursday and characterized otherwise weak liquidity. The company priced at 555 million euros, about 4.9 billion, down eight percent so far this year.
Wintershall has spent Lambert Energy Advisers as advisers in the process. Tellus has had financial advisors, according to the company.
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