When Statoil in winter put forward a proposal for distribution of Sverdrup was only the Norwegian oil company who was not happy.
The company, with Sverre Skogen as Chairman and Kjell Inge Røkke as a member of the Board , protested at the distribution, which now do not seem to have been a particularly smart move.
While Lundin Petroleum and Maersk Petroleum were the winners in the new distribution of Sverdrup, was The Aker and Røkke The Norwegian-controlled oil company (Røkke owns 67 percent of Aker which owns 49.9 percent of The Norwegian) and state-owned Petoro losers.
Two losers and two winners
Analyst Teodor Sveen Nilsen in Swedbank believes the new distribution of Sverdrup means 2.5 million down on the share price at the Norwegian oil company.
Based on the number of shares it means defeat for the appeal on the original distribution in winter reduces the value of the Norwegian 505 million.
The lost share for the Norwegian equivalent to the Maersk Petroleum got their share increased by – just over a half billion dollars.
Sveen Nilsen also regarded themselves forward to the increased percentage of Lundin equivalent to 2.6 cents more per share.
Based on the number of shares means that Lundin is estimated to be 809 million more worth of the new distribution than the original in winter.
The increased share of Lundin corresponding reduction in the proportion of statseiede Petoro and loss of value for the state corresponds consequently 809 million Swedish kronor ( 765 Norwegian kroner).
This means that the appeal on the original distribution in winter, as the Norwegian stood behind, has given the Norwegian Petoro and a total loss of value of NOK 1.3 billion, while Lundin and Maersk has won accordingly.
Petoro director Johan Sverdrup, Jan Terje Mathisen, says reduction of 0.48 percentage points is disappointing but limited.
Large Numbers
Sverdrup field is previously estimated to have oil for a gross sales value of 1.350 billion, but it was with an oil price of $ 100.
Sveen Nilsen operates with a net present value for the shareholders of 130 billion, which in this case equals 1.3 billion pr. percent and 130 million per tenth of a percent.
For Statoil, with its unchanged 40 percentage, it is consequently talking about 52 billion, while for Lundin is talking about 29.4 billion respectively.
For Petoro corresponding percentage of 22.6 billion crowns and for Maersk 11 billion.
The Norwegian equivalent to the new share a net present value of 15 billion.
Legal aftermath?
With these values in mind, the question is now whether the distribution can get an aftermath in court.
The ministry said this winter that any litigation concerning the validity of the decision, or claim for damages as a result of the decision may not be instituted without the right of appeal is exercised and the appeal brought by the King in Council.
This fulfilled the Norwegian when it protested at the initial distribution winter, but if it Røkke-controlled The Norwegian oil company will take legal action is still an open question.
– We will now look very closely at the reasons before we decide how we relate to the decision says CEO Karl Johnny Hersvik The Norwegian oil company .
The Norwegian falls
According to the new distribution has analyst Sveen-Nilsen has an estimated value of 95 million on the Norwegian and 146 Swedish kronor at Lundin.
The Norwegian traded Thursday at 54.4 kroner on the Oslo Stock Exchange, down 2.5 million from Wednesday’s finish at 56, 9 million.
Lundin exceed 30 cents on the Stockholm Stock Exchange, to 142.8 Swedish crowns.
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