Kvale acted as legal counsel to M Vest Energy AS on its acquisition of working interests from Neptune in the Draugen, Brage and Ivar Aasen fields on the Norwegian continental shelf.
Kvale has acted as legal counsel to M Vest Energy AS (MVE) on a transaction involving the acquisition by MVE of 7.56% working interest (WI) in Draugen, 4.4424% WI in Brage, and 0.8% WI in Ivar Aasen from Neptune Energy Norge AS (Neptune). In addition to the oil and gas producing fields, the transaction includes a 1.2092% WI in Edvard Grieg oil pipeline and 1.8138% WI in Utsira High gas pipeline.
The transaction is interlinked with OKEAs acquisition of 2.223% WI in Ivar Aasen from Neptune, such sale and purchase agreement having been signed on the same date as the agreement between MVE and Neptune. The consideration for both transactions totals up to USD 35 million.
The transaction is subject to customary governmental approval, and the effective date is 1 January 2022.
For further information, please see the press release from MVE here.