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EQNR - Equinor Cashes In Part Of Big Gain On Lundin Investment
Equinor ASA
Equinor (EQNR) announced Sunday that it was selling a 16% interest in Lundin Petroleum (LNDNF) at a ~9.6% below market price, but will get $650 million in cash and an additional 2.6% stake in the massive John Sverdrup field:
Source: Lundin Capital Markets Day Presentation (available here).
Note that Equinor will maintain a 4.9% interest in Lundin following the transaction.
20 wells have already been drilled into the reservoir - that includes 8 pre-drilled production wells and 12 pre-drilled water injection wells (to maximize resource recovery). As the slide