Tulip Oil announces that the Company has signed a binding share purchase agreement to sell its subsidiary Tulip Oil Netherlands Kistos for a headline consideration of EUR 220 million plus up to EUR 163 million of contingent payments and EUR 5 million of warrants.
The Transaction remains subject to customary conditions precedent.
Kistos is a closed-ended investment company, listed on the AIM market in London, established with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector.
Upon completion of the Transaction, Tulip Oil will become a shareholder and debt holder of Kistos and will continue to be a 90% shareholder in Rhein Petroleum.
The Transaction will be enacted through the sale of the entire issued and outstanding share capital of TON, which, together with its wholly-owned subsidiary, TONO, owns an operating interest in the Q-10A offshore gas field the Q-10B, Q-11B and M10/M11 discoveries, and other exploration and appraisal projects in the Dutch North Sea.
Leo Koot, Chairman of Tulip Oil, commented: “We are very proud for our Dutch portfolio to be the foundation of Kistos growth story. The Tulip team has built a strong portfolio of producing, development, and exploration assets and has an excellent reputation for exploration successes and on-time and on-budget project delivery.”
“More importantly, the low carbon operations on Q10A and high-quality assets will allow Kistos to play an essential role in the Dutch energy transition. We are very confident Kistos will continue the success story and look forward to partnering with Kistos as an equity and debt holder on this exciting new phase for Tulip’s Netherlands operations.”