STAVANGER (dpa-AFX) - Centrica plc (CNA.L) said subsidiaries of the 69% Centrica owned Spirit Energy Group have agreed to sell the Spirit Energy Group's Norwegian oil and gas exploration and production business excluding the Statfjord field to Sval Energi AS and its interests in the Statfjord field to subsidiaries of Equinor ASA. The deal has headline consideration of approximately 800 million pounds in cash on a debt free, cash free basis, plus a deferred commodity price linked contingent payment. The distribution to Centrica of its 69% share is expected to be approximately 560 million pounds.
The transaction result in a 92% reduction in the Spirit Energy Group's oil and liquids reserves and a 38% reduction of its gas reserves.
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