DNO Acquires Origo Exploration, Returns to Norwegian Continental Shelf
(Thomson Reuters ONE) -
Oslo, 4 May 2017 - DNO ASA, the Norwegian oil and gas operator, today announced
the acquisition of Origo Exploration Holding AS (Origo), a privately-held oil
and gas exploration company with a focus offshore Norway and the United Kingdom.
Following the acquisition, DNO picks up stakes in 11 exploration and appraisal
licenses in the North Sea, of which seven are on the Norwegian Continental Shelf
and four on the UK Continental Shelf. As consideration, DNO assumes Origo's
drilling commitments and license obligations with an effective date of 31 March
2017, with certain working capital adjustments. DNO will retain Origo's
management, staff and headquarters in Stavanger, Norway and rebrand the company
DNO Norge AS.
The transaction, subject to regulatory approval, fast-tracks DNO's reentry into
Norway after a six-year hiatus during which the Company has built a successful
Middle East presence, anchored by the DNO-operated flagship Tawke field in the
Kurdistan region of Iraq.
"Origo presented a unique and timely opportunity to partner with an experienced
team with a strong record of exploration success and value creation," said DNO's
Executive Chairman Bijan Mossavar-Rahmani. "We are now positioned to pursue
further asset acquisitions and, importantly, to compete in future exploration
bid rounds offshore Norway."
Origo was launched in 2014 by founding members of two private equity-funded
exploration companies, Revus Energy ASA and Agora Oil & Gas AS.
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For further information, please contact:
Media: media(at)dno.no
Investors: investor.relations(at)dno.no
Tel: +47 911 57 197
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DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North
Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds
stakes in onshore and offshore licenses at various stages of exploration,
development and production in the Kurdistan region of Iraq, Oman, Somaliland,
Tunisia and Yemen.
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This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DNO ASA via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 04.05.2017 - 08:05 Uhr
Sprache: Deutsch
News-ID 540211
Anzahl Zeichen: 2743
contact information:
Town:
Oslo
Kategorie:
Business News
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"DNO Acquires Origo Exploration, Returns to Norwegian Continental Shelf"
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