DNO Announces Acquisition of Minority Shareholding in Faroe Petroleum

Oslo, 4 April 2018 - DNO ASA, the Norwegian oil and gas operator, today announced that it has agreed to acquire 15.37 percent of the share capital of Faroe Petroleum plc from Delek Group Ltd.

The acquisition covers all Faroe Petroleum ordinary shares held by Delek, totaling 56,355,825, at a price of GBP 1.25 per share for an aggregate purchase price of GBP 70,444,781.

DNO re-entered the North Sea upstream sector in 2017 through the acquisition of Origo Exploration Holding AS after a six-year hiatus during which the Company built a successful Middle East presence anchored by the DNO-operated flagship Tawke field in the Kurdistan region of Iraq.

Following Norway's latest Awards in Predefined Areas (APA) 2017 licensing round, DNO holds interests in 19 exploration licenses offshore Norway and the United Kingdom. In addition to its direct stake in these licenses, the Company has disclosed that it will pursue additional strategic investments and partnerships with established North Sea players. DNO has a long history of strategic shareholdings in oil and gas companies such as Det norske oljeselskap ASA, Rocksource ASA and RAK Petroleum plc.

DNO now has decided to build a long term strategic shareholding in Faroe Petroleum and to support Faroe Petroleum management's growth focused North Sea strategy. 

Faroe Petroleum is an independent oil and gas company listed on the UK's Alternative Investment Market (AIM) since 2003 and focused on exploration, appraisal and production activities in Norway and the United Kingdom. At year-end 2017, Faroe Petroleum has stated 2P reserves of 97.7 million barrels of oil equivalent (MMboe) and 2C resources of 78.6 MMboe; 2017 daily production averaged 14,300 boe.

At year-end 2017, on a Company Working Interest (CWI) basis, DNO's 2P reserves stood at 384.1 MMboe and 2C resources at 98.9 MMboe, with 2017 daily average CWI production of 73,700 boe.

Lambert Energy Advisory Ltd and Pareto Securities AS have acted as advisors to DNO in connection with the acquisition.

New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

DNOFaroe PetroleumNorwayOilgasDelek GroupAcquisition

More items from oilvoice

Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice

Posted 1 year agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 1 year agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice