UAE - DNO ASA, a Norwegian oil and gas operator focused on Middle East and the North Sea, has announced the completion of the transaction agreement involving DNO and UAE-based RAK Petroleum by which the company will acquire Mondoil Enterprises and its 33.33% indirect interest in privately-held Foxtrot International LDC, whose principal assets are operated stakes in offshore production of gas and associated liquids in Côte d'Ivoire.

Pursuant to the approval given by DNO’s Extraordinary General Meeting last month, the company will issue 78,943,763 new shares to RAK Petroleum, its largest shareholder, as consideration for the transfer between the companies.

RAK Petroleum will distribute by way of a capital repayment the entirety of its DNO shareholding to its shareholders, which include DNO (5.1%). Prior to the issuance of the consideration shares, RAK Petroleum holds 438,379,418 shares in DNO, representing 44.94% of shares outstanding.

The capital repayment is expected to take place on or about October 19. Following the distribution, DNO will have 26,269,183 own shares which will be retained as treasury shares.

Founded in 1971 and listed on the Oslo Stock Exchange, DNO ASA holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the UK, Netherlands and Yemen.

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