OSLO, Norway --DNO will offer a private placement of between $71-89 million to its existing shareholders and potential new investors. It expects to launch the process in August, as the first step in a campaign to become Norway's second largest independent E&P company.
Over the past few years, DNO has expanded its portfolio of North Sea assets, at the same time strengthening its expertise in geology and geophysics, reservoir engineering, drilling, and production. Starting this month, it will participate in 12 wells through end-2008, targeting cumulatively over 250MMboe.
The company also has a 15% share in the Eni-operated Goliat license in the Barents Sea, which may be the largest discovery on the Norwegian shelf for over a decade.