DNO re-enters Norway offshore E&P

DNO ASA has acquired privately-owned E&P company Origo Exploration Holding, which has interests in 11 exploration and appraisal license interests in the North Sea.

Offshore staff

OSLO, Norway – DNO ASA has acquired privately-owned E&P company Origo Exploration Holding, which has interests in 11 exploration and appraisal license interests in the North Sea.

Seven are on the Norwegian continental shelf and four in UK waters.

DNO will take on Origo’s drilling commitments as of March 31, 2017, with certain working capital adjustments. It will also retain the company’s management, staff, and headquarters in Stavanger and rename the company DNO Norge.

Subject to regulatory approval, the move would represent a re-entry into Norway for DNO after a six-year hiatus during which it has built up operations in the Middle East and North Africa.

Origo was launched in 2014 by members of two private equity-funded exploration companies, Revus Energy and Agora Oil & Gas.

DNO’s executive chairman Bijan Mossavar-Rahmani said: “We are now positioned to pursue further asset acquisitions and, importantly, to compete in future exploration bid rounds offshore Norway.”

05/05/2017

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