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DNO Closes Acquisition of Norwegian Oil and Gas Firm Origo Exploration.

MANews-(C)2009-2017

30 June 2017 - Norwegian oil and gas operator DNO ASA has closed the acquisition of oil and gas exploration company Origo Exploration Holding AS, the company said.

This deal was announced in May.

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.

Origo Exploration is a privately-held oil and gas exploration company with a focus offshore Norway and the United Kingdom.

The transaction has been approved by regulatory authorities in both Norway and the United Kingdom.

Rebranded DNO Norge AS, the company is now a wholly-owned, Stavanger-based, subsidiary of DNO.

Following the acquisition, DNO returns to the North Sea with stakes in 11 exploration and appraisal licenses, of which seven are on the Norwegian Continental Shelf and four on the UK Continental Shelf.

DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North Africa.

Country: Norway

Sector: Petroleum/Natural Gas/Coal

Target: Origo Exploration Holding AS

Buyer: DNO ASA

Vendor:

Deal size in USD:

Type: Corporate Acquisition

Financing:

Status: Closed

Buyer advisor: , ,

Comment: 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

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Publication:M & A Navigator
Geographic Code:0NORT
Date:Jun 30, 2017
Words:267
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