Somaliland: DNO Acquires Additional Shares in Faroe Petroleum


DNO ASA, the Norwegian oil and gas operator, today announced that it has acquired 8,487,838 shares in Faroe Petroleum plc at a price of GBP 1.25 per share representing 2.32 percent of the outstanding shares in Faroe Petroleum.

This follows the separate completion on 4 April 2018 of a reverse book building process through which DNO acquired 10 percent of the shares in Faroe Petroleum at a price of GBP 1.25 per share and the acquisition of 15.37 percent of the share capital of Faroe Petroleum from Delek Group Ltd. at a price of GBP 1.25 per share.

Following the three transactions, DNO will own 101,503,663 shares representing 27.68 percent of the outstanding shares in Faroe Petroleum.

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DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, Oman, Somaliland, Tunisia, the United Kingdom and Yemen.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: DNO ASA via Globenewswire

Referenced Stocks: DNO