Det Norske Oljeselskap experienced strong interest for the transaction both from international and Norwegian investors and the Private Placement was oversubscribed.
DNO will retain a minimum of 80% ownership in Det Norske Oljeselskap following the placement and the subsequent offering.
Commenting on the Private Placement, Roar Tessem, Managing Director of Det Norske Oljeselskap said:
"We are satisfied that the Private Placement was successfully completed enabling us to move forward with our ambitious plans. The investment proposition for a wholly focused Norwegian exploration and production company has been highly appealing to both European and North American investors, and we look forward to building a second position E & P company in Norway."
The subsequent offering is expected to commence during August 2007 following approval of an offering prospectus by Oslo Børs.
Det Norske Oljeselskap has retained Pareto Securities as financial advisors in connection with the private placement and the subsequent offering.
DNO ASA
20 June 2007
Contact:
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Media: |
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Helge Eide, MD DNO ASA |
Telephone: |
+47 23 23 84 80 |
Roar Tessem, Det Norske Oljeselskap AS |
Telephone: |
+ 47 23 23 84 80 |
Ketil Jørgensen, Crux Communication (Norway) |
Telephone |
+47 930 36 866 |
Ben Willey, Buchanan Communications (UK) |
Telephone:
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+44 207 466 5000 |
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Investor Relations: |
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Haakon Sandborg, CFO DNO ASA |
Telephone: |
+47 23 23 84 80 |
Robert Arnott, Advisor (UK) |
Telephone |
+44 207 839 7764 |