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Wednesday, August 1, 2018
DNO has bought up 2,641,465 shares in Oslo-listedPanoro Energy. The purchaserepresents 5.65% of the outstanding shares, at a price of NOK 12.82 per share.
The share subscription follows a transaction in which DNO sold its Tunisian subsidiary, DNO Tunisia, to Panoro. The sale of the subsidiary is part of DNO’s divestment of non-core assets.
The firm is focusing on expanding its operations in the Kurdistan region of Iraq and offshore Norway.
All DNO Tunisia employees have transferred to Panoro as part of the transaction. Panoro has assumed all existing permit interests, rights and remaining work obligations at the Sfax Offshore Exploration Permit, Ras El Besh Concession and Hammamet Offshore Exploration Permit.
Panoro has retained a cash balance of $8.6 million in DNO Tunisia, reflecting DNO’s partial contribution toward the remaining work obligations and in support of Panoro’s ability to develop and unlock value in the assets. Through its shareholding in Panoro, DNO maintains exposure to the Tunisian permits and will in addition receive a deferred consideration of up to $13.2 million paid through future production from the Sfax Offshore Exploration Permit.
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