This information is provided by DNO ASA (DNO) to address certain questions raised in a letter dated 24 August 2007 to Norsk Tillitsmann ASA (NT) from lawyer Ringdal of BAHR stating that the letter is written on behalf of an undisclosed number of anonymous bond loan investors. As trustee for DNO's bond loans, NT has asked DNO to respond to the questions in the referenced letter.
The letter was in the possession of the media already on 24 August, and its content was publicized on 25 August. The letter was received by DNO on 27 August 2007.
DNO would like to point to the fact that the letter contains several undocumented serious allegations and insinuations. Furthermore, the form of the letter, its content and the fact that it was made available to the media 3 days before DNO received it, has resulted in the company receiving unjustifiable negative publicity, which may have had an effect on the share price. Against this background it is remarkable that the anonymous investors choose this course of action and it is legitimate to question the purpose of the letter.
Oslo Stock Exchange has routinely asked for additional information from DNO related to the company's information to the market on 22 August 2007 relating to the unsolicited expression of interest to acquire DNO's license interests in North Iraq. This was one of the issues raised in the referenced letter. The company has provided such information, and Oslo Stock Exchange has concluded that it had been documented that the expression of interest to acquire the license interests was genuine.
DNO understand that Oslo Stock Exchange is now looking into the circumstances that may have prompted the letter.
DNO is focused on there being an efficient and well functioning market for securities issued by the company. This forms the basis of the company's information policy which inter alia aims at providing relevant information to the whole market at the same time.
Under the Oslo Stock Exchange regulation pertaining to bonds, DNO is obliged to publish its response to the referenced letter. The company's responses to the specific questions are based on information which has already been presented to or known in the market. The information is thus public in character and may be made available to everyone.
DNO's letter in Norwegian with English translation is attached.
Oslo, 6 August 2007