Oslo, 4 April 2018 - DNO ASA, the Norwegian oil and gas operator, today announced that it does not intend to make an offer for Faroe Petroleum plc.
This is a statement to which Rule 2.8 of the Takeover Code (the "Code") applies.
Under Note 2 of Rule 2.8 of the Code, DNO reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances:
- with the agreement of the board of Faroe Petroleum;
- if a third party announces a firm intention to make an offer for Faroe Petroleum;
- if Faroe Petroleum announces a "whitewash" proposal (Note 1 of the Notes on Dispensation from Rule 9) or a reverse takeover (as defined in the Code); and
- if there has been a material change of circumstances (as determined by the Takeover Panel).
In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at www.dno.no by no later than 12 noon on the business day following this announcement.
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.