Reference is made to the extraordinary general meeting of DNO ASA on 1 December, 2004, whereby a resolution was passed to distribute an extraordinary dividend of NOK 0,50 per share and one share in Independent Oil Tools ASA ("IOT") for each DNO ASA share to the shareholders of DNO ASA as per 1 December, 2004.
The extraordinary cash dividend and IOT share dividend were distributed to DNO ASA shareholders on 16 December, 2004. The IOT shares have thereby now been transferred to the VPS-accounts (electronic share registry) belonging to the shareholders of DNO ASA as per 1 December, 2004, and these shareholders should expect a notification from VPS shortly.
The shares in IOT may be traded on the Norwegian Over The Counter Market ("NOTC"), administered by the Association of Norwegian Stockbroking Companies, beginning today (17 December, 2004) at 10.00 a.m.
Independent Oil Tools ASA has received the trading symbol / ticker "IOTA" at the NOTC-list.
For further information about IOT, please refer to the information memorandum dated 24 November, 2004 available on the websites of both DNO ASA and IOT.