Oslo, 28 December 2012 -- DNO International ASA ("DNO International"), the Norwegian oil and gas company, announced today that its long-serving Managing Director, Helge Eide, is stepping down effective 31 December 2012.
"After almost 17 years at DNO International, including the past 13 years as Managing Director, it was time to make way for a new generation of leadership," said Eide. He noted that he originally considered leaving his position in 2011 but extended his tenure to help navigate DNO International through its transformative merger with RAK Petroleum PCL that became effective early this year.
Bijan Mossavar-Rahmani, DNO International's Executive Chairman, said he accepted the decision with great reluctance but deep appreciation for Eide's dedicated service to the Company. "Helge leaves his position on a high note as 2012 has shaped up to be DNO International's best year ever by so many operational, financial and governance measures," he added.
DNO International has instituted a search for a replacement and in the interim has named Bjørn Dale, its General Counsel, to the additional position of Acting Managing Director.
Under Eide's termination agreement, he will continue to advise the Company on strategy and business development.
---DNO International ASA is an Oslo-listed, Middle East and North Africa focused, oil and gas company holding stakes in 17 licenses in various stages of exploration, development and production both onshore and offshore in the Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the United Arab Emirates and the Tunisian Republic---
Oslo, 28 December 2012
DNO International ASA
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This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)