The Oslo City Court yesterday fully dismissed a claim from Erik J. Frydenbø, a director in Petrolia ASA and a close associate of Berge Gerdt Larsen, demanding an investigation into the relationship between DNO International ASA's management and its largest shareholder RAK Petroleum PCL.
The Court ruled in favour of DNO and awarded DNO compensation to cover its entire legal costs.
Mr. Larsen, his associates and companies they control, including Petrolia, have been making spurious allegations and claims and are engaged in an active campaign against the proposed merger between DNO and RAK Petroleum's MENA operating assets.
DNO has been gravely concerned that this most recent effort to force an investigation of unfounded claims was intended to distract from a rational consideration of the merger and to misuse the judiciary to block the merger. DNO views this dismissal as independent confirmation of the Company's position that these claims have no merit and are disruptive.
The ruling (Norwegian version) in its entirety is attached to this release. An English translation will be made available as soon as possible.
Oslo, 25 October 2011
DNO International ASA
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)