DNO ASA, the Norwegian oil and gas operator focused on the Middle East and North Africa region, announced last night that it had acquired a further 3.74 million shares in London-listed Faroe Petroleum at a price of £1.25 per share representing 1.02 per cent of the outstanding shares in the company.
Together with two other recent transactions, also at £1.25 per share, this brings DNO’s stake in Faroe Petroleum to 28.71 per cent.
Faroe, which focuses principally on exploration, appraisal and production opportunities in Norway and the UK, announced earlier this week that Norway’s Minister of Petroleum and Energy has approved plans for the development and operation, ‘PDO’, of the Fenja field in the Norwegian sector of the North Sea.
Faroe has a 7.5 per cent share in the field, which is expected to come into production in 2021. It also announced the completion of a successful appraisal well on the Fogelberg discovery, also in the Norwegian North Sea, in which it has a 15 per cent stake.
Founded in 1971 and listed on the Oslo Stock Exchange, the DNO ASA holds stakes in onshore and offshore licences at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, the UAE, Tunisia and Somaliland. Its largest shareholder is UAE-based RAK Petroleum.
(TradeArabia News Service)