DNO Acquires Origo Exploration, Returns to Norwegian Continental Shelf
4 May 2017
DNO ASA, the Norwegian oil and gas operator, today announced the acquisition of Origo Exploration Holding AS (Origo), a privately-held oil and gas exploration company with a focus offshore Norway and the United Kingdom.
Following the acquisition, DNO picks up stakes in 11 exploration and appraisal licenses in the North Sea, of which seven are on the Norwegian Continental Shelf and four on the UK Continental Shelf. As consideration, DNO assumes Origo’s drilling commitments and license obligations with an effective date of 31 March 2017, with certain working capital adjustments. DNO will retain Origo’s management, staff and headquarters in Stavanger, Norway and rebrand the company DNO Norge AS.
The transaction, subject to regulatory approval, fast-tracks DNO’s reentry into Norway after a six-year hiatus during which the Company has built a successful Middle East presence, anchored by the DNO-operated flagship Tawke field in the Kurdistan region of Iraq.
“Origo presented a unique and timely opportunity to partner with an experienced team with a strong record of exploration success and value creation,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. “We are now positioned to pursue further asset acquisitions and, importantly, to compete in future exploration bid rounds offshore Norway.”
Origo was launched in 2014 by founding members of two private equity-funded exploration companies, Revus Energy ASA and Agora Oil & Gas AS.