DNO completes Origo acquisition
DNO ASA, the Norwegian oil and gas operator, has completed the the acquisition of Origo Exploration Holding AS, a privately-held oil and gas exploration company with a focus offshore Norway and the United Kingdom.
The transaction has been approved by regulatory authorities in both Norway and the United Kingdom.
Rebranded DNO Norge AS, the company is now a wholly-owned, Stavanger-based, subsidiary of DNO.
Following the acquisition, DNO returns to the North Sea with stakes in 11 exploration and appraisal licenses, of seven of which are on the Norwegian Continental Shelf and four on the UK Continental Shelf.
In its previous announcement DNO said it would assume Origo’s drilling commitments and license obligations with an effective date of March 31, 2017, with certain working capital adjustments. DNO also said it would retain Origo’s management, staff, and headquarters in Stavanger.
Origo was launched in 2014 by founding members of two private equity-funded exploration companies, Revus Energy ASA and Agora Oil & Gas AS.
Offshore Energy Today Staff