Norway: Det Norske Raises USD 91.2 million in Private Placements

Det norske oljeselskap ASA successfully raised NOK 489 million (USD 91.2 million ) in private placements directed towards Norwegian and International investors. The Issue was oversubscribed.

The price was set at NOK 44.0 per share (USD 8.2 ). 11 111 111 shares will be issued following the Private Placement, increasing the share capital to 122 222 222 shares.

Erik Haugane, CEO of Det norske stated:

“Det norske has during 2011 experienced exploration success, most recently with the Aldous Major South discovery. While Det norske in the past years has been a purely exploration focused company, we are now entering a new phase, with several field development projects in the portfolio. We have now successfully strengthened our balance sheet ahead of this transformational period.”

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Source:Det Norske, August 31, 2011;