DNO Acquires Origo Exploration with 11 North Sea Exploration Licenses

Updated 4 years 4 months ago

DNO announced the acquisition of Origo Exploration Holding AS, a privately-held oil and gas exploration company with a focus offshore Norway and the United Kingdom. DNO picks up stakes in 11 exploration and appraisal licenses in the North Sea: 7 on the Norwegian Continental Shelf and 4 on the UK Continental Shelf.

DNO assumes Origo's drilling commitments and license obligations with an effective date of March 31, 2017, with certain working capital adjustments. DNO will retain Origo's management, staff, and headquarters in Stavanger and rebrand the company DNO Norge AS. The transaction is subject to regulatory approval. Origo was launched in 2014 by founding members of 2 private equity-funded exploration companies, Revus Energy ASA and Agora Oil & Gas AS.

"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."