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."