DNO Considers Revised Offer for GKP

By John Lee.

Norway’s DNO has stated that its July 2016 proposal to acquire Gulf Keystone Petroleum (GKP) has expired, “as certain conditions to the recent financial restructuring set by Gulf Keystone itself appear not to have been met.”

In a statement, the company said:

“Given the resulting uncertainties about Gulf Keystone’s asset, commercial oulook and future rights and obligations at the Shaikan field, and following a careful review of Gulf Keystone’s latest reserves report, DNO is prepared to consider an all cash transaction but at a meaningful discount to the previous USD 300 million equivalent cash-and-shares offer.”

(Source: DNO)

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