Based on a proposal from RAK Petroleum PCL and after consultation with other shareholders, the Board of DNO International recommended to the General Meeting (AGM) on 17 June 2010 that Dr. Zalmay Khalilzad and Ms. Shelley Watson be elected as new members of the Board of Directors.
DNO has received the following statement from Dr. Khalilzad:
"Regrettably, due to an increasingly heavy schedule and workload, I must decline the opportunity to serve on the Board of Directors of DNO International ASA. As a member of the Board of Directors of RAK Petroleum PCL, I will of course continue to follow DNO's ongoing development."
The Board of Directors of DNO has today considered the statement from Dr. Khalilzad. According to §5 in the Articles of Association, the Board of Directors of DNO consists of 3 to 5 members. Even after Dr. Khalilzad's decision, the board consists of 4 members and is in compliance with the Articles of Association. Therefore, the Board of Directors has decided not to propose any by-election.
The Board of Directors of DNO consists of Berge Gerdt Larsen (Chairman), Shelley Watson (Deputy Chairman), Gunnar Hirsti and Marit Instanes.
There have been rumours in the market that RAK will make a bid for DNO. RAK, controlled by interests in the United Arab Emirates (UAE), already owns around 30% of the company.