The Oslo City Court yesterday fully dismissed a claim from Erik J. Frydenbø, a director in Petrolia ASA and a close associate of Berge Gerdt Larsen, demanding an investigation into the relationship between DNO International ASA's management and its largest shareholder RAK Petroleum PCL.
The Court ruled in favour of DNO and awarded DNO compensation to cover its entire legal costs.
Mr. Larsen, his associates and companies they control, including Petrolia, have been making spurious allegations and claims and are engaged in an active campaign against the proposed merger between DNO and RAK Petroleum's MENA operating assets.
DNO has been gravely concerned that this most recent effort to force an investigation of unfounded claims was intended to distract from a rational consideration of the merger and to misuse the judiciary to block the merger. DNO views this dismissal as independent confirmation of the Company's position that these claims have no merit and are disruptive.
Please click here to download a copy of the ruling (Norwegian version) in its entirety, and here to download an English translation.