DNO Latest International Financial News – Tawke Oilfield, Kurdistan, Share Price and more – brought to you by Iraq Business News
DNO International has announced on Monday the resumption of its share buyback program, originally announced on 10 August 2011. Between 18 August and 7 October, the Company acquired a total of 25,500,000 shares, which are currently held in treasury, pursuant to a shareholder approval to acquire up to 80,000,000 shares. "We believe that in current […]
Former BP chief executive Tony Hayward (pictured), who heads the cash-rich Genel Energy group, said he would be interested in buying Norwegian oil company DNO and its Kurdish oil licences. Norwegian newspaper Finansavisen reported on Tuesday that the remarks come a week before DNO shareholders are to vote on a contested proposal to buy UAE-based […]
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 […]
DNO International announced that is has has completed the process begun earlier this fall, and previously disclosed in September in connection with its planned merger, to end all related party relationships with its former chairman Berge Gerdt Larsen as these were deemed by the board and management to have no continuing business purpose for DNO. […]
DNO International ASA has redirected nearly one third of its crude oil production in the Kurdistan Region of Iraq to sales to the domestic market in a move that will improve predictability and stability of its revenue stream. The Company recently signed contracts with three buyers for delivery of around 675,000 barrels of oil from […]
Iraq's deputy prime minister has said that oil contracts signed by the Kurdistan Regional Government (KRG) must be rewritten, and that recent government payments to international producers in the region in no way validate the contracts, according to a report from Reuters. "The contracts as they stand will have to be presented to the government […]
DNO International today [Wednesday] received a second payment of USD 60 million from the Kurdistan Regional Government in respect of oil exports from the Tawke field operated by the Company in northern Iraq. A first payment of USD 103.7 million was received in June 2011. The Company had previously reported temporary reductions in production from […]
Boards of Directors of DNO and RAK have approved the merger of RAK Petroleum MENA into DNO International. Please click on the following pages to see the full presentation from the companies:
Shares in DNO International closed up more than 11% on Wednesday after the company announced strong performance in the second quarter of 2011 with a working interest production of 48,582 barrels of oil per day (bopd), doubling of the reserves at the Tawke field and good financial performance. Sales recognized in the second quarter this […]
DNO International ASA's Board of Directors today announced a share buyback program following release of preliminary second quarter 2011 results. The timing and volume of the share purchases will depend on market conditions. "Given the ongoing sell-off and sharp declines in global securities, we have decided to invest available cash to capitalise on the undervaluation […]
Shares in DNO International jumped 8% on Tuesday following its report of a more than doubling of reserves for the Tawke oil field in the Kurdistan region of Iraq, as a result of a review and assessment by a firm of independent reservoir engineers. The just completed audit of reserves by France’s Beicip Franlab places […]
Shares in Norway-based DNO International jumped 16% on Monday following the announcement of its merger with RAK Petroleum's Middle East and North Africa subsidiaries. A tie-up between the two companies has been rumoured for some time, especially following the boardroom coup that saw RAK's CEO oust DNO's chairman. You can hear a replay of this […]
