Tag Archives | Petrolia

DNO Completes Merger with RAK

DNO International ASA announced the completion on Tuesday of its merger with RAK Petroleum PCL´s MENA operating subsidiaries, and increased its share capital to NOK 255,819,813.75 (comprised of 1,023,279,255 shares of NOK 0.25 each). On Friday, an Oslo court threw out a request by Petrolia Invest AS for an injunction to halt the merger, and […]

DNO ex-Chairman Tries to Block Merger

DNO International has announced that told investors that Petrolia Invest AS and Erik J. Frydenbø have filed a request for an injunction with the Oslo District Court seeking to block the completion of the merger with RAK Petroleum PCL's MENA operating subsidiaries. Petrolia Invest AS is a subsidiary of Petrolia ASA, a company controlled by […]

DNO Hits High on RAK Merger News

Shares in DNO were up as much as 9.3% on Monday, their highest level since July, before closing up 2.6% at 6.57. Bloomberg says the rise is due to a group of minority shareholders reversing opposition to the planned merger with units of RAK, in exchange for meeting certain demands. The DNO Initiative, representing about […]

Oslo Court Dismisses Claim for Investigation of DNO

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 […]

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DNO Terminates Related Party Arrangements with Former Chairman

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. […]

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