DNO Completes Transformative North Sea Acquisition

Core Viewpoint - DNO ASA has successfully completed the acquisition of Sval Energi Group AS for USD 450 million, significantly enhancing its North Sea operations and production capacity [1][3]. Acquisition Details - The acquisition involves a portfolio of 16 producing fields in Norway, which increases DNO's North Sea production to 80,000 barrels of oil equivalent per day (boepd) and its proven and probable (2P) reserves to 189 million barrels of oil equivalent (MMboe) [2][3]. - The enterprise value of the acquisition is reported at USD 1.6 billion [1]. Production and Reserves Impact - Post-acquisition, Norway and the United Kingdom will account for nearly 60% of DNO's global production and about 45% of its global reserves, with the remainder primarily in the Kurdistan region of Iraq [3]. - The combined North Sea 2P reserves and contingent resources (2C) total 15 years of production at the current run rate [4]. Leadership and Future Growth - Halvor Engebretsen, the CEO of Sval Energi, will lead the expanded North Sea business as Managing Director of DNO Norge AS [4]. - DNO is positioned to grow its North Sea production organically, supported by ongoing field development projects and multiple discoveries [4]. Operational Performance - In Kurdistan, DNO maintains production from its Tawke license at approximately 80,000 boepd, with minimal new investment required [7]. - The company also has gas assets in Côte d'Ivoire producing over 3,000 boepd net to DNO, with plans for four development wells and one exploration well in 2025-26 [7]. Strategic Focus - DNO is actively seeking additional acquisition targets while focusing on accelerating the development and monetization of its discoveries in Norway [5][6].