Friday, August 24, 2007


DNO rejects unsolicited $700 mn. bid

(AFX News Limited) - DNO ASA said it has rejected an unsolicited 700 mln US$ bid by 'a large international oil company' for its licenses in Kurdistan region (northern Iraq). The Norwegian oil minnow said it has 'reviewed the interest and decided not to pursue the matter further'. The suggested price, it said, was based on information available in the market as of early July 2007. 'No further comments can be given due to confidentiality requirements,' DNO added.
DNO ASA said it is expecting the first export of oil from its Tawke field in Kurdistan region (northern Iraq) in November this year, assuming it secures the relevant permission from authorities in the region. Speaking after the release of its second quarter results, DNO said it is aiming to begin the export of oil into Turkey via pipeline from November.
The Kurdistan Petroleum Law was ratified by the region's parliament in August, and DNO said it expects the federal law to be approved in September. According to this schedule, he said, exports could begin the following month. Due to the political situation in Iraq, DNO is currently being forced to sell its oil in the local market.

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