DNO Completes $400mln Bond Placement
The Norwegian oil and gas operator focused on the Middle East and the North Sea, DNO ASA said it has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent.The bond placement received strong investor demand across international markets and was oversubscribed, said a press release from Norway's oldest oil company. The bond issue is expected to be settled on or about 29 May 2019, subject to customary conditions precedent.An application will be made for the bonds to be listed on the Oslo Stock Exchange. In connection with the bond placement, the Company has agreedā¦
DNO Bid Undervalues Faroe by 48 %
North Sea player Faroe Petroleum published an independent valuation of its assets by Gaffney, Cline & Associates (GCA), which is said to highlight the inadequacy of DNO ASA's GBP608 million at 152p per share takeover offer.Faroe Petroleum could be worth more than USD1bln (GBP800m) according the review that values the company well above the bid made by Norwegian oil giant DNO. The findings imply a valuation for Faroe itself in the range of 186 pence to 225p per share, representing a 22% to 48% premium to DNO's offer price of 152 pence.The calculation reflects current market oil pricing and "further reinforces the board's view that DNO's offer is opportunistic and substantially undervalues Faroe"ā¦
Equinor, Faroe Petroleum in Asset Swap
Britain's Faroe Petroleum has agreed to swap oil and gas fields with Norwegian state firm Equinor as it fights a hostile takeover from Norwegian oil and gas operator DNO.It appears that Faroe in fight-back mode after DNOās so-called āopportunisticā bid.The oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK said in a press note that it has signed a binding agreement with Equinor Energy to swap its interests in the Njord, Hyme redevelopment and Bauge development assets in return for interests in four production assets on the Norwegian Continental Shelf: Alve, Marulk, Ringhorneā¦
Energy Firms Partner to Cut Costs in the North Sea
Petrofac, Faroe Petroleum and Eni Hewett have established a cost-saving partnership to drive efficiencies and commercial synergies across U.K. operations in the Southern North Sea. The tripartite agreement sees collaboration between Petrofac (Duty Holder) and the respective equity owners and operators of the Hewett, Schooner and Ketch gas fields to share logistics and accommodation services across the facilities. Faroe Petroleum is operator and 60 percent equity holder in the Schooner and Ketch fields, and Eni Hewett is operator and 89 percent equity holder in the Hewett complex.
Statoil - Operatorship on the Faroes
StatoilHydro was awarded operatorship of a large exploration area in the third Faroese Licensing Round on Dec. 8, 2008. StatoilHydro has a 50% stake in the license. The partners are DONG (30%), Faroe Petroleum (10%) and Atlantic Petroleum (10%). The area covers 5312 square kilometres, the largest license ever to be awarded in Faroese waters. No drilling commitments are imposed under the license, but StatoilHydro will gather seismic on the acreage. It has three to six years to decide whether to drill an exploration well.
