YourOilAndGasNews – DNO ASA, the Norwegian oil and gas operator, today announced the completion of the asset swap agreement between Equinor Energy AS, a wholly-owned subsidiary of Equinor ASA, and Faroe Petroleum plc, a wholly-owned subsidiary of DNO, following approval by Norwegian authorities.
The transaction has an effective date of 1 January 2019.
As part of the transaction, Faroe Petroleum’s interests in the non-producing Njord and Hyme redevelopment and Bauge development assets were exchanged for interests in four Equinor-held producing assets on a cashless basis, including interests in the Alve, Marulk, Ringhorne East and Vilje fields.
DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, United Kingdom, Netherlands, Ireland and Yemen.