DNO, a Norwegian oil and gas operator focused on the Middle East and North Africa, has acquired Origo Exploration, a privately-held oil and gas exploration company with a focus on offshore Norway and the United Kingdom.
DNO said on Thursday that the company would pick up stakes in 11 exploration and appraisal licenses in the North Sea, seven of which are on the Norwegian Continental Shelf and four on the UK Continental Shelf.
The company will assume Origo’s drilling commitments and license obligations with an effective date of March 31, 2017, with certain working capital adjustments. DNO will retain Origo’s management, staff, and headquarters in Stavanger and will rebrand the company to DNO Norge AS.
The transaction fast-tracks DNO’s reentry into Norway after what is says was a six-year hiatus during which the company established a presence in the Middle East with its flagship being the Tawke field in the Kurdistan region of Iraq.
DNO’s executive chairman, Bijan Mossavar-Rahmani , said: “Origo presented a unique and timely opportunity to partner with an experienced team with a strong record of exploration success and value creation. We are now positioned to pursue further asset acquisitions and, importantly, to compete in future exploration bid rounds offshore Norway.”
Origo was launched in 2014 by founding members of two private equity-funded exploration companies, Revus Energy ASA and Agora Oil & Gas AS.