DNO International has today completed its merger of RAK Petroleum’s assets into the company inexchange for shares.
The transaction values RAK Petroleum’s operating subsidiaries at $250 million and DNO International at $1.64 billion based on an independent assessment of the two companies’ oil and gas assets by international petroleum consultants DeGolyer & MacNaughton and preparation of competent person’s reports.
A total of 153,422,343 DNO International shares were issued to RAK Petroleum as consideration for the merger, increasing the latter’s shareholding in the Oslo-listed company from 30 percent to 42.8%.
“We are excited about the next phase of growth for both companies,” said Bijan Mossavar-Rahmani, who will continue in his role as Chairman and Chief Executive Officer of RAK Petroleum and Executive Chairman of DNO International. “RAK Petroleum now plans to focus on further non-operated investments in the oil and gas sector,” he commented. “And DNO International now has an even stronger and diversified platform for growth with plans for a dual listing on the London Stock Exchange in 2012,” said Mossavar-Rahmani.
Read Oil & Gas Middle East’s interview with Outstanding Leader of the Year, Chairman and Chief Executive Officer of RAK Petroleum and Executive Chairman of DNO International Bijan Mossavar-Rahmani.
