Deadline for Reduction of Ownership Interest Extended
DNO International ASA (“DNO”) has been granted an extension of the deadline for reduction of its ownership interest in Det norske oljeselskap ASA (”DETNOR”) from 31 December, 2008 to 15 March, 2009.
Pursuant to the merger agreement entered into between Pertra and Noil Energy, DNO International is obliged to reduce its ownership interest in Det norske oljeselskap ASA to a maximum of 25 percent within 31 December, 2008. The present ownership interest of DNO International is 36.92 percent.
The Board of Directors of Det norske has granted a request submitted by DNO International for an extension of the deadline for reduction of its ownership interest to 15 March, 2009. With reference to the current market situation, the Board is of the opinion that an implementation of an ownership reduction during 2008 will prove disadvantageous for both Det norske as well as DNO International, the company’s largest shareholder.
As of 1 January, 2009 DNO International’s voting rights in Det norske will be limited to 25 percent.