Contemplated private placement of new equity
Det norske oljeselskap ASA (the “Company” or "DETNOR", OSE ticker code), is contemplating to issue up to approximately 11.1 million new shares, representing up to 10% of the issued shares in the Company, and has retained Pareto Securities AS (“Pareto”) and First Securities AS (“First”) as Joint Lead Managers and Joint Bookrunners.
First and Pareto will advise on and effect a private placement of new shares directed towards Norwegian investors and international institutional investors (the “Private Placement”).
The price will be determined through an accelerated book-building process. The Company’s largest shareholder Aker Capital AS, who has a 52,1% shareholding, has presubscribed and will be allocated its pro rata share of the Private Placement.
The proceeds will be used for part funding of the company's development portfolio.
The new shares to be issued in connection with the Private Placement will be issued pursuant to the authorization granted to the Board of Directors at the annual general meeting on April 12, 2011.
For further information, please contact:
Teitur Poulsen, CFO
Mobile: +47 95 08 28 92
Email: teitur.poulsen@detnor.no
Knut Evensen, VP Investor Relations
Mobile: +47 95 07 76 22
Email: knut.evensen@detnor.no
IMPORTANT NOTICE:
This notice is not for distribution to United States new services or for dissemination in the United States, Canada, Japan or Australia or elsewhere where such dissemination is not appropriate. The contents of this announcement have been prepared by and are the sole responsibility of Det norske oljeselskap ASA ("DETNOR"). Pareto Securities AS and First Securities AS are acting exclusively for DETNOR and no one else and will not be responsible to anyone other than DETNOR for providing the protections afforded to their respective clients, or for advice in relation to the contemplated Private Placement and the contents of this announcement or any of the matters referred to herein.
The distribution of this announcement and other information in connection with the Private Placement
may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and to observe any such restrictions.
This announcement may not be used for, or in connection with, and does not constitute, any offer to sell, or an invitation to purchase, any securities. The Private Placement will not be made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful.The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States or to US persons unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United States.
About Det norske
Det norske is the second-largest exploration company on the Norwegian Continental Shelf. In 2011, the company has had exploration success with several discoveries, such as: Aldous Major, Krafla, Krafla West, Norvarg and Skalle. Det norske will participate in another four exploration wells this year, including the Aldous Major North prospect. The company has a substantial portfolio of development projects of which the Draupne project is the most important.
Det norske runs its activities in a safe and responsible manner in close cooperation with the authorities.
The company`s registered office is located in Trondheim. The company also has offices in Oslo and, Harsta,. Det norske is listed on the Oslo Stock Exchange (DETNOR).