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August 23, 2022

DNO to acquire oil and gas assets in Côte d’Ivoire from RAK Petroleum

RAK will transfer its ownership in Mondoil Enterprises, which holds a 33.33% indirect interest in Foxtrot.

Norwegian firm DNO has signed a deal to acquire operated stakes in offshore gas and associated liquids production assets in Côte d’Ivoire from RAK Petroleum for $117.25m.

As part of the share-transaction, oil and gas investment firm RAK Petroleum will transfer its ownership of Mondoil Enterprises to DNO.

Mondoil Enterprises holds a 33.33% indirect interest in Foxtrot International LDC, which has operated stakes in gas and associated liquids production assets offshore Côte d’Ivoire.

Foxtrot owns a 27.27% operatorship stake in block CI-27 offshore Côte d’Ivoire. The block is claimed to hold the country’s largest reserves of gas.

It also operates an exploration licence, block CI-12, offshore Côte d’Ivoire, with a 24% stake.

DNO managing director Bjørn Dale said: “As DNO targets expansion beyond the Kurdistan region of Iraq and the North Sea, the move into Côte d’Ivoire is an important first step into a highly prospective region offering a broad set of growth opportunities through the acquisition of producing fields, development assets, and exploration licenses.”

According to the deal, DNO will issue 78,943,763 of its shares as consideration, valuing Nkr14.38 each.

DNO will also receive 26,269,183 shares from its 5.1% stake in RAK Petroleum. This would be retained as treasury shares.

The assets are proposed to be transferred with settlement in DNO shares, and then the Dno shares and cash will be transferred to the shareholders.

Rak Petroleum will then be delisted from Oslo Børs.

Through a subsidiary, RAK Petroleum owns a 44.94% stake in DNO, which holds stakes in onshore and offshore licences of exploration, development, and production assets in Norway, the Kurdistan region of Iraq, the UK, the Netherlands, and Yemen.

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