Hellenic Republic Asset Development Fund (HRADF) and Paneuropean Oil and Industrial Holdings have entered a memorandum of understanding to divest a 50.1% stake in Greek integrated oil and gas company Hellenic Petroleum (HELPE).

The current partners in HELPE are Paneuropean Oil (45.5%), HRADF (35.5%), institutional investors (11%) and private investors (8%).

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The divestment involves HRADF selling its 20% interest in HELPE and Paneuropean Oil selling the remaining 30.1% interest.

Based in Greece, HRADF is an asset development fund, while Paneuropean Oil and Industrial Holdings is an oil and gas company based in Luxembourg.

DNO ASA has agreed to acquire a 15.37% stake in UK-based independent oil and gas company Faroe Petroleum from Delek Group for £70.44m ($99.03m).

“DNO ASA has agreed to acquire 15.37% stake in UK-based independent oil and gas company Faroe Petroleum from Delek Group for £70.44m ($99.03m).”

Faroe Petroleum had an average production capacity of 14,300 barrels of oil equivalent a day (boed) in 2017.

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The transaction involves DNO acquiring 56.3 million shares of Faroe Petroleum priced at £1.25 ($1.75) a share.

The financial advisors to DNO for the transaction are Lambert Energy Advisory and Pareto Securities.

Based in Norway, DNO is an oil and gas company, while Delek Group is an oil and gas company based in Israel.

The acquisition is expected to strengthen DNO ASA’s business operations.