Norwegian company DNO is returning to the North Sea after acquiring Origo Exploration Holding.
With this acquisition, DNO will restart its North Sea operations after a six-year break.
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DNO previously opted to focus on exploration projects in the Middle East and North Africa, reported Reuters.
The acquisition provides DNO with stakes in 11 exploration and appraisal licences in the North Sea.
Seven of these licences are located in the Norwegian Continental Shelf, with the remaining four on the UK Continental Shelf.
DNO executive chairman Bijan Mossavar-Rahmani said: “Origo presented a unique and timely opportunity to partner with an experienced team with a strong record of exploration success and value creation.
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By GlobalData“We are now positioned to pursue further asset acquisitions and, importantly, to compete in future exploration bid rounds offshore Norway.”
DNO will assume Origo's drilling commitments and licence obligations with an effective date of 31 Marchr as consideration for this transaction.
Following the acquisition, Origo will be rebranded DNO Norge AS and its management, staff and headquarters in Stavanger, Norway, will be retained by DNO.
Established in 2014, Origo was founded by two private equity-funded exploration companies, Revus Energy and Agora Oil & Gas.
The transaction is subject to regulatory approval.
