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DNO now owns or has acceptances for 76.49 percent of Faroe
11 Jan 2019
DNO, the Norwegian oil and gas operator, has announced that it has acquired a further 13,656,751 Faroe Shares, in aggregate representing approx. 3.66 percent of the ordinary share capital of Faroe Petroleum in issue on the date of this announcement for 160 pence per Faroe Share (the 'Additional Purchases').
Once the Additional Purchases have settled, DNO will own or have acceptances for a total of 285,216,885 Faroe Shares, representing approx. 76.49 percent of the ordinary share capital of Faroe.
Once certain share purchases made by DNO which were announced on 9 January 2019 are settled, DNO expects that it will be able to declare its final cash offer for the entire issued and to be issued share capital of Faroe not already owned by DNO at 160 pence per share (the 'Final Offer') unconditional in all respects.