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Tuesday, 02 December, 2008, 02:20 GMT | more >>

DNO to detail $700m Iraq bid



By Upstream staff 

DNO boss Helge Eide said today that the Norwegian producer would give details of a $700 million bid for its Iraq assets to the Oslo bourse, and roundly denied claims the company had not been sufficiently transparent regarding the deal.

Last week, DNO said it had rejected an offer for its production licence in the Kurdish sector of northern Iraq.

But anonymous bondholders accused DNO in a letter of failing to provide investors with adequate information about the risks associated with its north Iraq activities, and of manipulating the share price with positive news about the bid.

Eide told Reuters that DNO was in talks with the Oslo stock exchange and would provide it with documents about the bid, but details would not be made public.

"We are surprised that the letter came to the press before it came to us," Eide told the news agency on the sidelines of an oil and offshore industry conference in Oslo.

Eide said he disagreed with accusations that DNO had not provided all necessary information to the financial market, but he did not want to speculate about who was behind the accusations or guess their motive.

"We have given satisfactory information to the market," he said.

DNO believes the information they will provide to the Oslo bourse will satisfy the exchange and show it that the bid was real, Eide said.

"We will give documentation to the Oslo bourse which we feel will clarify this," he said.


Wednesday, 29 August, 2007, 13:42 GMT  | last updated: Wednesday, 29 August, 2007, 13:45 GMT

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