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Monday, 08 September, 2008, 18:10 GMT | more prices >>

DNO does its sums



By Upstream staff 

DNO will book a gain of Nkr870 million ($155.6 million) in the fourth quarter from the spin-off of its Norway assets, a drop on its earlier estimate of Nkr1.1 billion, the Norwegian producer said today.

The gain comes from DNO's sale of shares in NOIL Energy in exchange for shares in Det norske oljeselskap ASA , DNO said in a statement.

"The adjustment has no cash effect and is only a P&L effect caused by revised application of technical accounting requirements under IFRS," DNO said.

"The book value of DNO's investment in Det norske oljeselskap ASA will as a consequence be approximately Nkr1.3 billion at the time of the transaction," it said.


Tuesday, 22 January, 2008, 08:11 GMT  | last updated: Tuesday, 22 January, 2008, 08:11 GMT

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