Key Developments: Det Norske Oljeselskap ASA (DETNOR.OL)

DETNOR.OL on Oslo Stock Exchange

22 Aug 2014
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Latest Key Developments (Source: Significant Developments)

Det Norske Oljeselskap announces final results of rights issue
Wednesday, 30 Jul 2014 06:13am EDT 

Det Norske Oljeselskap ASA:Says final results of the company's rights issue indicates the issue was oversubscribed by 43.12 pct.Says received subscriptions for a total of 88,606,822 new shares, while 61,911,239 new shares were offered.  Full Article

Det Norske Oljeselskap announces preliminary results of rights issue
Wednesday, 30 Jul 2014 02:30am EDT 

Det Norske Oljeselskap ASA:Says preliminary counting indicates an oversubscription of about 43 pct in the company's rights issue.Says the offer consisted of 61,911,239 new shares.  Full Article

Det Norske Oljeselskap updates on Gohta-2 well
Monday, 21 Jul 2014 02:24am EDT 

Det Norske Oljeselskap ASA:Says Gohta-2 appraisal well in PL492 is about to be completed.Says the well confirmed presence of oil and gas and two production tests were undertaken.Says test of the gas zone was successful, whereas the test in the oil zone was inconclusive.  Full Article

Det Norske Oljeselskap ASA to issue 61.9 million Norwegian crowns new shares
Wednesday, 9 Jul 2014 04:32am EDT 

Det Norske Oljeselskap ASA:Says the share capital of the company will be increased by 61,911,239 Norwegian crowns through an issue of 61,911,239 new shares.Says the subscription price is set at 48.50 Norwegian crowns per offer share.Says the rights issue will result in gross proceeds to the company of 3 billion Norwegian crowns.  Full Article

Det Norske Oljeselskap ASA announces terms of rights issue
Wednesday, 9 Jul 2014 03:03am EDT 

Det Norske Oljeselskap ASA:Says its board of directors has set terms of underwritten rights issue originally announced on June 2 and resolved by Extraordinary General Meeting on July 3.Share capital of company will be increased by 61,911,239 Norwegian crowns through issue of 61,911,239 new shares.Subscription price is set at 48.50 crowns per offer share.Rights issue will result in gross proceeds to the company of 3,002.7 mln crowns.Shareholders registered in company's shareholder register with the Norwegian Central Securities Depository (VPS) as of the expiry of July 14 will be granted transferable subscription rights that provide preferential rights to subscribe for and be allocated shares in the issue.Each existing shareholder will be granted 11 subscription rights for every 25 shares in company.Each subscription right will give right to subscribe for and be allocated one offer share.Over-subscription and subscription without subscription rights will be permitted.Subscription period will commence on July 15 and expire on July 29.Subscription rights will be listed and tradable on Oslo Stock Exchange from July 15 until July 24.BNP PARIBAS, DNB Markets, J.P. Morgan Securities, Nordea Markets and Skandinaviska Enskilda Banken act as Joint Global Coordinators and Joint Bookrunners for the issue.  Full Article

Det Norske Oljeselskap ASA restates Q1 2014 accounts
Wednesday, 9 Jul 2014 02:57am EDT 

Det Norske Oljeselskap ASA:Says it has restated Q1 2014 accounts.New report replaces the first quarter financial reporting announced by Det norske oljeselskap ASA on April 30.Reissuance of these condensed interim financial statements has been triggered by rights offering involving preparation of a prospectus in connection to acquisition of Marathon Oil Norge AS, including an ISRE 2410 limited review performed by company's independent auditor.Says as a result, it evaluated events subsequent to original approval date of April 30 by board of directors of Q1 2014 interim financial statements for information that, if known at original approval date, would have resulted in adjustments to financial statements.Says it has also evaluated subsequent events for other information that would have resulted in additional disclosures.Says these events have been considered through date of this report.Subsequent events which have occurred since April 30 that have resulted in additional disclosures are described in note 21 in the report.There has been one matter which has resulted in recognition of an impairment charge on the Jette field, during the three months ended March 31, as described in note 4 in the report.  Full Article

Det Norske Oljeselskap ASA signs $3 billion reserve-based loan
Tuesday, 8 Jul 2014 07:08am EDT 

Det Norske Oljeselskap ASA:Announces that it has signed a $3 billion reserve-based lending facility to replace the $2.2 billion bridge loan that was used to back the company's acquisitions of Marathon Norway.The financing will also refinance the company's existing revolving credit facility.The seven-year financing, which was fully underwritten by BNP Paribas, DNB, Nordea and SEB, includes an uncommitted accordion option of up to $1 billion.The loan pays 275bp over Libor, plus utilization fees of 25bp and 50bp, depending on the amount drawn under the financing.  Full Article

Det Norske Oljeselskap ASA signs unit agreement
Monday, 30 Jun 2014 08:27am EDT 

Det Norske Oljeselskap ASA:Says it signed a unit agreement for the Ivar Aasen development on the Utsira High in the North Sea with the licensees in PL001B, PL242, PL457 and PL338.Says Det Norske is operator and will have 34.7862 percent interest in the unit, following completion of the previously announced acquisition of 40 percent interest in PL457 from Spike Exploration and E.ON E&P Norge AS.The unit comprises the Ivar Aasen and West Cable deposits, while the Hanz deposit remains in PL028B, where Det Norske is operator and has 35 percent working interest.Hanz is planned to be developed in phase 2 of the Ivar Aasen development.  Full Article

Det Norske Oljeselskap ASA agrees asset swap with E. ON SE-DJ
Thursday, 26 Jun 2014 04:22am EDT 

Det Norske Oljeselskap ASA:Norwegian oil company Det Norske Oljeselskap ASA said it has agreed with E.ON SE to swap two exploration licenses plus a cash consideration for a 20 percent interest in license 457, containing parts of the Ivar Aasen deposit on the Utsira High field in the North Sea-DJ.E.ON will receive a 15 percent interest in licence 613 in the Barents Sea and a 10 percent interest in license 676 S in the North Sea plus a cash consideration.Det norske increases its ownership in license 457 from 20 percent to 40 percent.Det norske's share in license 613 decreases from 35 percent to 20 percent and the company's share in license 676 S decreases from 20 percent to 10 percent following the transaction.  Full Article

Det Norske Oljeselskap ASA swaps interests in licenses 554/B/C and 457
Tuesday, 17 Jun 2014 02:16am EDT 

Det Norske Oljeselskap ASA:Says it has signed agreement with Spike Exploration to swap 10 pct interest in license 554/B/C containing Garantiana oil discovery for 20 pct interest in license 457 containing parts of Ivar Aasen deposit.License 457 is located adjacent and to east of license 001B on Utsira High in North Sea.Following drilling of Asha discovery in late 2012 it was established that Ivar Aasen extends into license 457.Unitization discussions between Ivar Aasen partners and 457 license partners are ongoing, with aim to conclude such discussions at the end of this month.Licenses 554/B/C are located north-east of the Visund field in the North Sea where drilling of Garantiana-2 appraisal well is ongoing.After completion of the agreement, Det norske will hold 20 pct in license 457 and 10 pct in license 554/B/C.  Full Article

EU mergers and takeovers (Aug 6)

BRUSSELS, Aug 6 - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

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