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Det Norske Oljeselskap ASA Introduces New Information Policy Concerning Exploration Wells and Accepts Fine from Okokrim


Friday, 7 Sep 2012 05:55am EDT 

Det Norske Oljeselskap ASA (Det norske) announced that it accepts a fine relating to the breaches of regulations concerning the keeping of inside lists. At the same time, the Company introduces a new practice, whereby information pertaining to exploration drilling will be disclosed to the market immediately and before final evaluation. Due to cautionary considerations, Det norske has included all employees on the inside lists and prohibited all employees from trading in the Company's financial instruments from the point in time when the drill bit is positioned above the prognosticated reservoir and until the results have been disclosed to the market. In the discussions with the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Okokrim) and the Financial Supervisory Authority of Norway, it has been ascertained that these authorities are of the opinion that Det norske has entered too many in their inside lists prematurely. Det norske has decided to accept the NOK 1 million fine. As a consequence of the Okokrim's interpretation of the keeping of inside lists and the Securities Trading Act's stipulations concerning immediate disclosure of inside information, Det norske has decided to change its practice. In the future, Det norske will inform the market immediately when inside information occurs as a direct consequence of data registered during exploration drilling. 

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