May 8, 2019 / 10:10 AM / a month ago

DNO eyes new acquisitions in next 12 months: chairman

OSLO (Reuters) - Norwegian oil and gas firm DNO eyes new acquisitions in the next 12 months after acquiring formerly London-listed Faroe Petroleum earlier this year, DNO’s executive chairman told Reuters on Wednesday.

The company will seek to acquire producing assets in the North Sea despite the market getting tight and prices being high, Bijan Mossavar-Rahmani said on the sidelines of an earnings presentation.

He also said he expected the company to make two dividend payments in September 2019 and March 2020, at the same level as it paid in March this year.

The company has previously said it aimed to boost production in the North Sea to 50,000 barrels of oil equivalent per day (boepd) by 2021 from 18,000 boepd in the first quarter, with the most growth coming from acquisitions.

Reporting by Nerijus Adomaitis, editing by Gwladys Fouche

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