DNO says bid for Gulf Keystone faltering

DNO ASA, Oslo, said its bid to acquire Gulf Keystone Petroleum Ltd. is faltering (OGJ Online, July 29, 2016).

It said conditions related to the target company’s reorganization “appear not to have been met.”

DNO had offered to pay $300 million for equity that was to have resulted from conversion of Gulf Keystone debt.

Gulf Keystone operates Shaikan oil field in the Kurdistan region of Iraq, where DNO also has production.

“Given the resulting uncertainties about Gulf Keystone’s asset, commercial outlook, and future rights and obligations at the Shaikan field, and following a careful review of Gulf Keystone’s latest reserves report, DNO is prepared to consider an all-cash transaction but at a meaningful discount to the previous $300-million equivalent cash-and-shares offer,” DNO said in its third-quarter earnings report.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Storm Impact Analytics for Utilities

In recent years, increasingly volatile and extreme weather events have significantly impacted the...

Reach New Heights: Six Best Practices in Planning and Scheduling

These 6 best practices have created millions of dollars in value for many global companies. Learn...

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...