DNO could become a “more dominant player” in the North Sea with its takeover of Faroe Petroleum, according to an analyst. Faroe’s board yesterday conceded defeat in a long-running takeover battle and advised shareholders to accept DNO’s bid. >> To read more on Energy Voice, click here <<
Norwegian oil explorer DNO has increased its offer to acquire Aberdeen-based Faroe Petroleum, as its pursuit of the North Sea firm continues.
Bosses at DNO have warned they will “not go away” after falling short with their hostile takeover offer for Aberdeen-headquartered oil firm Faroe Petroleum.
Bosses at DNO have picked apart a report indicating its takeover bid for Faroe Petroleum was too low. DNO also said it was “troubled” by Faroe’s latest exploration disappointment with the Brasse East well. It follows last month’s disappointment with the Cassidy exploration well offshore Norway. >> To read more on Energy Voice, click here <<
Norwegian firm DNO has given Faroe Petroleum shareholders another two weeks to accept its takeover offer after falling short of its target.
Faroe Petroleum said today that a fresh evaluation of its portfolio highlighted the “inadequacy” of DNO’s takeover bid for the firm.
Aberdeen-headquartered Faroe Petroleum has announced the Cassidy exploration well has come up with disappointing results.
Faroe Petroleum has urged shareholders to reject DNO’s takeover bid, saying it is trying to acquire the company “on the cheap”.
Faroe Petroleum will participate in seven wells by the end of next year as the North Sea oil firm “ramps up” exploration activity.
Faroe Petroleum said it is “very concerned” by actions from Norway’s DNO to “take control of its business”.
Faroe Petroleum has farmed in to the Agar Plantain exploration well in the North Sea.
The Uist Economic Taskforce Working Group was addressed by a senior member of the Faroese Government in the UK.
Faroe Petroleum’s CEO Graham Stewart saw his total pay package swell to over £1million last year.
Norway’s DNO has purchased more shares of Aberdeen-based oil explorer Faroe Petroleum.
Faroe Petroleum has sold a 17.5% stake in the Fenja development in the Norwegian Sea to Canadian energy firm Suncor for £39million.
Scottish fishing chiefs have called for an “urgent” review of Faroese access to EU waters amid growing fears of a unilateral quota grab by the Nordic island nation.
Faroe has made peace with the European Union after a long-running spat over fish quotas, but the small Nordic nation is at the centre of a new battle with whale cull protesters.
Scottish fishing chiefs have reacted with fury to the lifting of trade sanctions against Faroe, describing the move as a "travesty of justice".