2009-08-19-2007-11-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
0MM
Description

Plans to merge, will operate 17 licenses offshore Norway.

Oslo, Norway-based Pertra ASA (Oslo: PERTRA) plans to merge with Det Norske Oljeselskap ASA (Noil), creating the second-largest E&P company in Norway behind the recently merged StatoilHydro, Stavenger, Norway (NYSE: STO). The company, to be called Det norske oljeselskap ASA, will operate 17 licenses offshore Norway and expects to operate 20 exploration wells during the next three years. DNO ASA will hold the largest number of shares, a maximum of 39.97%. Pertra intends to acquire the outstanding shares in Noil, with an exchange ratio set to three existing shares in Noil for one new share in Pertra. The combined company will be registered in Trondheim, Norway. Pareto Securities ASA is financial advisor.