Reference is made to the extraordinary general meeting of DNO ASA on 1 December 2004, which resolved to distribute DNO ASA's shares in Independent Oil Tools ASA, a wholly owned subsidiary of DNO ASA, to the shareholders of DNO ASA. The transfer of the shares in Independent Oil Tools ASA to the shareholders of DNO ASA is expected to take place no later than 20 December 2004.
Independent Oil Tools ASA owns the following shares and rights to subscribe for shares in Petrolia Drilling ASA: (i) 50,400,00 shares (18.2%), (ii) convertible bonds of a total nominal value of NOK 4,500,000 convertible at a rate of NOK 0.47 per share, which can be converted to 6,574,468 shares in Petrolia Drilling ASA, (iii) 128,883,400 independent subscription rights each entitling to subscription of one share in Petrolia Drilling ASA at a subscription price of NOK 0.55 per share.
In addition, DNO ASA holds the following rights in Petrolia Drilling ASA: (i) 10,554,078 shares (3.8%), (ii) convertible bonds of a total nominal value of NOK 1,500,000 convertible at a rate of NOK 0.47 per share, which can be converted to 3,191,486 shares in Petrolia Drilling ASA, (iii) convertible bonds of a total nominal value of NOK 7,450,000 convertible at a rate of NOK 0.55 per share, which can be converted to 13,545,455 shares in Petrolia Drilling ASA.
As a consequence of the distribution, DNO's ownership interest in Petrolia Drilling ASA will be reduced.
In accordance with section 3-2 of the Norwegian Securities Trading Act, the following is reported:
See attachment
Share a: indicates ownership interest based on a "numerator" corresponding to the number of shares and subscription rights of DNO ASA and Independent Oil Tools ASA, respectively, and based on a "denominator" corresponding to the current number of outstanding shares in Petrolia Drilling ASA.
Share b: indicates ownership interest based on a "numerator" corresponding to the number of shares and subscription rights of DNO ASA and Independent Oil Tools ASA, respectively, and based on a "denominator" corresponding to the number of fully diluted shares in Petrolia Drilling ASA (all convertible bonds and subscription rights are presupposed to have been converted).
DNO ASA
2 December 2004
For further information, please contact:
Helge Eide
Group Managing Director
Telephone: (+47) 55 22 47 00 / (+47) 23 23 84 80
The stock exchange notice including table can be downloaded from the following link:
