DNO ASA (OB:DNO) entered into a transaction agreement to acquire Mondoil Enterprises LLC from RAK Petroleum plc (OB:RAKP) for approximately $120 million on August 22, 2022. The agreed consideration is $117.25 million, covering transfer of 100 percent of Mondoil Enterprises share capital valued at $95 million, comprising 9.09 percent indirect working interest in Block CI-27 and 8 percent in Block CI-12 both held through the ownership in Foxtrot International, and $22.25 million including $21 million in cash and $1.25 million in working capital. DNO will issue 78,943,763 shares as consideration at a share price of NOK 14.38. The all-share transaction comprises Mondoil Enterprises' 33.33 percent indirect interest in privately-held Foxtrot International LDC whose principal assets are operated stakes in offshore production of gas and associated liquids in Côte d'Ivoire, forming a bridgehead for DNO in West Africa. Completion of the transaction is conditional upon shareholder approval at an extraordinary general meeting of DNO resolving to issue the consideration shares and approval of the proposed delisting by the Oslo Børs and approval by RAK Petroleum, Court of the capital repayment under the plan and all conditions to closing in the Transaction Agreement with DNO. Pareto Securities AS has been retained as financial advisor to DNO and has provided the independent Directors with a fairness opinion.

DNO ASA (OB:DNO) completed the acquisition of Mondoil Enterprises LLC from RAK Petroleum plc (OB:RAKP) on October 11, 2022.