May 4, 2017 / 7:08 AM / 5 months ago

DNO returns to North Sea with Origo acquisition

OSLO, May 4 (Reuters) - Middle-East focused DNO made an unexpected return to the North Sea by announcing on Thursday an acquisition of privately-held oil firm Origo Exploration with 11 licenses off Norway and Britain.

DNO spun off its Norwegian assets several years ago to focus on exploration in the Middle East and North Africa, becoming the biggest oil producer in the Kurdistan region of Iraq.

“The transaction ... fast-tracks DNO’s reentry into Norway after a six-year hiatus during which the company has built a successful Middle East presence,” DNO said in a statement.

DNO didn’t provide the value of the deal, but said it would assume Origo’s drilling commitments and obligations in seven licenses on the Norwegian continental shelf and four on the British continental shelf.

DNO said in a separate statement on Thursday it would also step up its drilling in the Tawke field in Iraqi Kurdistan after posting a net profit of $15 million for the first quarter.

Together with its partner Genel Energy, it also plans to start regular production at the Peshkabir field, situated west of Tawke, by the end of this year.

DNO exported 3,000 barrels of oil per day (bopd) from the Peshkabir field during extended well testing program in April. (Reporting by Nerijus Adomaitis, editing by Gwladys Fouche)

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