Dno Asa Class A · OSL:DNO
Dno Asa Class A — DNO International — Corporate Update (September 2009)
14 slides from Dno Asa Class A's corporate update, Sep 28, 2009
Slide 1: Market & Media Update
Slide 2: Market and Media Update
Market and Media Update Sale of treasury shares October 10, 2008 — Process and correspondence with OSE The consequences resulting from OSE’s actions A WON The success of KRG and DNO in Kurdistan E z [e) Market and Media Update 28.09.2009 | 2
Slide 3: Background for October 2008 transaction
Background for October 2008 transaction Significant investments * In 2008 DNO had developed a full scale E&P-operation in the Kurdistan Region in a very short period * Total investment at the time was approximately USD 330 million Delay in cash flow * Due to the delay in export of oil from Tawke * G
Slide 4: Transaction details October: DNO sold the following treasury shares
Transaction details 10 October DNO sold the following treasury shares * 43,893,960 number of DNO shares (4,8 %) * NOK 4,00 per share * Consideration received by DNO: NOK 175,300,000 * The sales was immediately reported to the market (Mandatory Notification of Trade). E y4 [e) Innsendt dato: Ussteder
Slide 5: Initial OSE Correspondence
Initial OSE Correspondence Correspondence from the Oslo Stock Exchange 21 November 2008: OSE request further information about the transaction, with reference the obligation to release insider information to the market 22 December 2008: OSE advise DNO that OSE had evidence of the identity of the buy
Slide 6: Timeline - from March - June
Timeline - from March 11 - June 17 11.03.09 23.03.09 26.03.09 06.04.09 08.05.09 17.06.09 = Notice of requirement from OSE to DNO to report to the market that KRG was the buyer of DNO’s treasury shares. = DNO rejects, as the Company has no evidence of the buyer or beneficial owner. = OSE requires DNO
Slide 7: Timeline - from June 19 - September
Timeline - from June 19- September 17 19.06.09 28.08.09 01.09.09 02.09.09 04.09.09 16 and 17.09.09 = OSE asks DNO to review the minutes of the decision on 17.06.09, as these minutes would be made publically available DNO blacks out confidential information and submits a revised public version to OSE
Slide 8: Summary of the Process with Oslo Stock Exchange
Summary of the Process with Oslo Stock Exchange . This process started with a routine enquiry from the Oslo Stock Exchange . DNO has answered all OSE enquiries correctly and has strongly advocated that no insider information has been in their possession . Irrespective of this, DNO has experienced a
Slide 9: Consequences resulting from OSE's actions
Consequences resulting from OSE’s actions = 21September 2009 DNO received Notice from Kurdistan Regional Government (KRG) to suspend DNO’s operations for 6 weeks " Despite DNO’s request to OSE to suspend the trading of shares for a few more days, OSE opened the shares for trading on Thursday 24. Thi
Slide 10: DNO's position in the Kurdistan Region
DNO’s position in The June 2004: * Two PSC’s on same terms * DNO with 100% of PSC, 40% beneficial interest March 2008: * Three PSC’s * Tawke: 55% DNO, 45% KRG * Dohuk and Erbil: 40% DNO, 60% KRG April 2009: * Three PSC’s * Tawke: 55% DNO, 25% Genel Enerji, 20% KRG * Dohuk: 40% DNO, 40% Genel Enerji,
Slide 11: Arbitration
Arbitration From Q2 2009 Report * As recorded in the 2008 Annual Report, the Company is involved in arbitration proceedings related to certain third party interests in Kurdistan. The third party interests were not approved by the authorities as part of the PSC review which was completed in March 200
Slide 12: Years from entry to full scale production
5 years from entry to full scale production Tawke test production Agreement Seismic Drilling, Tawke #1 Tawke export "J z [e] Market and Media Update 28.09.2009 | 12
Slide 13: Kurdistan - high E&P activity
Kurdistan - high E&P activity + 35 international companies present in Kurdistan * 16 nationalities * High drilling and seismic activity * DNO and Genel Enerji have been the frontrunners * Catalysts for other entrants * KRG have succeeded in establishing a rapidly growing E&P industry in Kurdistan E
Slide 14: Disclaimer
Diclaimer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections abou
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