The Boards of Directors of Det norske oljeselskap ASA (DETNOR) and NOIL Energy ASA (NOIL) decided in board meetings held 15 May 2008 to adopt the joint merger plan signed and dated 10 April 2008. DETNOR, the assignee company, owns all the shares in NOIL, the assigning company, and the merger is thus carried out in accordance with the regulations in the Norwegian Public Limited Liability Companies Act on merger of group companies. Reference is made to the stock exchange notices dated 11 April 2008 and 9 October 2007.
The merger is the next step of the combination between DETNOR (previously Pertra ASA) and NOIL (previously Det Norske Oljeselskap ASA) as decided in board meetings held 8 October 2007 and is expected take effect in ultimo July 2008. According to the merger plan, NOIL’s assets, rights and obligations as a whole shall then be transferred to DETNOR free of charge.
Notification of the Board of Directors’ decision to adopt the merger plan will be sent to the Register of Business Enterprises for registration on 16 May 2008, and is expected registered about 21 May 2008. Subsequent to the registration of the decision to adopt the merger plan a two-month creditor notice period will apply, in which creditors may object to the merger. At the lapse of the creditor period, the merger may take effect provided the relation to the companies’ creditors is clarified. Registration in the Register of Business Enterprises will be announced through the Brønnøysund Register Centre’s electronic bulletin for public announcements.
A new stock exchange notice will be published in connection with the implementation of the merger.
About Det norske:
Det norske is the second-largest operating company on the Norwegian Continental Shelf with 23 operatorships and interests in a total of 45 licenses. In 2007, the company drilled five exploration wells. Det norske`s scope of activities is limited to the Norwegian Continental Shelf (NCS).
Det norske currently employs a staff of more than 100, and the strong growth rate is expected to continue in 2008. The company`s registered office is located in Trondheim. Headquarter functions are divided between Oslo and Trondheim. The company also has offices in Harstad and Stavanger.
Det norske oljeselskap (`DETNOR`) emerged as a result of the combination between Pertra and DNO`s Norwegian operations. At the end of January 2008, the market capitalization of the company amounted to NOK 3.5 billion.