Merger completed today

This article originates from the news archive of Det norske.

22. December 2009

General meetings in Det norske oljeselskap ASA and Aker Exploration ASA voted on 19th October for a merger between the two companies.The merger will be completed today.

The plan is to complete the merger by registration in Register of Business Enterprises when trading on Oslo Stock Exchange has closed on 22nd December 2009. So far none of the companies have received any objections against the merger in the creditor notice period. All other conditions for the merger have been fulfilled.

Thus it currently seems that the first trading day for the shares in the merged company will be on 23rd December 2009.

Upon completion of the merger the shareholders in Det norske, will receive 1,403328 shares in the merged company for every share held in Det norske. Thus the number of shares on the VPS account will increase. The value of these shares will however be about the same as the value of the shares held prior to the merger, because the share price is set to fall as a result of more shares being issued.

Shareholders will not receive partial shares. Such fractional shares will be gathered and sold. The net proceeds from this will be paid to the dividend account registered in VPS (The Norwegian Central Securities Depository). This sale, will according to the merger plan take place as soon as possible following completion of the merger.

Registered share capital in Det norske oljeselskap ASA will following registration of the merger be NOK 111,111,111, divided on 111,111,111 shares, each with a nominal value of NOK 1.

About Det norske (DETNOR`) before the merger with Aker Exploration:
Det norske is the second-largest operating company on the Norwegian Continental Shelf with 28 operatorship and interests in a total of 52 licenses. Det norske is the operator of the Frøy Field development and will also operate eight to nine exploration wells in the North Sea and Norwegian Sea during 2009. Det norske’s scope of activities is limited to the Norwegian Continental Shelf (NCS).

Det norske currently employs a staff of 146 and the strong growth rate continues. The company`s registered office is located in Trondheim and the headquarter operations is divided between Oslo and Trondheim. The company also has offices in Harstad, and Stavanger.