Statement regarding final offer for Capricorn
DNO ASA has confirmed that its revised all-cash offer for Capricorn Energy plc, valued at US$5.214 per Capricorn Share, is final and will not be increased, despite a competing increased offer from Genel Energy. DNO will not implement its offer via a contractual offer and continues to evaluate other investment opportunities in the North Sea, Kurdistan, and Egypt.
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Further to the announcement made by the boards of DNO ASA ("DNO") and DNO Bidco AS ("Bidco") and Capricorn on 17 September 2026 (the "Revised Offer Announcement") setting out the terms of a recommended revised cash offer (the "Revised All-Cash Offer") for the entire issued and to be issued share capital of Capricorn, DNO and Bidco today provide an update on the terms of the Revised All-Cash Offer.
The board of directors of DNO and Bidco note the announcement made by Genel Energy plc ("Genel") on 25 September 2026 (the "Increased Genel Offer Announcement") regarding an increased recommended cash offer by Genel Energy No.9 Limited ("Genel Bidco"), a private limited company indirectly owned by Genel, for the entire issued and to be issued ordinary share capital of Capricorn (the "Increased Genel Offer"). DNO and Bidco also note that the Increased Genel Offer Announcement included a statement that Genel Bidco has received irrevocable undertakings in respect of Capricorn Shares representing approximately 39.1 per cent. of Capricorn's issued share capital.
DNO retains a highly disciplined approach to M&A and accordingly confirms that the financial terms of the Revised All-Cash Offer as set out in the Revised Offer Announcement, being a total value of US$5.214 in cash per Capricorn Share, are final and will not be increased. DNO also confirms that it will not elect to implement its offer by means of a contractual offer.
DNO continues to rigorously evaluate a pipeline of opportunities, both across the North Sea and the Kurdistan Region of Iraq ("KRI") and other areas in which DNO can successfully deliver its strategy. DNO has had positive interactions with the Egyptian authorities in respect of its offer for Capricorn and continues to evaluate Egypt for investment opportunities.
DNO values its ongoing relationship with Genel, its partner in the Tawke licence in the KRI, and wishes it every bit of luck.
Capitalised terms in this announcement have the meaning given to them in the Scheme Document published on 21 September 2026, unless the context requires otherwise.
Freshfields LLP and Advokatfirmaet Thommessen AS are retained as legal advisers to DNO and Bidco.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.