(Editors' Note: Det Norske trades on the Oslo stock exchange under the ticker symbol DETNOR.OL, with ~18.5M NOK average daily volume).
I had initiated coverage on Det Norske (OTCPK:DETNF) and Oslo- DETNOR on February 20, 2014. The stock moved sideways to lower since my initiation. However, in the last few weeks, the stock has surged by over 10%. The reason: A game-changing acquisition for the company.
In my initiation, I had discussed the funding concerns for the massive Johan Sverdrup development and potential asset sale to fund the development. The scenario completely changes with this acquisition. This re-initiation discusses the acquisition and why it is a game changer for the company. Given the current valuation,...
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