Fri, Jul. 29, 12:27 PM
- Kurdistan-focused oil explorer DNO (OTCPK:DTNOF) offers to pay $300M to acquire regional peer Gulf Keystone Petroleum (OTCQX:GUKYF), which just completed a debt restructuring deal with bondholders.
- DNO’s cash and share offer represents a 20% premium to the price at which Gulf Keystone proposed issuing shares to bondholders on July 14; the cash element of the proposal totals $120M.
- DNO owns a 55% stake in Kurdistan's Tawke field, which produced an average of ~117.7K bbl/day of oil in May, while Gulf Keystone has a 75% interest in the Shaikan field, which has a production capacity of 40K bbl/day of oil.