DNO drops unsolicited offer for Calvalley Petroleum

By OGJ editors

DNO International ASA announced that it has decided against proceeding with its proposed unsolicited takeover offer of $214 million for Calvalley Petroleum Inc.

A Norwegian company, DNO had said on July 5 that it would take its offer directly to shareholders beginning July 12 because Calvalley’s board and senior management had not responded to DNO’s earlier offer (OGJ Online, July 6, 2012).

On July 6, Calvalley disclosed it had received notice that one of its partners intends to divest its 25% working interest in Yemen’s Block 9 to an undisclosed third party.

Under Block 9's joint operating agreement, Calvalley’s existing partners have the option to match the offer and acquire either all or their proportionate share of the working interest to be divested.

“The opportunity by Calvalley to match the offer on Block 9 may help explain Calvalley's previous reluctance to enter into any meaningful dialogue,” DNO said on July 12.

DNO had indicated it was interested in Calvalley’s Yemen holdings.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected