DNO announced on 7 August that on 28 July, it approached the board of Genel Energy with a possible cash offer valuing the company at £202mn ($272mn), a 38% premium to Genel’s valuation on 6 August. Genel’s board rejected the offer on 4 August, but DNO is willing to engage further and has until 5PM (London time) on 4 September to announce a firm intention to make an offer.
Genel’s only producing asset is its 25% non-operating stake in DNO’s Tawke block. It plans to drill an exploration well in Oman next year (MEES, 7 August), and is itself planning to acquire London-listed Egypt-focused Capricorn (MEES, 3 July). (CONTINUED - 103 WORDS)