DNO completes $440m Sval Energi acquisition amid production decline

DNO ASA completed its $440 million acquisition of Sval Energi Group on June 12, transforming its North Sea operations with net entitlement production jumping to 33,348 boepd from 19,296 boepd in Q1.

However, gross operated production declined across both regions. Kurdistan output fell to 74,760 boepd from Q1's 82,081 boepd, while North Sea gross production dropped to 5,526 boepd from 8,864 boepd.

The company funded the deal through a $400 million hybrid bond placement and $300 million bridge loan, while redeeming $350 million in existing bonds.