DNO sells Ekofisk stake, acquires new North Sea interests

DNO announced the divestment of its 7.604% stake in the Ekofisk Previously Produced Fields (PPF) project within licenses PL018B and PL018F to Orlen Upstream Norway AS. The company stated this aligns with its strategy to "highgrade" its North Sea portfolio, as Ekofisk PPF requires significant capital expenditure. DNO will retain its 7.604% interest in PL018, which includes the producing Ekofisk, Eldfisk, and Embla fields.

Concurrently, DNO acquired from Orlen a 20% interest in license PL1135, containing the Cassio prospect, and a 0.8272% interest in the Verdande field. This increases DNO's total stake in the Verdande Unit to 14.8251%. Verdande is slated for production later this year, and an exploration well on Cassio is anticipated in late 2026.

These all-cash transactions are subject to customary government approvals. DNO executive chairman Bijan Mossavar-Rahmani emphasized the company's focus on increasing near-term cash flow with less spend and more rapid production from existing discoveries.