DNO Offers Rocksource Stake in Block 211/22B in the North Sea

In an announcement issued earlier this year, DNO reported a farm-in agreement with Elixir Petroleum Ltd. with respect to a 60% working interest and operatorship in Block 211/22B. This transaction is currently being under review for approval by the UK authorities.

DNO and Rocksource have been discussing several areas of cooperation including farm-in opportunities into licenses held by DNO. DNO has offered a 10% working interest in Block 211/22B to Rocksource subject to an agreement acceptable between the parties, inclusion of Rocksource in the Block 211/22B Joint Operating Agreement between DNO and Elixir and finally approval by UK authorities. The process of such possible transaction will commence when the DNO / Elixir agreement has received final approval by UK authorities.

DNO currently own 51,463,448 shares in Rocksource representing 12.1% of the company.

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