DNO Revises All-Cash Offer for Capricorn Energy

Oslo, 17 September 2026, DNO ASA, a Norwegian oil and gas operator, has announced a revised all-cash offer for Capricorn Energy plc, a company with stakes in various oil and gas licenses around the world. The new offer, which follows a previous announcement on 1 September 2026, aims to provide greater certainty for Capricorn shareholders by eliminating the need for the Capricorn Board to declare and pay a Permitted Dividend prior to the effective date of the acquisition.

According to the press release, DNO, along with DNO Bidco AS, has agreed to the terms of the revised offer, which will see Capricorn shareholders receive the full acquisition value in cash. The boards of the three companies believe this change will benefit shareholders by ensuring a more secure valuation.

DNO's CEO stated, "We are pleased to finalize this revised offer, which we believe will provide greater certainty and value for Capricorn shareholders. Our goal is to ensure a smooth and efficient transition for all parties involved."

The Capricorn Board intends to unanimously recommend that shareholders vote in favor of the scheme at the upcoming Court Meeting and General Meeting, which are scheduled to be held as soon as possible. The acquisition is expected to strengthen DNO's position in the global oil and gas market, expanding its portfolio and enhancing its operational capabilities.

DNO, founded in 1971, is Norway's oldest oil company and the first to list on the Oslo Stock Exchange in 1981. The company operates in the North Sea, the Middle East, and other regions, holding interests in exploration, development, and production licenses. Capricorn Energy plc, on the other hand, has a presence in various regions, including the Kurdistan region of Iraq, the United Kingdom, and Yemen.

The revised offer is part of DNO's ongoing strategy to consolidate its position in the oil and gas sector, aiming to create a more robust and diversified portfolio. The acquisition is subject to customary conditions, including regulatory approvals and shareholder approval.

With this revised offer, DNO aims to address concerns that the original offer was contingent on the Capricorn Board's ability to declare and pay a Permitted Dividend. The new all-cash offer provides a more straightforward and certain path for Capricorn shareholders, ensuring they receive the full value of their shares without the uncertainty of dividend payments.

The acquisition is expected to close in the coming months, subject to the necessary approvals and the successful completion of due diligence. Both companies are optimistic about the potential benefits of the merger, including increased operational efficiency and enhanced resource access.

In conclusion, the revised all-cash offer represents a significant step forward in the acquisition process, providing greater certainty for shareholders and aligning with DNO's strategic objectives in the oil and gas industry.