Oslo, 28 September 2012 -- DNO International ASA ("DNO International"), the Norwegian oil and gas company, announced today that it will challenge a decision by ØKOKRIM (the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime) to impose a fine of NOK 27 million on the Company for alleged failures to comply with the Securities Trading Act.
ØKOKRIM has charged the Company with lack of disclosure to the market in respect to the sale of 43,873,960 treasury shares in October 2008. This charge was reviewed and dismissed by the Stock Exchange Appeals Committee in 2009, although the Company was fined NOK 800,000 for failure to provide required information to the administration of the Oslo Stock Exchange.
DNO International holds that the new ØKOKRIM fine and the reopening of a previously settled case are in violation of fundamental legal provisions against double jeopardy. Furthermore, the Company disputes the allegation that it has engaged in market manipulation.
"These matters predate my tenure at the Company," said Executive Chairman Bijan Mossavar-Rahmani. "But now, faced with double jeopardy in breach of basic provisions of the European Convention on Human Rights, the Company has to respond."
--- DNO International ASA is an Oslo-listed, Middle East and North Africa focused oil and gas company holding stakes in 17 licenses in various stages of exploration, development and production both onshore and offshore in the Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the United Arab Emirates and the Tunisian Republic. http://www.dno.no ---
Oslo, 28 September 2012
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