Scandinavian Oil-Gas Magazine

Den Norske Oljeselskapet, or DNO, repsonded today to allegations from anonymous bond-holders that the company had “played down” Iraq dangers and “manipulated the market” with talk of a potential suitor.

In a letter to shareholders managing director Helge Eide said Oslo Stock Exchange was convinced by DNO-supplied evidence that an offer had been made for company assets in Iraq. The rest was understandably secret and market sensitive.

The Tawke field development, meanwhile, had progressed “in record time” and exports of northern Iraqi oil would begin in November provided “required approvals are obtained in October” from the Kurdish Regional Government.

The company said it will publish in its third-quarter report an average oil price obtained for volumes sold domestically in Iraq.