DNO, a Norwegian oil and gas operator, made an offer for Faroe Petroleum, an independent oil and gas company, for £641m. DNO plans to acquire all of the shares of Faroe other than the 28.22% it already owns. The Offer Price represents a premium of 52.4% to Faroe's share price of 105 pence at the close of business on 3 April 2018, the last business day before DNO announced its first acquisition of shares in Faroe, and a premium of 27.2% to Faroe's share price of 125.8 pence at the close of business on 23 November 2018, the last business day before this announcement. "We firmly believe that Faroe's assets, the substantial part of which are Norwegian, are better placed in the bosom of DNO, Norway's oldest independent oil and gas company, currently operating gross production of 125,000 barrels per day which compares with the 7,500 barrels of oil equivalent a day of gross production operated by Faroe. DNO's proven and probable reserves were nearly four times those of Faroe's as reported at 31 December 2017," Bijan Mossavar-Rahmani, DNO Executive Chairman.