Genel Energy Responds to DNO ASA's Decision Against Acquisition

Genel Energy plc has responded to DNO ASA's announcement that it will not pursue an offer to acquire Genel. This follows an unsolicited proposal from DNO on August 7, 2026, to purchase Genel's entire share capital at 69 pence per share. Genel's Board rejected the offer, stating it undervalued the company.

Genel emphasizes its strong financial position, with a reported $240 million cash as of July 31, 2026. The company highlights its 25% stake in the Tawke licence, described as a large, low-cost, cash-generative asset. Genel also notes potential opportunities for diversification and revenue increase through exports in Kurdistan.

Genel remains optimistic about its long-term value proposition for shareholders, citing its strategic initiatives to enhance future cash generation and mitigate risks within its portfolio.