It comes to the displeasure of Faroe Petroleum's board of directors that competing oil outfit DNO has now acquired a substantial stake in the independent oil company.
According to a stock exchange notice Friday morning, DNO purchased 2,754,110 shares in Faroe Petroleum on Jan. 3 at a price per share between GBP 1.47 and GBP 1.52. DNO thus now directly holds 30.6 percent of Faroe's equity.
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