Through exploration, Det norske has created a strong portfolio of development projects. The company plans to move the discoveries into production, and this will result in high capital expenditures in the short and medium term. At the same time, the company plans to continue its successful exploration activities at a relatively high level, although at a lower level than seen in the previous two years. Dividends to shareholders will therefore not be given priority in the short term.
The company will create value for its shareholders by identifying the exploration portfolio’s underlying values and by maturing existing discoveries towards development and production.
The company has not paid dividends the last three years.
Buy-back of own shares
Currently, the Board of Det norske has a mandate for the Company to acquire the company’s own shares equivalent to up to 10 percent of the total share capital.
The mandate is valid until the next ordinary general meeting in 2013.