Decision from Oslo city court in case against O...

DNO International ASA filed a suit against Oslo Børs ASA regarding the validity
of a decision by The Stock Exchange Appeals Committee regarding a fine imposed
for breach of an information obligation towards the stock exchange. Proceedings
were held at the end of November this year. Oslo city court has now reached a
decision and DNO notes that it has not been heard by the city court in this
case.

DNO argued that the decision by The Stock Exchange Appeals Committee and the
corresponding fine was invalid on several grounds. Central to the case was the
question on whether the stock exchange at all had sufficient legal basis to
impose such a fine. In addition the case raised questions on the extent of the
penalty rule, the extent of the information obligation towards the stock
exchange and a company`s right not to incriminate itself.

At first glance the immediate evaluation is that several of DNO`s legal grounds
have not been mentioned or evaluated by the city court. DNO disagrees with the
premises of the decision, and it is likely that the decision will be appealed.

Oslo, 21 December 2010

DNO International ASA
Corporate Communications



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Source: DNO International ASA via Thomson Reuters ONE

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