On Friday, UK-based Genel Energy said it had rejected a takeover proposal from Norway’s DNO offering 69 pence in cash per share of Genel Energy, representing a total of £202 million.

“The Board of Genel, having evaluated the Possible Offer together with its advisers, has unanimously rejected the Proposal, strongly believing that the Possible Offer fundamentally undervalues Genel. Genel shareholders are advised to take no action in response to the Possible Offer,” Genel Energy said in a press release.

Genel has been operating in the Kurdistan Region of Iraq for over 20 years. It first started to operate in 2002 in the Taq Taq field and owns an interest in the Tawke and Peshkabir fields with DNO.

Read More: Dana Gas Begins Gas Supplies to Iraq as Genel Energy Looks to Normalize Production

On August 4, Genel Energy reported in its half-year results that oil production fell sharply to 6,600 barrels of oil per day (bpd) in the first half of 2026, down from 19,600 bpd in the same period last year, reflecting ongoing disruptions to operations.