DNO ASA - Interim Results - Second Quarter 2005

Highlights for the Second Quarter 2005
 
  • Continued success from drilling in Yemen
  • Second quarter increase in proven plus probable reserves by 33.2 mboe to 74.7 mboe (80 per cent)
  • Continued excellent reserve economics in second quarter - YTD 2005 FD&A cost  0.8 USD
  • Re-entered UKCS with 60 per cent working interest in the Jaguar prospect
  • Financial strength increased through establishment of new USD 100 million bond loan facility
  •  
    "Successful drilling in second quarter contributed to both increased oil production and further increase in the company's oil reserves. The second half of 2005 is going to be even busier as we have stepped up our drilling activity in Yemen. We hope to drill as much as 10 additional new wells in Yemen which provides a potential for a further increase in our reserves at low cost also in the remainder of the year",
    says Managing Director of DNO ASA, Helge Eide.
     
    In second quarter 2005 DNO had operating revenues of NOK 318.8 million (NOK 237.9 million) and an operating profit (EBIT) of NOK 167.4 million (NOK 111.6 million). Result after tax for second quarter 2005 was negative with NOK 23.7 million (NOK 16.5 million - net of discontinued activities) after NOK 45 million in exploration investments expensed.
     
    A full interim report and investor presentation is accessible at DNO's website: www.dno.no
     
    The full report including tables can be downloaded from the following link:
     
    The presentation can be downloaded from the following link: 
     
    For further information, please contact:
     
    Helge Eide, Managing Director
    23 23 84 80 or 55 22 47 00
     
    Haakon Sandborg, Chief Financial Officer
    23 23 84 80