DNO International ASA reports a more than doubling of reserves for the Tawke oil field in the Kurdistan region of Iraq following a review and assessment by a firm of independent reservoir engineers. The just completed audit of reserves by France's Beicip Franlab places Tawke's ultimate P50 recoverable reserves at 636 million barrels versus a yearend 2010 audited figure of 306 million barrels.
"After this third party review by our external auditors, the Tawke oil field is confirmed to be a world class, giant oil field. The new reserves numbers far exceed our expectations of even a few months ago and certainly were not envisaged when we made the discovery in 2006. But the field's recent performance has proven its exceptional reservoir quality," said Managing Director Helge Eide.
See full press release attached.
Oslo, 12 July 2011
DNO International ASA
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)